5 Essential Social Security Numbers to Know in 2021
Maurie Backman reports on five essential figures that are unique to 2021 that you should be aware of. First you will pay a maximum $8,853.60 in payroll tax if you work for an employer on a cap of $142,800 in wages. IOf self-employed the maximum tax paid is double, or $17,707.20. Other important benchmark figures are:
- $18,960 – the limit for workers who haven’t reached full retirement age and won’t do so this year is $18,960. Beyond that, you’ll have $1 in benefits withheld for every $2 you earn.
- $50,520 – if you’ll reach full retirement age this year, you get this higher earnings test limit
- $1,543 – the average Social Security benefit recipients will collect in 2021 after the 1.3% cost-of-living adjustment
- $3,895 – the maximum Social Security benefit
Full article here with details on above.
AMAC Foundation’s Social Security Advisory Service is free to the public, and features the availability of a staff of trained and accredited Advisors standing by to provide clarification and guidance to those approaching Social Security. To learn more about the Social Security Advisory Service, click here to visit AMAC Foundation’s website. Since launching the service in 2016, the Foundation has served more than 14,000 Seniors in understanding this critical support system.