AP 10.2 Mark is a 30-year-old professional who earns $50,000 per year and will r

Question

AP 10.2 Mark is a 30-year-old professional who earns $50,000 per year and will retire at the normal Social Security retirement age for his birth date (67). Use Table 10.4 to estimate Marks first year Social Security benefit in future dollars. (Exclude conmas from your response.) Annual Social Security Retirement Benefit Estimates, 2016 TABLE 10.4 2016 INCOME $30,000 $40,000 $50,000 $60,000 $70,000 s80,000 s90,000 $100,000 $118,500+ AGE IN 2016 25 30 40 45 50 574 796 543,492 $50,724 41.496 $33.696$27 32 216 $21,636 $89,760 $74,028 $60,840 $49,728$40,296$32,352 $25,704 S104,712 $86,352 S70,956 $57,948 $46,896 $37,584 $29,772 $119.652 $98,664$81,060 $66,156 $53,484 $42,804 $33,840 $131,940 $108,852 $89,592 $73,572 60,084$48,024$37,920 $138,948 $114,624 $145,956 $120,408 $99,084 $81.288$66,312$53,772$43,260 $152,964126,180 $103,812 $85,128 $69,408 $56.220 $45,168 $165,936 $136,872 $112,596 $92,26875,132 $60,756$48,708 46,8964204 37 920 598.664$89592 TA4 66 312 $56 220$As.108 594,332 $77,424 563,228 $51,324 $41,352

Explanation / Answer

Using the data in the table, Mark will receive annual social security retirement benefit of $ 86352 when Mark retires at the age of 67.

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