Ever Wonder Who Receives the Biggest Social Security Benefit Checks?
You might think that wealthy investment bankers and attorneys will rake in huge Social Security checks when they retire. But you would be wrong. No matter how much money you earned while working, the most you can receive from Social Security this year is $4,873 per month. According to The Motley Fool, benefits are calculated based on taxable earnings during the 35 highest-earning years of your career and adjusted for inflation as well as your age when you claim benefits.
It’s important to know that not all earnings are taxable. Social Security has something called a wage base limit that limits or caps the wages. This year that figure is $168,600. Even if your salary is more than that, your benefit amount does not increase. In 2024, anyone who earned the maximum taxable income for 35 years and who waited until 70 to claim their benefits will receive a $4,873 benefit, no more.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
