In this post, we discuss the changes to social security benefits for 2020, how they are calculated, and how much benefits will increase.
The Social Security Administration has released the new maximum benefit rates for the year 2020.
Some of the numbers may surprise you in how much they differ depending on the age at which you claim your benefits.
How to Get Maximum Security Benefits
The maximum Social Security benefits change from year to year.
The maximum benefit will be based on factors such as inflation and changes in the earnings taken into account for Social Security payroll taxation.
To receive the maximum Social Security benefit, the Social Security Association assumes that a worker will have earned the maximum wage base amount each year since turning 22, thus having a work history of 35 years or more.
The maximum amounts will be calculated at four different ages: 62, 65, 66, and 70.
Let’s look at how the maximum benefit will be calculated in 2020:
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