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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 712
Experience:  Business Consultant/Accounting Manager
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I own my own business. I am 52 and I am trying to figure out

Customer Question

I own my own business. I am 52 and I am trying to figure out how much money I need to claim each year to get the max in social security benefits when I turn of age
Submitted: 1 year ago.
Category: Social Security
Expert:  ABC Accounting Group replied 1 year ago.

Hi. Great Question

Your Social Security benefits are calculated based on your highest 35 years of earnings or half of your spouse’s benefits -- whichever is higher -- if you retire at full retirement age (currently 66). For a worker retiring at age 66 in 2012, the maximum benefit is currently $2,513 per month.

Expert:  ABC Accounting Group replied 1 year ago.

On how much money to make each year - it all depends on how much you made the years before. If you made averaged around $80k per year over a 35-year span, you would get the max. Also, if you wait to age 70, you receive an 8% each year bonus on the max.

Here is a calculator you can use to help figure it out, as well:

https://www.ssa.gov/OACT/quickcalc/index.html

You can, also, use this link, based on your own information ($'s, etc.):

https://secure.ssa.gov/acu/ACU_KBA/main.jsp?URL=/apps8z/ARPI/main.jsp?locale=en&LVL=4

Expert:  ABC Accounting Group replied 1 year ago.

If you have any questions, let me know. If not and you are satisfied with the answers, a positive 5-star rating is very much appreciated. Thank you.

Expert:  ABC Accounting Group replied 1 year ago.

Have a great day.

Expert:  ABC Accounting Group replied 1 year ago.

Hi. Just a reminder to close the question - it is no extra charge and gives me credit for the answer. Thank you.