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What is the Social Security benefits formula?
How do I calculate Social Security retirement benefits?
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How does the free retirement calculator work?
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).
- Determine Your Wages For Each Year You've Worked
- Adjust Your Wages For Each Year For Inflation
- Calculate Your Aime
- Apply The Social Security Benefits Formula
The federal government keeps track of how much money you've paid Social Security taxes on each year in your earnings record. You can view this in your my Social Security account. For most people, their actual income and the income they've paid Social Security taxes on are the same. But this isn't always the case with high earners. In 2024, for exam...
The government uses the Average Wage Index (AWI) to adjust your wages for inflation so it can accurately pick out the years you've earned the most. You can view the AWI for all previous years going back to 1951on the Social Security Administration's website. The AWI you use to adjust your wages is the one that was in effect in the year you turned 6...
After you've adjusted your income for inflation, total up the income from your 35 highest-earning years. If you didn't earn income in at least 35 years, then total your income for all the years you've worked. Next, divide this total by 420 -- the number of months in 35 years -- which will give you your AIME. It may not be as high as you expect if y...
Once you know your AIME, you can plug it into the Social Security retirement benefits formula as outlined above. But remember to choose the correct formula for your age. You should use the one that was in effect in the year you turned 62 regardless of whether you signed up for benefits at that age. The results you get from this step will give you y...
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.
Calculate. Estimated Social Security retirement benefits. Benefit at desired retirement age. $1,377 /monthly. $16,524 /annually. This is your estimated benefit. if you begin taking Social...
Our free retirement calculator estimates your retirement savings based on your current contributions, and then calculates how your savings will stretch in today’s dollars, taking inflation into...
Jun 4, 2022 · The following factors go into the formula: How long you work. How much you make each year. Inflation. At what age you begin taking your benefits. Take a look at how these factors affect the benefits you will receive and how the Social Security Administration calculates its figures. Key Takeaways.
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