With a Salary of $75,000, How Much Can You Expect From Social Security?
The maximum taxable earnings for Social Security in 2023 is $160,200. Earnings above this are not taxed.
On $75,000 of earnings, you would pay $4,650 in Social Security taxes. Your employer would also pay $4,650.
You earn 4 credits per year with $1,640 in earnings in 2023. At $75,000 you'd earn max 4 credits.
40 credits needed to qualify for retirement benefits. You'd qualify with 10 years of $75,000 income.
Benefit calculated based on 35 highest earning years. $75,000 for 35 years is $2,625,000 total
Maximum benefit in 2023 is $3,627 per month at full retirement age.
Your benefit would be lower based on your actual earnings history. Estimate using your statement.
You can claim early at 62 for reduced benefit or delay for increased benefit up to age 70.
Social Security replaces about 40% of pre-retirement income on average along with savings/investments.