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A Refresher on How Your Social Security Benefit is Calculated
It’s a mystery to many folks who have never taken a look at the details of this massive senior benefit program, but it’s more tedious than complex. In a post today on en.as.com, which you can access here, writers Maite Knorr-Evans and William Gittins provide a general review of the steps the Social Security Administration takes to arrive at your basic benefit amount at your full retirement age (also referred to as your Primary Insurance Amount or PIA). Keep in mind that this is a general review, and does not get into the mechanics of how, for example, the “35 best-paid years” are determined via present valuing, something that needs to be understood to get a full perspective on how one’s earnings history affects benefits. There are many other details that also go into achieving a complete understanding of the benefit calculation process, so if you have an interest in the details, feel free to contact the AMAC Foundation’s Social Security Advisory Service for a deeper exploration.
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