The Social Security Ceiling: What's the Highest Benefit You Can Receive?
You may already know that the government bases your Social Security benefit on the income you've paid Social Security taxes on throughout your career. Generally speaking, the more you earn during your working years, the larger your benefit is in retirement. But that doesn't mean billionaires are raking in multimillion-dollar Social Security checks.A ceiling limits how much the wealthiest Americans receive from the program, and it's lower than you might imagine. It's still a difficult feat to reach, but you may be able to get closer if you know the factors that influence your benefits.Image source: Getty Images.Continue reading
You may already know that the government bases your Social Security benefit on the income you've paid Social Security taxes on throughout your career. Generally speaking, the more you earn during your working years, the larger your benefit is in retirement. But that doesn't mean billionaires are raking in multimillion-dollar Social Security checks.
A ceiling limits how much the wealthiest Americans receive from the program, and it's lower than you might imagine. It's still a difficult feat to reach, but you may be able to get closer if you know the factors that influence your benefits.
Image source: Getty Images.
