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How Extenzive are Social Security Benefits for the Higher Earners? - GoBankingRates; finance.yahoo.com
Most folks are aware that Social Security benefits are calculated using progressive formulas that replace a higher percentage of lifetime earnings for low-wage workers than for high-wage earners. This, of course, reflects the program’s intent to help keep low-income workers above the poverty line in retirement. Knowing that, many folks wonder about the benefits that accrue to those considered high earners. GoBankingRates’ Jake Safane, in a post on finance.yahoo.com, wonders the same and provides a recap of averages for high earners. As he notes, the average benefit for “retired workers in the 90th percentile of monthly Social Security benefits” tends to be surprisingly modest, although still about 60% higher than the median benefit. Check out his post here…
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