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The not-so-secret formula to calculating Social Security benefits The amount you would receive at your full retirement age, which ranges from age 65 to 67, depending on the year you were born, is ...
What it takes for retired workers to qualify for the maximum Social Security benefit. The Social Security Administration use three variable to determine benefits for retired workers: (1) work ...
Specifically, your standard Social Security benefit equals a percentage of your average monthly income calculated using your 35 highest earning years, after adjusting for wage growth.
For recipients born in 1943 or later, 8 percent is added to the yearly benefit amount for each year the recipient delays receiving Social Security benefits beyond their full retirement age. [4] No delayed credit is given after age 69. [7] Eligible individuals who collect their benefits at full retirement age will receive their calculated PIA. [9]
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Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
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