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Compare Your Benefit to Social Security’s Maximum

Christy Bieber reports that in 2022 Social Security’s maximum monthly benefit will be $4,194. But few earn that amount, as it would entail earning at or above the maximum wages taxed for 35 or more years AND waiting until age 70 to collect benefits. But everyone can still shoot for their own personal maximum benefit by working 35 or more years (each year less entails a zero included in the calculation for benefits) and waiting until age 70 to start benefits. Bieber reminds folks Social Security is not something one can live on to cover all expenses, as it only replaces 40% of pre-retirement earnings. Full piece here.

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