With that increase, the maximum Social Security benefit for a worker retiring at full retirement age will jump to $4,018 per month, up from $3,822 per month this year, according to the Social Security Administration.
Who gets maximum Social Security benefits?
Since Social Security retirement benefits are calculated based on the highest 35 years of earnings, workers need to consistently have wages up to that threshold to earn the maximum retirement benefit.
If a wealthy person has other sources of income, for example from investments that do not require payroll tax contributions, that will not affect the size of their Social Security benefits, said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator.
How can you increase your Social Security benefits?
Persons:
Paul Van de, Van, Water, Jim Blair
Organizations:
Social, Social Security, Social Security Administration, Security, Budget, Premier Social Security Consulting