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   How do you calculate retirement benefits?

   • Calculate your average indexed monthly earnings during the 35 years in which you earned the most. 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.

   Your Retirement Benefit: How It's figured - The United States Social

   www.ssa.gov/pubs/EN-05-10070.pdf

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   What is the Social Security benefits formula?

   • The Social Security benefits formula is what the government uses to determine your primary insurance amount (PIA). That's the benefit you're entitled to if you sign up at your full retirement age (FRA). This is 67 for anyone born in 1960 or later.

   How to Calculate Your Social Security Benefits | The Motley Fool

   www.fool.com/retirement/social-security/benefits-formula/

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   How does Social Security calculate benefits?

   • That’s the foundation the Social Security Administration uses to calculate your benefits, using a three-step process. First, Social Security adjusts your earnings for historical changes in U.S. wages, takes your 35 best-paid years and produces what it calls your average indexed monthly earnings (AIME).

   How Retirement Benefits Are Calculated By Social Security - AARP

   www.aarp.org/retirement/social-security/questions-answers/social-security-benefits-calculation.html

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   What is a full retirement age?

   • Full retirement age: The age at which a person is entitled to 100% of their monthly Social Security retirement benefit (their PIA). The full retirement age for Social Security ranges from 65 to 67. The SSA decides a person's full retirement age based on when they were born.

   Social Security Calculator 2024: Estimate Your Benefits

   www.nerdwallet.com/calculator/social-security-calculator

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

   www.fool.com › retirement › social-security

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   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

   www.ssa.gov › OACT › ProgData

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   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).

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

   www.ssa.gov › OACT › ProgData

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

   www.aarp.org › retirement › social-security

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   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 ...

   www.ssa.gov › pubs › EN-05-10070

   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 › social-securitySocial Security Calculator 2024: Estimate Your Benefits

   www.nerdwallet.com › calculator › social-security

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   How the Social Security calculator works. Three things greatly influence the size of your Social Security retirement benefits: your highest 35 years of earnings, when you were born and when you...

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

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   Current retirement savings: Enter the total current balances of all your retirement savings accounts, including 401 (k) plans, individual retirement accounts (IRAs) and any other accounts...