Social Security benefits can sum up to $1.5 million over a retiree's lifetime, especially for high earners who claim at age 70. The maximum monthly benefit this year is $5,108 which converts to an annual payout of $61,296. However, most retirees receive far less. There is concern about upcoming cuts to Social Security benefits due to a funding shortfall, which could reduce payouts by approximately 20% within a decade, highlighting the uncertainty of relying solely on these benefits for retirement.
Social Security could indeed provide a substantial payout over a lifetime, up to $1.5 million, depending on factors like filing age and benefit eligibility.
To obtain the maximum monthly benefit from Social Security, one must be a high earner and delay claiming until at least age 70.
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