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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 ...
Waiting to collect Social Security benefits until age 70 ensures you receive your maximum benefit amount. However, only a reported 10% of workers wait until then.
If you first became eligible for Social Security benefits in 2023 because you reached age 62 or became disabled, you can calculate your benefits at full retirement age using the following formula:
Social Security benefits are calculated using a formula called the average indexed monthly earnings (AIME). While it can sound complicated, AIME uses your 35 highest-earning years to calculate...
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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).
These modified versions of AGI may add certain items to AGI that were excluded in computing both gross income and adjusted gross income. Common additions include tax exempt interest, the excluded portion of Social Security benefits and tax-free foreign earned income. [9]
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.