2006-07-07 01:22:44 · 2 answers · asked by righton 3 in Business & Finance ➔ Personal Finance
This year if you retire at full retirement age (65 years, 8 months), and you have the maximum points, you would earn $2,053/mo.
Social security taxes are only collected on the first $94K of income, regardless of how wealthy you are.
2006-07-07 01:36:24 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Social Security is figured out on a graduated scale (kind of like reverse taxes). The more money you made the more money you will get. However, regardless of common belief, the money you put in is not YOUR money any more. Your money is being used immediately to pay a fraction of someone else's benefits. It currently takes multiple working people to support a single retired person. And the number of workers per retiree increases a little each year. So, you can hope that the graduated scale formula stays the same between now and the time you begin withdrawing, but don't count on it.
2006-07-07 08:28:55 · answer #2 · answered by cirestan 6 · 0⤊ 0⤋