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Here are some ways to increase your Social Security benefits: Earn more. The formula that the Social Security Administration (SSA) uses to compute your benefits takes your 35 highest-earning years ...
Image source: Getty Images. How Social Security calculates your monthly benefit. Social Security calculates your monthly benefit using your average earnings during the 35 years when you earned the ...
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
If You Worked 30 Years: Social Security will add five zero-income years to reach the 35-year mark. Those zeros lower your average, meaning you'll have a smaller benefit than if you'd had a full 35 ...
For example, if you earned $60,000, adjusted for inflation, for 35 years, your benefit based on the current formula would be $2,281 per month. But if you had one zero-income year included, your ...
Image source: Getty Images. The Social Security cost-of-living adjustment officially goes into effect in December of each year -- so technically speaking, the 2.5% adjustment was the 2024 COLA ...
Data source: Social Security Administration. The table shows that if your full retirement age is 67 (as it is for anyone born in 1960 or later) and you collect as soon as possible, at age 62, your ...
The not-so-secret formula to calculating Social Security benefits. ... For example, a 62-year-old born in 1962 whose total indexed earnings over her 35 highest-earning years were $2.5 million ...