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Social Security for the six-figure income earner
Social Security is a universal program, meaning that all who contribute can expect to benefit, as long as basic criteria such as having 10 years of earnings, among others, being met. This article by Selena Maranjian of The Motley Fool discusses the basic formula used to calculate benefits based on 35 years of earnings history. The program is designed to replace a larger percentage of income for lower wage workers. That is, there is an element of progressivity built into Social Security. Still, those who have earned $100,000 per year or more in their working years will receive Social Security, and indeed their benefits will be higher than those who earned less over their lifetimes. The article presents a chart that displays roughly what one could expect, depending on the age selected for retirement. Read more here.
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