There are four ways to figure out your Social Security benefits: Visit a Social Security office to get an estimate, create an account at the official Social Security website and use its calculators, let the SSA
Social Security Administration
The United States Social Security Administration is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors' benefits. To qualify for most of these benefits, most workers pay Social …
How can I find out my Social Security benefits?
These fact sheets include:
- Retirement Ready (Fact Sheet For Workers Ages 18-48) [ English | Spanish ]
- Retirement Ready (Fact Sheet For Workers Ages 49-60) [ English | Spanish ]
- Retirement Ready (Fact Sheet For Workers Ages 61-69) [ English | Spanish ]
- Retirement Ready (Fact Sheet For Workers Ages 70 and Up) [ English | Spanish ]
What you should know about taxes and Social Security benefits?
- $29,393 Taxable Social Security
- $21,255 IRA Withdrawal
- $50,000 pension
How do you calculate Social Security benefits?
- Take your AIME and round down to the nearest dollar
- Multiply the first $895 of your AIME by 90%
- Multiply the amount in step 2 that is over $895, or less than or equal to $5,397, by 32%
- Multiple the amount in step 3 over $5,397 by 15%
- Add all totals from step 2-4 and round down to the nearest dollar. ...
- Multiply the amount in step 5 by 73.33%. ...
How can you maximize your Social Security benefits?
Use these 6 strategies to increase your household's lifetime benefits
- Don’t Take the SSA’s Advice at Face Value. Going straight to the source seems like a great way to get accurate information about the best time to file for ...
- Withdraw Your Social Security Application. Here’s one opportunity to reverse a claiming decision you regret. ...
- Suspend Your Social Security Benefits. ...
- Maximize Your Household Benefits. ...
How do I find out my Social Security benefit amount?
Most people can receive an estimate of their benefit based on their actual Social Security earnings record by going to www.socialsecurity.gov/estimator. You also can calculate future retirement benefits by using the Social Security Benefit Calculators at www.socialsecurity.gov.
How do I find out what my Social Security will be at retirement?
Plan for Your Future with Your my Social Security Account With your my Social Security account, you can plan for your future by getting your personalized retirement benefit estimates at age 62, Full Retirement Age (FRA), and age 70.
What is the average Social Security benefit at age 62?
$2,364At age 62: $2,364. At age 65: $2,993. At age 66: $3,240. At age 70: $4,194.
Is it better to take Social Security at 62 or 67?
The short answer is yes. Retirees who begin collecting Social Security at 62 instead of at the full retirement age (67 for those born in 1960 or later) can expect their monthly benefits to be 30% lower. So, delaying claiming until 67 will result in a larger monthly check.
How to find out if you qualify for Social Security?
To find out if you, or a family member, might be eligible for a benefit based on another person’s work, or a higher benefit based on your own work, see the information about benefits on the Social Security website. You can also use the Benefit Eligibility Screening Tool (BEST) to find out if you could get benefits that Social Security administers. Based on your answers to questions, this tool will list benefits for which you might be eligible and tell you more information about how to qualify and apply.
Why do we have a second Social Security representative?
We also want to make sure you receive accurate and courteous service. That is why we have a second Social Security representative monitor some telephone calls.
How old do you have to be to get unemployment benefits?
If you are at least 62 years old and unmarried, you may be eligible for a benefit based on a former spouse’s work if that marriage lasted 10 years or more.
Can you get a higher Social Security if your spouse dies?
It's not unusual for a benefit recipient's circumstances to change after they apply or became eligible for benefits. If you, or a family member, receive Social Security or Supplemental Security Income (SSI), certain life changes may affect eligibility for an increase in your federal benefits. For example, if your spouse or ex-spouse dies, you may become eligible for a higher Social Security benefit.
Benefit Calculators
The best way to start planning for your future is by creating a my Social Security account online. With my Social Security, you can verify your earnings, get your Social Security Statement, and much more – all from the comfort of your home or office.
Online Benefits Calculator
These tools can be accurate but require access to your official earnings record in our database. The simplest way to do that is by creating or logging in to your my Social Security account. The other way is to answer a series of questions to prove your identity.
Additional Online Tools
Find your full retirement age and learn how your monthly benefits may be reduced if you retire before your full retirement age.
How is Social Security calculated?
Social Security benefits are typically computed using "average indexed monthly earnings.". This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount ( PIA ). The PIA is the basis for the benefits that are paid to an individual.
How many years of earnings are needed to calculate average indexed monthly earnings?
Up to 35 years of earnings are needed to compute average indexed monthly earnings. After we determine the number of years, we choose those years with the highest indexed earnings, sum such indexed earnings, and divide the total amount by the total number of months in those years. We then round the resulting average amount down to the next lower dollar amount. The result is the AIME .
Can disability benefits be reduced?
In such cases, disability benefits are redetermined triennially. Benefits to family members may be limited by a family maximum benefit.
Is a person entitled to a PIA before 62?
We pay reduced benefits to one who retires before his/her normal retirement age. A person cannot collect retirement benefits before age 62.
When do you get your Social Security statement?
For workers age 60 and older who do not have a my Social Security account, we currently mail Social Security Statements three months prior to your birthday.
Why are fact sheets important for Social Security?
The fact sheets are designed to provide clarity and useful information, based on your age group and earnings situation. They can help you better understand Social Security programs and benefits.
How Is Social Security Calculated?
There is a three-step process used to calculate the amount of Social Security benefits you will receive.
What is the formula for Social Security benefits?
The Social Security benefits formula is designed to replace a higher proportion of income for low-income earners than for high-income earners. To do this, the formula has what are called “bend points." These bend points are adjusted for inflation each year.
How to calculate Social Security if you are not 62?
Because of how the wage indexing formula works, if you are not yet age 62, your calculation to determine how much Social Security you will get is only an estimate. Until you know the average wages for the year you turn 60, there is no way to do an exact calculation. However, you could attribute an assumed inflation rate to average wages to estimate the average wages going forward, and use those to create an estimate.
How to calculate indexing year?
Your wages are indexed to the average wages for the year you turn 60. 4 For each year, you take the average wages of your indexing year (which is the year you turn 60) divided by average wages for the years you are indexing, and multiply your included earnings by this number. 5
What is wage indexing?
Social Security uses a process called wage indexing to determine how to adjust your earnings history for inflation. Each year, Social Security publishes the national average wages for the year. You can see this published list on the National Average Wage Index page. 3 .
What is the process used to determine how to adjust your earnings history for inflation?
Social Security uses a process called "wage indexing" to determine how to adjust your earnings history for inflation. Each year, Social Security publishes the national average wages for the year. You can see this published list on the National Average Wage Index page. 3
How to find average indexed monthly earnings?
Total the highest 35 years of indexed earnings, and divide this total by 420, which is the number of months in a 35-year work history, to find the Average Indexed Monthly Earnings.
How many retirement estimates does Quick Calculator give?
If you do not give a retirement date and if you have not reached your normal (or full) retirement age, the Quick Calculator will give benefit estimates for three different retirement ages.
What is the benefit estimate?
Benefit estimates depend on your date of birth and on your earnings history. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. So benefit estimates made by the Quick Calculator are rough. Although the "Quick Calculator" makes an initial assumption ...
Why are retirement benefits unreliable?
Lack of a substantial earnings history will cause retirement benefit estimates to be unreliable.
How old do you have to be to use Quick Calculator?
You must be at least age 22 to use the form at right.
What does "0" mean in retirement?
If you entered 0, we assume you are now retired. Enter the last year in which you had covered earnings and the amount of such earnings.
When can I start collecting Social Security?
At what age can I start collecting Social Security benefits? You can begin receiving retirement benefits at age 62, but your payments will be greater if you wait until your full retirement age (currently 66 years and 2 months and gradually rising over the next several years to 67).
How many years does Social Security take?
Social Security takes your 35 highest-earnings years, calculates an inflation-adjusted average, and plugs that into a progressive formula that determines your “basic” benefit. The amount will also be affected by how old you are when you claim benefits.
How much will Social Security increase in 2021?
If you claim Social Security in 2021, when you turn 62, you'll get about 71 percent of the benefit amount calculated from your lifetime earnings. If you wait until full retirement age, in this case 66 years and 10 months, you'll get 100 percent. Delay past full retirement age and Social Security increases your benefit 8 percent a year until age 70.
What is the maximum Social Security benefit for 2021?
What's the maximum monthly Social Security benefit? For a worker claiming Social Security in 2021 at the full retirement age of 66 and 2 months, the highest monthly amount is $3,148 (about double the average retirement benefit).
What happens to your benefits when you reach full retirement age?
Once you reach full retirement age, the reduction is eliminated, and your benefits will be increased to make up for what was lost over time.
How long do you have to work to get Social Security?
How long do I need to work to become eligible for benefits? For retirement benefits, at least 10 years. Social Security uses a system of credits, which you collect by working and paying Social Security taxes. You can earn up to four credits a year, and you need 40 credits to qualify for retirement benefits.
Who receives reports of beneficiaries' deaths?
The Social Security Administration (SSA) receives reports of beneficiaries’ deaths from family members, funeral homes and government agencies. Even if you know another entity will report the death of a member of your family, it's a good idea to inform SSA yourself (by calling at 800-772-1213) as soon as possible.
What is the retirement estimate?
The Retirement Estimator calculates a benefit amount for you based on your actual Social Security earnings record. Please keep in mind that these are just estimates.
Can you use the retirement estimate if you have blocked access to your personal information?
You cannot use the Retirement Estimator if you have blocked electronic access to your personal information.
Can you use the retirement estimate if you have enough Social Security?
You can use the Retirement Estimator if you have enough Social Security credits to qualify for benefits and you are not: