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This series gross up earlier years wages so that all years earnings up to age 60 are put on equal footing. Because it takes more than one year to fully collect such data, and because some people have January birthdays, the age 62 calculation done in 2006 must be based on the most recent data which is the 2004 national average wage. By law, all ...
Because the amount paid into the Social Security Trust Fund were not identified by year prior to 1951, [3] Years of coverage before 1951 are determined by dividing pre-1951 earnings by $900.00 with any remainder dropped. The resulting number, limited to 14, is the number of years of coverage a beneficiary is credited for earnings before 1951.
When retired women apply for Social Security benefits, they receive smaller monthly checks. ... because your Social Security benefit is based on your earnings history. ... But add one zero-income ...
For example, the graph below (Figure 168) shows the impact of wage level and retirement date on a male worker. As income goes up, net benefits get smaller – even negative. Impact of gender and wage levels on net Social Security benefits. However, the impact is much greater for the future retiree (in 2045) than for the current retiree (2005).
Retired workers make up a big chunk of Social Security beneficiaries (75.6%). The average monthly check for retired workers increased from $1,927 in 2024 to $1,976 in 2025, based on estimates from ...
Despite this, 10 million received Social Security coverage. [38] The Federal Railroad Disability Insurance program was enacted (1946). The Social Security Act was amended (1950) to provide a new category of state aid to the totally and permanently disabled. [39] Throughout 1950, more than thirty major changes were made to Social Security.
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 ...
It also proposed an income tax on the Social Security benefits of higher-income individuals. This meant that benefits in excess of a household income threshold, generally $25,000 for singles and $32,000 for couples (the precise formula computes and compares three different measures) became taxable.