For senior citizens who are unsure about the process of getting social security benefits, consulting a legal service can help you maximize this amount. The specific amount varies on your employment history, but in general, the longer you've worked, the higher your minimum benefit will be.
Although it varies from year to year, the maximum Social Security benefit is approximately $3,011 per month in 2021 if you have made the maximum taxable earnings for 35 years. The average figure for senior Social Security benefits taxes is $1,543. You can gain an estimate of your retirement benefits using the SSA tool.
Seniors should also keep in mind that they might have to pay taxes on their Social Security benefits if they have several sources of income like part-time work and pensions. Payments can be taxed up to 85%.
Your Social Security benefit might be taxed if:
To calculate your Social Security tax rate, you can use the Social Security Benefit Statement Form SSA-1099 which lists down the benefits you have received over the last year. It can also be found online in your Social Security account through the "replacement documents" tab.
William Rivers is an editor with a master’s degree in Human Services Counseling at Maine State University. He has more than 20 years of experience working in the senior healthcare industry.