In 2023, the maximum Social Security payment is $4,555 each month, or $54,660 in inflation-adjusted annual retirement earnings. After retirement, this may sound like a great salary, but what are the requirements?
Of course, a big factor in it is how much money you made over your career. Your wage must be more than a particular limit to receive the full benefit of Social Security. But as you’ll discover here, there is plenty extra to the story.
In 2023, you will require a salary of at least $160,200, is the brief answer.
The Social Security Administration, or SSA, utilizes a number referred to as the amount contributed and benefit base (sometimes referred to as the taxable maximum) when allocating payments. The sum of earned revenue utilized to calculate your first Social Security payment is equal to the maximum sum of money that American workers are required to submit for Social Security taxes.