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A guide to estimating your Social Security benefit
While there’s no way to know exactly what your Social Security benefit will be until you actually apply for it, you can at least estimate how much your monthly payment might be. Although your base benefit is computed using the formula in effect in the year you are first eligible (62), your actual benefit amount will depend upon the age at which you claim benefits and will include any increases needed due to, for example, annual cost of living adjustments (COLAs) awarded between age 62 and the date you claim. This Motley Fool article by Matthew Frankel provides a simple guide for estimating your Social Security benefits considering both your average inflation-adjusted annual income and the age at which you claim benefits. Click here to read more.