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What is the ABSOLUTE MAXIMUM POSSIBLE Social Security Payment? - YouTube
Channel: Holy Schmidt!
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in this video i'm going to disclose the
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maximum possible social security payment
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anyone can receive when they file at age
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62 when they file a full retirement age
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and when they file at age 70.
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coming up next on holy schmidt
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holy schmidt
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this video will show you the maximum
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social security payment that the highest
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paid
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social security recipient gets
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if he files at age 62 at 67 or full
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retirement age we'll assume age 67 for
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the purpose of this video
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and at 70. and it will also disclose
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what the spousal benefit is so that i
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will give you both the individual
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and the spouse benefits at their maximum
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possible payout
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before we begin please make sure you
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click subscribe notifications
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social security is moving fast now and i
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work very hard to get what's happening
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out there
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into the videos in here and i want to
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make sure you get alerted the next time
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i post a video
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now let's get into it as we begin i do
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need to give you
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a little bit of context because if i
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just blurt out the number
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you're going to feel less than satisfied
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because you'll know what the number is
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but you don't know how it was derived or
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how it applies to you
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so let's cover off the three things that
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determine the size of your social
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security payment
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the number of years that you worked the
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amount that you earned
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on average in today's dollars
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over that time and when you drew social
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security for the first time
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in order for you to maximize social
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security you need at least 35 years of
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work history
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if you don't have 35 years of work
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history the ssa will give you zeros
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for those years in order to be super
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clear
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if you don't have 35 years of work
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history even if you have
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30 plus years of making a million
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dollars a year
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a billion dollars a year you won't
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maximize
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your social security payment the second
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point
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and i hinted at it just a moment ago is
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your average annual earnings
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in today's dollars let me explain
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in 2021 you pay 6.2 percent
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in social security tax on your first 140
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2
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800 earnings and your employer will also
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match that
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it was a little less in 2020 the number
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was 137
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7700 2019 the number was lower
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2018 lower so forth and so on your
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entire work life your social security
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payment is based on
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how much you earned and contributed to
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social security
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so if this was 2021 the amount that you
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earned in excess of 142
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800 wouldn't matter the maximum the cap
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was 142.8 in 2019 the cap was set at 137
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700. anything you earned above that
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wouldn't count because you're not paying
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social security tax
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on the amount above that so in order to
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get the
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maximum social security credit towards
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your social security payment
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you need to earn the maximum taxable
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amount at least by social security tax
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standards
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for at least 35 years
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once you've done this you've done what
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it takes to receive the maximum amount
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and this moves on to point number three
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which is just when you take your social
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security payment
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age 62 for retirement age in this case
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at least the case of this video age 67
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or age
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70 and that's what we're going to talk
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about next
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i'll start off by giving you the numbers
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for the primary filer
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in this video let's assume that that's
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you just for ease of discussion and then
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i will also give you the spousal benefit
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for your spouse if you have a spouse
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that is
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so when we're done you'll have the
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number for both you and
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you and your spouse as a couple assuming
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that your spouse takes the spousal
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benefit
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and not his or her own benefit it's also
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worth pointing out that the spousal
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benefit cannot be paid out
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until the primary filer files for social
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security
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that unlocks the spousal benefit so what
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are the numbers in 2021
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if you're the primary filer and you file
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at age 62
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you qualify for 2324 dollars per month
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if you're the primary father and you
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file at full retirement age
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age 67 for the purposes of this video
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you receive 3 113 if you're the primary
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filer
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and you file it at age 70 the maximum
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social security benefit paid in 2021
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to anybody including you would be
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3 895 now for the spousal benefit
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if your spouse is age 62 she or he
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receives
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thirty two and a half percent of your
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full retirement age benefit
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remember that's 3113 so
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she will receive or he will receive
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thirty two and a half percent of that
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that's one thousand twelve dollars if
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your spouse has reached
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her or his forward target age they
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receive fifty percent
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of your full retirement age benefit
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that's one thousand
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five hundred and fifty seven dollars
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after they reach forward hammered age 67
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here their benefit does not continue up
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like yours does
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if you wait till 70 you have
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three more years of growth if they wait
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till 70
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they've wasted three years of spousal
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benefit
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so at age 70 it's exactly the same
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for them as if they had filed at age 67
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1557
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so if you're both age 62
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when you file for social security
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together
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you receive 3 366 dollars
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if you're both age 67 full retired age
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together you receive forty six hundred
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seventy dollars
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and if you're both age seventy when you
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file you receive fifty four hundred
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fifty two dollars of course the maximum
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goes up every year
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if you're looking at this in 2022 or
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2023 you can add about a percent and a
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half per year
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on to these numbers that i'm giving you
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to come up with an approximate number
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for the current year
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if you like this video and like to see
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more of me please make sure you click
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subscribe and notifications
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so that you get alerted the next time i
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post a video i post about twice a week
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also check out this video on the average
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net worth of someone age 65
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age 70 and age 75 this is jeff schmidt
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thanks for watching
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