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How To Get A $3,000 Social Security Benefit ✅ [Video]

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How To Get A $3,000 Social Security Benefit ✅

Securing a $3,000 monthly Social Security benefit might seem like an ambitious goal, but in today’s dynamic financial landscape, it’s more achievable than ever. As we navigate through inflationary increases and changing economic scenarios, understanding the nuances of the Social Security formula becomes crucial. I’m Brad Leinberger, the founder of Seaside Wealth Management, and I’m excited to guide you through the steps to obtain this financial milestone.

Understanding the Social Security Formula:
Before delving into the specifics, let’s demystify the Social Security formula. It’s designed to be progressive, favoring lower-income individuals. This formula considers your historical earnings, adjusts for inflation, and calculates your Average Indexed Monthly Earnings (AIME). Your AIME is then plugged into the Bin Point formula, specific to the year you turn 62.

Breaking Down the Bin Point Formula:
The Bin Point formula allocates credits based on different income ranges. For 2023, the first $1,115 of AIME receives a 90% credit, AIME between $1,115 and $6,721 gets a 32% credit, and AIME over $6,721 gets a 15% credit. Notably, lower earnings matter more than higher earnings in this formula, making it more generous to those with lower incomes.

Crunching the Numbers:
Let’s break down the figures to understand what it takes to secure a $3,000 monthly Social Security benefit. Assuming you start working at 22, retire at 62 in 2023, and considering the 2023 limit of $160,000 on earnings subjected to Social Security tax, you’d need 35 years of earnings history at or above this maximum taxable threshold for the maximum benefit.

The Progressive Nature of the Formula:
The good news is that the progressive nature of the formula benefits even those who don’t reach the maximum earnings every year. Lower-income individuals can still attain a substantial benefit, with a more favorable return on investment for Social Security taxes. For instance, someone earning 80% of the maximum could receive a benefit of $3,284, paying 20% less in taxes but only receiving a benefit 10% lower than the maximum.

Securing a $3,000 Monthly Social Security Benefit:
To secure a $3,000 monthly Social Security benefit, aim to average about 70% of the maximum taxable earnings over your working career. This involves consistent earnings growth, starting from approximately $20,000 in 1983 and increasing yearly to about $100,000 by the time you turn 62.

Taking Action:
Today, this goal is more attainable than ever. Understanding the progressive nature of the Social Security formula, especially in favor of lower-income individuals, is key to reaching this financial milestone. Consider making informed decisions about your Social Security filing strategy and attending a free online workshop for additional guidance.

With proper planning, a comfortable retirement income through Social Security is within reach. I hope you found this guide helpful. Don’t forget to download your guide on maximizing your Social Security benefit and lowering your tax bill in retirement. These insights, compiled from my nearly two decades of retirement income planning, are designed to help you on your journey. See you soon!

📥 Download your guide on maximizing Social Security benefits and lowering your tax bill in retirement:

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➡️ Every Tuesday at 6:30 p.m. PT, we host our Saving Money On Taxes In Retirement Webinar. Register here:

00:00 Intro
00:54 Social Security Formula
01:29 Bin Point Formula
01:58 Lower Earnings vs. Higher Earnings
02:31 Social Security Taxes
03:38 Earnings During Your Working Career
04:24 Outro

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