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Social Security looks at your 35 highest-earning years to calculate your Average Indexed Monthly Earnings (AIME), which determines your monthly benefit. ... If You Worked 30 Years: Social Security ...
Social Security Administration. Understandably, the most detailed calculator on this list comes directly from the Social Security Administration. You’ll have the same basic information available ...
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 ...
Here’s how each of these elements is calculated by Social Security. (This Bankrate calculator can help estimate your Social Security check.) ... (67 years) to collect Social Security, is $2,615.80.
This wasn't just an arbitrary date I picked to calculate a long-term average. 1975 was the first year when Social Security COLAs were based on Consumer Price Index (CPI) inflation data.
Year. Average Monthly Benefit Among Retired Workers. Maximum Monthly Benefit at Full Retirement Age. 2014. $1,294. $2,642. 2015. $1,329. $2,663. 2016. $1,342. $2,639
For those without 35 years' worth of earnings, Social Security uses zeros for the missing years to calculate your average. From there, Social Security applies a formula using bend points (which ...
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
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