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It equals a percentage of inflation-adjusted average wages earned in your 35 highest-earning years. When you claim early, that benefit shrinks by 5/9 of 1% per month for the first 36 months, and 5 ...
7. You Already Have Your 35 Highest-Earning Years. Your Social Security benefits are based on your earnings in the 35 years that you had the most compensation. If you're in your peak earning years ...
The average person who claims Social Security early gets just over $20,000 per year in inflation-protected retirement income. The average person who doesn't claim early gets $27,720 per year ...
The $ 22,924 Social Security bonus most retirees completely overlook. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known ...
If Social Security benefits were reduced by 3% to 5% for new retirees, about 18% to 30% percent of the funding gap would be eliminated. [citation needed] Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of ...
The Social Security Act was enacted August 14, 1935 (89 years ago). The Act was drafted during President Franklin D. Roosevelt's first term by the President's Committee on Economic Security, under Frances Perkins, and passed by Congress as part of the New Deal.
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