What is meant by the social security earnings cap and how does that affect my future benefits?

Are you curious about why your Social Security benefits might be less than expected? In this episode of the Ask Ralph Show, host Ralph Estep Jr. dives into the Social Security earnings cap and its potential impact on your future benefits. Ralph discusses key points such as the 2024 earnings cap of $168,600, how it affects both Social Security taxes and benefits, and why high earners need to save more for retirement. He also shares a listener's question about navigating the earnings cap after getting a significant pay increase and offers actionable steps for effective retirement planning. Whether you're nearing the earnings cap or simply want to understand Social Security better, this episode is essential for anyone aiming to secure their financial future.

https://www.askralphpodcast.com/social-security-earnings/

00:00 Episode Overview
00:46 Listener’s Concern
01:44 Bible Verse
02:13 The Social Security Earnings Cap Explained
04:51 Effect on Retirement Planning
05:59 Ralph’s Personal Experience
07:03 Why Everyone Should Understand The Cap
07:59 Actionable Steps
09:17 Recap
11:08 Final Thoughts and Outro

Social Security Administration: https://www.ssa.gov/