A. Yes, it depends on your year of birth, your annual taxable income, and the age you start collecting social security benefits.
The highest amount someone who turns age 66 in 2019 could get is $2,861 per month. But you can increase it by waiting till age 70, which would be $3,776 a month, that's because your benefit increases by 8% a year between full retirement age and age 70.
Q2. Does contributing to 401(k) impact my social security earning limit?
A. No, contributing to a 401(k) plan does not reduce the amount of earnings that social security program uses for tax purposes or its retirement earnings test. Social security looks at your gross earnings before any tax-deferred deductions and allotments.
Keep reading for more social security FAQs.