Three factors that determine your Social Security benefit
How much will I get in Social Security? It’s a question every American will ask at some point as they approach retirement age. The answers are simple, even if the calculations cannot exactly be done in one’s head. The first factor is average indexed wages. Social Security uses a specific formula to calculate your Average Indexed Monthly Earnings, which involves looking back over your career and adjusting your past earnings to account for inflation. Second, Social Security counts the 35 years you had the highest inflation-adjusted earnings. The third factor is the age when you start benefits. This can be anywhere from 62 through 70, but the earlier benefits are claimed, the larger the lifetime monthly reduction will be in them. Read the full piece here by Christy Bieber of The Motley Fool.
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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