Predicting Your Social Security Payout
The amount of your Social Security benefits is based on your average lifetime earnings. The maximum benefit for 2023 is $3,345 per month. However, your actual benefits will likely be lower than this.
To estimate your benefits, you can use the Social Security Administration’s online calculator at https://www.ssa.gov/benefits/retirement/planner/AnypiaApplet.html.
Here are some factors that will affect your Social Security benefits:
- Your average lifetime earnings: The higher your average earnings, the higher your benefits will be.
- Your age when you retire: If you retire before your full retirement age, your benefits will be reduced.
- Your marital status: If you are married, you may be eligible for spousal benefits based on your spouse’s earnings.
- Whether you have worked in Social Security-covered employment for at least 40 quarters: If you have not worked for at least 40 quarters, your benefits will be reduced.
To get an accurate estimate of your benefits, you should use the Social Security Administration’s online calculator.
Here are some additional things to keep in mind:
- Social Security benefits are taxable income.
- You may be able to receive Social Security benefits while you are still working, but your benefits may be reduced if you earn more than a certain amount.
- If you are married, you may be eligible for spousal benefits based on your spouse’s earnings.
- If you have a disability, you may be eligible for benefits even if you have not worked in Social Security-covered employment for 40 quarters.
For more information about Social Security benefits, please visit the Social Security Administration’s website at https://www.ssa.gov.
This article is for general informational purposes only and is not legal advice. Contact us today to discuss your specific situation.