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Shipbuilding jobs can lift Social Security for late-career workers
JPMorgan is funding training programs, and the article links $100,000 trade earnings to potentially higher monthly Social Security payments.
Yahoo Finance highlights JPMorgan Chase CEO Jamie Dimon’s push for American shipbuilding as a potential late-career path for people laid off in their 50s.
The piece says shipbuilding jobs can pay around $100,000 without a college degree, and that the U.S. needs roughly 300,000 workers in the trade, with JPMorgan putting about $24 million into training programs in Philadelphia.
It also explains that Social Security benefits are calculated based on a worker’s 35 highest-earning years, so replacing low or zero-income years with about $100,000 in trade wages can raise monthly checks by roughly $200 to $400, according to the article.
Finally, it notes that delaying Social Security claims while working can increase benefits by about 8% per year between a person’s full retirement age and age 70, while the article warns that claiming early can be the most costly mistake.