More than 69 million people received monthly Social Security checks in 2019.

Nearly nine out of ten people aged 65 and older receive Social Security benefits, making it an essential part of retiring in the U.S.

Benefits are based on your income, the year you were born and the age you decide to start taking money out. But there are limits to how much you’ll receive.

To get the maximum benefit possible next year, you would need to retire making 137,700, according to the Social Security Administration.

Check out this video to see how much the monthly check will be if you start collecting benefits at your full retirement age.

 

source article: https://www.cnbc.com/2020/11/06/social-security-raise-in-2021-calculating-maximum-individual-benefits.html

 

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