4,000,000 The number of widows and widowers receiving monthly Social Security benefits based on their deceased spouse’s earnings record14 Disability Benefits These benefits are paid from theDisability Insurance Trust Fundand support those who suffer an injury or illness that leaves them unable to w...
Social Security benefits each year based on an inflation index. The Social Security administration does raise Social Security benefits each year based on an inflation index. For example, in 2023, theSocial Security cost of living adjustmentincreased by a whopping 8.7%! Hence, we can at least cou...
But, just as there’s a cap on earnings subject to Social Security tax each year (it’s $160,200 for the 2023 tax year), there’s also a maximum monthly Social Security benefit. In 2022, that max was $3,345 if you start drawing at your FRA. See the chart below for a rundown ...