Erin is a fourth-year mechanical engineering major who has served in a wide variety of leadership roles, including president of the Society of Women Engineers at UF. She also initiated the first-ever 3D printing outreach day and co-authored a paper published by the American Society for Engineering Education.
The Social Security Administration has announced the 2017 Social Security benefit amounts, and the maximum withholding change for 2017. The maximum taxable earnings for Social Security withholding for 2017 are $127,200. This maximum is up from $118,500 for 2016 and 2015. Medicare withholding has no maximum. The maximum withholding amount is adjusted each year by a formula based on cost of living increases.
Here's a look at how to predict how much you will get from Social Security in retirement. [See 10 Ways to Boost Your Social Security Checks.] Consider the averages. In June 2011, the average Social Security benefit was $1,180.80 per month. The maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366. But to get this amount, the worker would need to earn the maximum taxable amount, currently $106,800, each year after age 21. Familiarize yourself with the formula.