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The formula for calculating your PIA is based on the average indexed monthly earnings, or AIME, in your 35 highest-earning years after age 21, up to the Social Security wage base.
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 ...
These four components are used to calculate your monthly Social Security check. ... Birth Year. Age 62. Age 63. Age 64. Age 65. Age 66. Age 67. Age 68 ... Keep in mind this data is based on the ...
While the FRA used to be 65 years old, ... based on a person's birth year. For instance, people who were born in 1957 reached their FRA when they turned 66 years and 6 months old, or starting in ...
The test only applies to people who are below the normal retirement age, which ranges from 65 to 67 years old, depending on the person's year of birth.For beneficiaries working before the calendar year in which they reach the Normal Retirement Age, current benefits are reduced by $1 for every $2 in wages over the lower bracket amount.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
The Social Security Administration adjusts the amount each year for inflation. For 2024, anyone earning $168,600 or more paid the exact same amount of Social Security taxes. The limit for 2025 is ...
The age you file for Social Security is perhaps the most important decision affecting your benefit amount. ... If you have a full retirement age of 67 years old, filing at 65 will reduce your ...
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