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This amounts to 2 cents more on each $5.00 of earnings.
The effect of the higher maximum earnings will be noticeable even though the maximum possible benefit will not be payable in the near future. For example, a man who is age 50 in 1968 and earns $7,800 or more until he is age 65, will be able to receive a payment of $188.80 a month at age 65. This is about 21% more than he could have gotten before the 1967 amendments to the law. If this man’s wife is the same age, she will receive $94.40 a month.
A family group in the future can receive as much as $434.40 a month when the rate is figured solely on yearly earnings of $7,800.
Younger workers should realize that every year they pay social security contributions, the protection for their family is being increased.
If you would like additional information about this phase of social security, get in touch with your local social security office at 20 S. Cameron St., Winchester. Office hours are 8:45 a.m. until 5 p.m. Monday through Friday and the telephone number is 667-1511.
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