How Much Will Social Security Pay Me?
Christy Bieber of The Motely Fool pulls back the curtain to explain to folks exactly how one’s Social Security benefits are calculated. Few Americans know what is involved, though it is not any one or any agency’s intention for benefit calculation to be especially mysterious. While the formula may seem overly complex and detailed, one’s benefits are based on one’s work history over a 35 year period. One’s actual monthly payment will be reduced if taken as early as 62 or any time before full retirement age (66 or 67 depending on birth year). But one’s benefit will increase 8% per year from full retirement age up to a maximum age 70. Bieber explains the average indexed month earnings (AIME) concept, for readers desiring that level of actual detail. Read her full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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