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Not all high-earners’ income is counted when computing Social Security benefits
Though it seems vogue these days to bash high-earners, when it comes to Social Security not all of their income gets counted when computing their benefit amount. What that means is that anything earned over the annual maximum payroll withholding tax amount doesn’t contribute to their Social Security benefit, and they are subjected to the same maximum monthly benefit that everyone else is. In fact, the formula for computing benefits is weighted more toward lower-earners than to those with high earnings. This madison.com article by Matthew Frankel of The Motley Fool explains. Click here to read more.
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