3 Surprising Ways Your Income Affects Your Social Security Checks
Social Security is a valuable source of retirement income, but its value is more dependent upon your other income sources than many realize. How much you earn throughout your working years and in retirement affects how much you get from the program. Here are three ways that your income alters your Social Security checks.
The Social Security Administration looks at your average monthly income over your 35 highest-earning years when calculating your benefit. For high earners, only the first $147,000 you make in 2022 counts toward your benefit. That's the maximum you pay Social Security taxes on this year, so the extra income doesn't boost your checks any further.
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Source Fool.com
