How Big Would Your Social Security Benefit Be If You Earned $1 Million a Year?
In the United States, pretty much every worker pays into Social Security. This includes very high earners. And everyone who paid into the program gets retirement benefits, even if they are really rich and don't need the money. It's not a means-tested benefit limited to those with low earnings.
Social Security benefits are based on a percentage of income earned throughout the 35 highest-earning years in your career. So those who make more money get bigger benefits checks. The specific amount is based on how much money was made over the relevant 35 years, as well as when benefits were claimed.
So what if someone were making $1 million a year -- a hefty sum that would make them one of the top earners in the country? How much would their retirement check be?
Source Fool.com