Posted on 08/02/2018 2:29:04 PM PDT by Red Badger
The maximum monthly Social Security benefit for a person retiring in 2018, at their full retirement age, is $2,788 per month , or $33,456 per year. To achieve this benefit, you must have had the maximum taxable earning for a whopping 35 years. It is for this reason, that most people’s benefits will be far less. Forget this number if you plan to retire ahead of your full retirement age.
Do you think you could live off $2,788 per month? Before you think about that, it’s important to note that the average check for 2018 is just $1,404 per month. I’m going to go out on a limb here and guess that if you are reading this post you would have a rough time getting by on $1,404 per month.
What if I wait until 70 to collect Social Security?
For those of you looking to get the largest Social Security check possible, you will need to wait to begin collecting until you are 70-years-old. To put this in perspective, if you were 70 this year, and receiving the maximum benefit, your check would be about $3,680 or $44,162 per year. This translates into a 32% increase in your monthly benefit. The bad news here is to achieve the maximum Social Security check you would have likely been making six figures for many years. This means that Social Security would cover less than half of your pre-retirement income.
How is Social Security calculated?
(Excerpt) Read more at forbes.com ...
I’ve been hearing Medishare commercials a lot lately and I think someone from our church uses it. They claim huge savings compared to other health insurance.
My doctor mentioned it to me as well.....................
The federal income tax was enacted with the Progressives’ promise that it would only tax the “robber barons” — and that “the average working man will never pay as much as a single dime in the new federal income tax”
You are also penalized for taking the social security and if you still are working and making money which helps fund the social security plan they take money out of your social security check.
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