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The maximum social security benefit refers to the highest amount of monthly payment that can be received from the Social Security Administration (SSA) by an individual who has reached full retirement age (FRA).
In 2023, the maximum social security benefit is projected to be $3,148 per month. This is an increase from the previous year’s maximum benefit of $3,011 per month. The increase is due to the annual cost-of-living adjustment (COLA), which is based on the rise in inflation.
It is important to note that not everyone will receive the maximum benefit. The amount of social security benefits received is calculated based on an individual’s work history and the age at which they begin to claim benefits. The more an individual earns throughout their career and the longer they wait to claim benefits (up to age 70), the higher their monthly benefit will be.
Additionally, there is a cap on the amount of income subject to social security taxes each year. In 2023, the maximum taxable earnings will be $151,800. This means that any income earned above this amount will not be subject to social security taxes.
It is also worth noting that social security benefits may be subject to taxes for individuals with a certain level of income. Those with income over $25,000 for individuals or $32,000 for married couples filing jointly may have up to 50% of their benefits taxed, and those with income over $34,000 for individuals or $44,000 for married couples may have up to 85% of their benefits taxed.
In conclusion, the maximum social security benefit in 2023 is projected to be $3,148 per month, but not everyone will receive this amount as benefits are calculated based on individual work history and age at which benefits are claimed. Those with income above a certain level may also be subject to taxes on their social security benefits.
Got a question about the veteran status and SS. I get that the benefit adds 1200/year of active duty time to your income during active duty time for the % calculation. My situation is I did 4 in the Corps age 17-21, took VEAP (Carters F you Marine college program) got a 2y asso and then to work. I have 35 years working post school at COJ, so, does the additional 1200 make any difference at all? Really looking to beat feet at 59.5 and while I am working with a pro, I like to know what I am talking about.
I am a hvac tech( bad knees, bad back and shoulders) and been doing it for over 30 years. I am 60 and retiring at the end of this year. Its just not fun anymore. I am waiting till I am 67 but will live off of cash account ( from sell of my primary home and savings) I am debt free now. Living off of cash I pay very little taxes, get on ACA for heath care. I will let my IRA and other retirement accounts grow until I get to 67. I hope this is a good plan. I only have 4 buckets. IRA, an annuity, cash and SS.
My estimate on the SS website is very similar to your estimate, but I'm planning on renting at 62 and living off my pension until I reach 67 and then claim my SS. Will my estimate shrink after five years of zero earnings even though I have more than 35 years of work history at 62?
I like a plan that has me retiring at 60-62 but holding off on SS till 70. Or at least 67. And not pulling from my savings till then either. That way I’ll make even if it where all in a coffee can. That has me working at something I enjoy and my wife has already said she will stay on a few years.
Josh. Where do you think the standard deduction will be in 10 years.
If you convert all your pre-tax income then it seems you’re leaving money on the table. Meaning you paid taxes on the conversion already when it was possible you wouldn’t have paid any taxes at all.
Even leaving a small portion like 100k in an IRA will have RMD of less than 5k? Even for a widow the standard deduction is 12-13k?
This type of small IRA withdrawal should not make any portion of SS taxable either.
Not sure if I’m missing something.
my most recent report shows $3697 at FRA and $4717 at age 70. I'll probably start drawing at FRA. My wife raised and homeschooled our kids, so she's a few quarters shy of having her own SS.
Social Security should collect on a persons full income not just the first $160,000 and they need to increase the withholding rate by 1%
IMHO
have you tried sugar? ice cream? best dope i know
Lol, you won't be a methhead. You are like everyone one else hope to own a longevity lotto ticket.
I was on a restricted benefit receiving half my wife’s SS while still working. Effective this month, I will receive my benefit at 70. Our total SS is $76,500. Took out a life insurance policy as a SS income replacement in case one of us dies. Many people forget that their SS will be reduced just to the largest spouses SS.
According to my most recent statement from social security.gov my max benefit (if I was age 70) would be $4,599.00 p/mo.
I plan to take SS at 70, my wife is 7 years younger, so if she survives me, she will receive my SS amount at my time of death?
I certainly expect social security will provide the core of spending in retirement.
Iam waiting till 70. My wife is 3 years younger than me
Circumstances. I had to retire early to take care of my wife, plus the new policies at work were disgusting. Moved to a different house that required a ton of maintenance. Life's an adventure.
..I don’t think your wife can take SS, on your work record, until/unless, you file @or before that time…
Your right about the $65k, combined, wife and yourself, I’m grabbing that now, with the new raise
So glad I waited until I was 70. . . $4513 a month! For my husband (who took his at 62, nearly 13 years ago), it will now provide 70% of the income needed to meet our expenses. Which means our nest egg will last pretty much forever.
Is there a way to check what the estimated benefit will be? I'm 55 and want to take benefits at 62 years.
Great points Josh
Retired early at 60. Have a good 35 in at SS. Wife 4 years younger like you Josh. Going to do Roth conversions and spend pretax retirement assets before I take SS. If I have significant pretax balance at 67, I’m going to wait till 70.
Roth continues to grow till 70 with a 8% increase and COLA as I delay SS.