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How much will I receive from Social Security if I earn $ 100,000?

 


So you are wondering what income to expect from Social Security in retirement when you are making $ 100,000 a year now? That’s a good question to ask, because we should all have at least a rough idea of ​​what we can expect from Social Security to help us plan for retirement.

So here is an answer to that question, as well as some advice for most of us who earn much more – or less – than $ 100,000.

Smiling senior laptop at home.

Image source: Getty Images.

How much to expect from social security

It can be a bit difficult to figure out exactly how much to expect from Social Security, especially if you’re still relatively young with many years of work ahead. The formula used by the Social Security Administration (SSA) to determine your benefits is based on your earnings in the 35 years in which you earned the most (adjusted for inflation).

If you are, say, 40 years old, with maybe 25 more years of work ahead of you, your benefits may end up being much higher or lower than today’s estimate if you end up earning much more or less than. planned.

Still, a best guess is useful. For the most accurate estimate, visit the SSA.gov website and set up a “my social security“, for free. Once you do, you can access estimates of your future benefits which will be adjusted over time as more years of income data are taken into account. You can also view the SSA record of your income per year If you spot any errors, it may be worth having them fixed, so that you eventually get all the income you are entitled to.

Benefits for those earning $ 100,000

Now let’s focus on those with incomes of $ 100,000. Again, not all of them will have the same income records, as some may have had above average incomes throughout their lives, and some may only recently have gotten an inordinate raise to reach. a six-figure income. Some will be 35, with decades of work before they retire, and some will be 65, retiring today.

The table below, based on the results of a online calculator from the Consumer Financial Protection Bureau website, offers an idea of ​​the annual benefits that a person with peak income of $ 100,000 can expect, based on their current age and when they start receiving benefits:

Born in

Age today

Start collecting benefits at 62

Start collecting benefits at age 67

Start seeing benefits at age 70

1991

30

$ 24,060

$ 34,164

$ 42,360

1986

35

$ 23,928

$ 33,984

$ 42,144

nineteen eighty one

40

$ 23,640

$ 33,564

$ 41,616

1976

45

$ 23,220

$ 32,976

$ 40,896

1971

50

$ 22,716

$ 32,256

$ 39,996

1966

55

$ 22,104

$ 31,392

$ 38,928

1961

60

$ 21,420

$ 30,420

$ 37,716

Data source: ConsumerFinance.gov.

A social security card is tucked away among the cash.

Image source: Getty Images.

Calendar and social security

As you can see in the table above, the amount you receive will depend, to a large extent, on when you start receiving your benefits. Each of us has a “full retirement age” at which we can begin to receive the full benefits to which we are entitled, and for most of us it is 66 or 67. For those born in 1960 or later is 67. You can start receiving as early as the age of 62, or up to 70, your benefits decreasing or increasing accordingly.

Which can you expect from Social Security?

Keep in mind that the SSA.gov website and your my Social Security account offer estimates based on your income history, so this is where you’ll get the most accurate estimate.

Also be aware that you may be able to improve these numbers, especially if you still have plenty of time before you retire. There are other ways to increase your Social Security benefits beyond the time you start collecting. For example, you can work longer than expected, which has many advantages.

It is worth learning more about Social Security, in order to get the most out of the program. This is also important, as most of us will get a significant portion of our retirement income from Social Security.



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