Community Chat

[89135]

Take 8.7% of this years monthly benefit before deductions. Take that amount and add to that benefit...then subtract 164.90..That should tell you what you will receive

[KKJ]

Oops! Wrong thread.

[Sage04]

---

@KKJ wrote:
Oops! Wrong thread.

@KKJ  you made me choke!!!!!

---

[gertrudecloset]

---

@SharkE wrote:

They don't send that sheet out till end of Dec.

what's the most that anybody can draw in SS ? is there a limit ?

Thinking about people like Oprah.

---

@SharkE I'm thinking Oprah can't collect because she doesn't pay into it.    Social Security taxes from your wages ends at a certain salary.  If I'm not mistaken that figure is $147,000 that is the cap.

[gertrudecloset]

---

@CelticCrafter wrote:

---

@SharkE wrote:

They don't send that sheet out till end of Dec.

what's the most that anybody can draw in SS ? is there a limit ?

Thinking about people like Oprah.

---

Yes there is a maximum payout of monthly benefits.

I'm pretty sure people like Oprah aren't hurting and depending on Social Security to get them through the month.

---

@CelticCrafter I just said Oprah and others of her wealth do not pay social security taxes (taken from salaries).  So, no they are not hurting, but they derive no benefit from the program as they don't pay into the program. PERIOD.

[CelticCrafter]

---

@gertrudecloset wrote:

---

@CelticCrafter wrote:

---

@SharkE wrote:

They don't send that sheet out till end of Dec.

what's the most that anybody can draw in SS ? is there a limit ?

Thinking about people like Oprah.

---

Yes there is a maximum payout of monthly benefits.

I'm pretty sure people like Oprah aren't hurting and depending on Social Security to get them through the month.

---

@CelticCrafter I just said Oprah and others of her wealth do not pay social security taxes (taken from salaries).  So, no they are not hurting, but they derive no benefit from the program as they don't pay into the program. PERIOD.

---

@gertrudecloset Excuse me - first of all I posted before you did and I'm not a clairvoyant or mind reader so will not know what it is you are going to post as you follow me around.

Second - do you have an in with Oprah's accountant and you know for a fact that she doesn't or didn't pay into Social Security?

Finally - go away and don't come back with the "it's a forum and you have as much right to post as anyone else"  it's a tired comment. 

Don't call me again.....

[gertrudecloset]

I get my information from sources.  Not from people pretending to know things they don't know.  

Stay out of "my" kitchen if you don't want to be burned.

[Danky2]

---

@gertrudecloset wrote:

I get my information from sources.  Not from people pretending to know things they don't know.  

Stay out of "my" kitchen if you don't want to be burned.

---

Is that a threat ? Since when is this "your" kitchen ? Whenever I see one of your "sources" my eyes glaze over !

[Zaimee]

@SharkE  @CelticCrafter  @gertrudecloset 

You pay SS tax on income up to $147,000, Even if you you make more.

Oprah pays up to that amount. 

At 68,Oprah is eligible for SS, Imagine she will wait until she is 70 for maximum benefit. 

( Maximim next year, if you apply at 70,about $4550 )

[gertrudecloset]

---

@Zaimee wrote:

@SharkE  @CelticCrafter  @gertrudecloset 

You pay SS tax on income up to $147,000, Even if you you make more.

Oprah pays up to that amount. 

Oprah is eligible for SS, too. Imagine she will wait until she is 70 for maximum benefit. She is 68, now. 

( Maximim next year, if you apply at 70,about $4550 )

---

@Zaimee Thank you for sharing!

What Determines Your Social Security Benefit?

The SSA's annual fact sheet shows workers retiring at full retirement age can receive a maximum benefit amount of $3,627 for 2023. The Social Security Administration (SSA) calculates an average monthly benefit amount based on your average income and the number of years you are expected to live.78

Other Factors Affecting Social Security Benefits

In some cases, other types of retirement income may affect your benefit amount, even if you collect benefits on your spouse's account. Your benefits may be reduced to account for the income you receive from a pension based on earnings from a government job or from another job for which your earnings were not subject to Social Security taxes. This primarily affects people working in state or local government positions, the federal civil service, or those who have worked for a foreign company.

What Income Reduces Social Security Benefits?

In the year you reach full retirement age, the SSA will deduct $1 in benefits for every $3 you earn above the annual limit, which is $56,520 in 2023. If you are under full retirement age for the entire year, the SSA will instead deduct $1 from your benefit payments for every $2 you earn above the annual limit of $19,560.

https://www.investopedia.com/articles/personal-finance/103015/can-your-401k-impact-your-social-secur...

The above scenario (which someone with a lot of wealth would be in would not really derive a benefit from Social Security, despite the fact that they "earned it."