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How Your Social Security Benefit Is Calculated
If you’ve checked your annual Social Security statement lately, you probably know the size of the benefit you’re projected to receive in retirement. But do you know how that number is calculated? Social Security determines your initial benefit at full retirement age (FRA) using a complex formula that takes into account your earning history, wage inflation, and a present-value calculation. If you want to understand how the math in those formulas works, there’s no better person to ask than Stephen C. Goss, chief actuary of the Social Security Administration (SSA). Read more…
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