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 Mark’s first-year Social Security benefit in future dollars.

Table 10.4 Annual Social Security Retirement Benefit Estimates, 2019

		Age in 2019
2019 Income		25		30		35		40		45		50		55
$40,000		$87,948		$72,804		$60,156		$49,392		$40,140		$32,316		$25,664
$50,000		$102,252		$84,648		$79,668		$57,348		$46,548		$37,392		$29,592
$60,000		$1,16,544		$96,480		$79,668		$65,316		$52,956		$42,480		$33,552
$70,000		$1,30,836		$1,08,312		$89,424		$73,284		$59,364		$47,568		$37,500
$80,000		$1,38,816		$1,14,960		$95,112		$78,408		$64,212		$52,260		$41,460
$90,000		$1,45,512		$1,20,504		$99,672		$82,140		$67,212		$54,636		$43,896
$1,00,000		$1,52,208		$1,26,048		$1,04,256		$85,872		$70,224		$57,024		$45,756

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Marks firstyear Social Security benefit in future dollars is 116544 30 years old 50000 per year retiring at 67 From the table we can see that for some... View the full answer