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  2. www.fool.com › retirement › social-securityHow to Calculate Your Social Security Benefits | The Motley Fool

    Mar 7, 2024 · Key Points. The Social Security benefits formula is used to calculate your primary insurance amount. The formula is based on your average monthly earnings over your 35 highest-earning years,...

  3. www.ssa.gov › OACT › ProgDataSocial Security Retirement Benefit Calculation

    We illustrate the calculation of retirement benefits using two examples, labeled case A and case B. In each case, the worker retires in 2024. Case A, born in 1962, retires at age 62. Case B, born in 1958, retires at his normal (or full) retirement age.

    Year
    Case A, Born In 1962(nominal Earnings)
    Case A, Born In 1962(indexing Factor)
    Case A, Born In 1962(indexed Earnings)
    1984
    $15,086
    3.9538
    $59,647
    1985
    15,779
    3.7922
    59,838
    1986
    16,298
    3.6829
    60,024
    1987
    17,392
    3.4621
    60,214

    See full list on ssa.gov

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  5. www.ssa.gov › OACT › ProgDataSocial Security Retirement Benefit Calculation

    The basic Social Security benefit is called the primary insurance amount (PIA). Typically the PIA is a function of average indexed monthly earnings (AIME). We determine the PIA by applying a PIA formula to AIME. The formula we use depends on the year of first eligibility (the year a person attains age 62 in retirement cases).

  6. www.aarp.org › retirement › social-securityHow Retirement Benefits Are Calculated By Social Security - AARP

    Oct 10, 2018 · The formula breaks down your average monthly wage into three parts. In 2024, it is: 90 percent of the first $1,174 of your AIME; plus 32 percent of any amount over $1,174 up to $7,078; plus 15 percent of any amount over $7,078. The sum of those three figures is your PIA, also known as your full or basic retirement benefit.

  7. www.ssa.gov › pubs › EN-05-10070Your Retirement Benefit: How It's figured - The United States ...

    Apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount.” This is how much you would receive at your full retirement age — 65 or older, depending on your date of birth. Even if you aren’t near your full retirement age, you can plan for retirement now.

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  8. www.nerdwallet.com › calculator › retirement-calculatorRetirement Calculator: Free Estimate of How Much You Need

    How did we calculate your results? GRAPH VIEW. SUMMARY VIEW. age 35 50 65 80 95 0 $470k $940k $1.4m $1.9m 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 35 50 65 80 95. What you'll have What you'll need....

  9. www.nerdwallet.com › calculator › social-securitySocial Security Calculator 2024: Estimate Your Benefits

    This online Social Security benefits calculator estimates retirement benefits based on your age, retirement date and earnings. See what you might receive.

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