Maximum benefit for social security: Who can get a monthly payment of $ 3,345 in 2022?
Maximum benefit for social security: Who can get a monthly payment of $ 3,345 in 2022?

Maximum benefit for social security: Who can get a monthly payment of $ 3,345 in 2022?

ISLANDOnce their work phase is over, the benefits a person will receive will be calculated based on their earnings throughout their productive years and Social security taxes paid. In other words, the higher the income, the higher the benefits.

The key to receiving higher benefits

The most important factor influencing whether a person receives a higher benefit amount is directly related to the age at which he or she is applying for them.

This year, the average pension benefit is $ 1,657 per month. month, but there are cases where some people receive the highest benefit, $ 3,345 per month. month.

The key to receiving such support is to reach full retirement age, which is 66 years and 4 months for people born in 1956. Then one will be able to receive 100% of advantage calculated on the basis of life income.

However, the average age increases gradually and can reach 67 years for those born after 1960.

It is noteworthy that the exact amount to be received on retirement can only be known until the application for the benefit has been initiated. However, there are ways to calculate an average amount.

Possibilities for calculating benefits

The fastest and easiest way is to use AARP’s Social Security Benefit Calculator or check your My Social Security account online, which provides information from Social Security on a person’s earnings history.

Regarding the AARP calculator, you need to provide information about your average annual income.

Both tools project the amount you will receive in retirement from the age of 62, as this is the earliest age at which you can apply for a pension.

The only certainty is that Social Security rewards people who reach full retirement age and those who wait until they reach 70, with higher benefits.

A third option for calculating retirement benefits, although less accurate, is to call the Social Security Administration at 800-772-1213.

It should be noted that this year, social security sets a limit of $ 147,000 for how much income it takes into account when calculating pension benefits. If you exceed this income, it is not included in the calculation of your benefits and you are not subject to social security taxes.


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