Some years ago I calculated that someone who earns the maximum amount subject to SS payroll tax (currently $168,600 per year) for about 18 years, reaches the second bend point in the SS benefit calculation, which is where I reached after paying SS taxes for 35 years. My monthly SS benefit this year, after starting at age 70, is $3670 ($44,040 per year) before withholding for Medicare premiums and income tax.How do you qualify for high SS benefits when you quit working at 40?
So someone could start work at 22, stop at 40, and get as much SS as I do, if they earn at least $168,600 per year (adjusted in other years according to the national average wage index).
Statistics: Posted by 22twain — Sun Aug 04, 2024 4:13 pm — Replies 44 — Views 7449