High Earners Average $17,521 More in Social Security Than Low Earners, But Lower Earners Get More of Their Money Back. Here's Why
In 2023, a low earner with an income equal to 45% of the average wage received $14,824 in Social Security benefits, according to the Center on Budget and Policy Priorities. A high earner, on the other hand, got a much larger benefit. Someone who earned 160% of the average wage would end up with an annual Social Security benefit of $32,345.
The higher earner here ends up with $17,521 more each year from Social Security. On paper, it looks like the higher earner is getting a way better deal. But is that really the case?
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Source Fool.com