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As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years.If you haven't worked a ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
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 ...
35 to 44. $91,281. $35,537. 45 to 54. $168,646. ... You can expect some sort of Social Security payout when you retire, although how much you get depends on your income and when you start to ...
Up to half of your Social Security benefits might be taxable if your provisional income is $25,000 to $34,000 for single filers, or $32,000 to $44,000 for joint filers.
Data source: Social Security Administration. If you've earned above that limit for at least 35 years, you'll be in line for a very big Social Security benefit, possibly even the maximum possible.
Birth Year. Full Retirement Age (FRA) 1943 to 1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months