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How the 35-Year Rule Affects Your Benefit. Social Security looks at your 35 highest-earning years to calculate your Average Indexed Monthly Earnings (AIME), which determines your monthly benefit. ...
In order to qualify for Social Security benefits, you need to accrue 40 credits, if you were born after Jan. 2, 1929. To earn one credit in 2024, you must have wages and self-employment income of ...
To be eligible for the maximum monthly benefit, you must earn at least the wage base limit in each of the 35 years that Social Security uses to calculate your benefit amount. For perspective ...
Additionally, the 2024 Social Security Board of Trustees Report estimates that the Old-Age and Survivors Insurance Trust Fund (OASI), which doles out benefits to retired workers and survivor ...
Before discussing the maximum monthly benefits, knowing how Social Security Administration (SSA) calculates your benefits is important. The SSA calculates your monthly benefit using your average ...
Average Monthly Social Security Benefit of a Middle-Class Retiree As of 2022, the median household income in the U.S. was $74,580, according to the U.S. Census Bureau.
How benefits are calculated. Your monthly Social Security benefit is calculated by applying a formula to your average indexed monthly earnings (AIME) to determine your primary insurance amount ...
As of June 2022, you would would get a monthly benefit of $1,338 if you file for Social Security at 62; $1,911 at full retirement age (in this case, 67); or $2,370 at 70.
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