There are four ways to figure out your Social Security benefits: Visit a Social Security office
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 …
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. ...
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.
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.
What is SSI for disabled people?
We are with those who need a helping hand. The Supplemental Security Income (SSI) program provides support to disabled adults and children who have limited income and resources, as well as people age 65 and older who are not disabled but have limited income and resources.
Why do we pay disability benefits to people who can't work?
We pay disability benefits to those who can’t work because they have a medical condition that’s expected to last at least one year or result in death. Find out how Social Security can help you and how you can manage your benefits. LEARN MORE.
What is the age limit for Medicare?
Medicare. Medicare is our country’s health insurance program for people 65 or older. Certain people younger than age 65 can qualify for Medicare too, including those with disabilities and those who have permanent kidney failure. Social Security works with the Centers for Medicare and Medicaid Services to ensure the public receives ...
How to get a Social Security verification letter?
If you have questions or need help understanding how to request your benefit verification letter online, call our toll-free number at 1-800-772-1213 or visit your Social Security office. If you are deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 8:00 a.m. and 5:30 p.m. Monday through Friday.
What can I use my Social Security letter for?
You may use your letter for loans, housing assistance, mortgage, and for other income verification purposes. You can also use it to prove that you don't receive benefits, have applied for benefits, or that you have never received Social Security benefits or SSI.
What is a benefit verification letter?
The Benefit Verification letter, sometimes called a "budget letter," a "benefits letter," a "proof of income letter," or a "proof of award letter," serves as proof of your retirement, disability, Supplemental Security Income (SSI), or Medicare benefits.
How is Social Security decided?
Your Social Security benefit is decided based on your lifetime earnings and the age you retire and begin taking payments. Your lifetime earnings are converted to a monthly average based on the 35 years in which you earned the most, adjusted for inflation. Those earnings are converted to a monthly insurance payment based on your full retirement age.
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.
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 age do you get FRA?
This is the amount you will get if you start benefits at your Full Retirement Age (FRA). Your FRA can vary depending on the year you were born. For people born between 1943 and 1954, as in our example, the FRA is age 66. For people born on Jan. 1, the FRA is based on the year prior.
Is Social Security higher at age 70?
If you have already had most of your 35 years of earnings, and you are near 62 today, the age 70 benefit amount you see on your Social Security statement will likely be higher due to these cost of living adjustments .
Can you calculate inflation rate at 60?
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.
Social Security Statement
Your Social Security Statement (Statement) is available to view online by opening a my Social Security account. It is useful for people of all ages who want to learn about their future Social Security benefits and current earnings history.
Sample Statement
We redesigned the Statement to make it easier for you to read and find the information you need!
Fact Sheets Added to Online Statement
We have added new fact sheets to accompany the online Statement. 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.
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.
What percentage of beneficiaries are retired in 2020?
No. As of November 2020, about 71 percent of beneficiaries were retirees. The remainder were spouses, ex-spouses and children of retirees (4.7 percent); disabled workers and their families (14.9 percent); and survivors of deceased beneficiaries (9.1 percent).
How much Social Security will I get in 2021?
Say you were born in 1959. 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. There's no financial incentive to delay past 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).
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.
How old do you have to be to file for Social Security?
You must be at least age 22 to use the form at right. Lack of a substantial earnings history will cause retirement benefit estimates to be unreliable. Enter your date of birth ( month / day / year format) / /. Enter earnings in the current year: $. Your annual earnings must be earnings covered by Social Security.
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 ...
What happens if you don't give a retirement date?
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 .
How old do you have to be to use Quick Calculator?
You must be at least age 22 to use the form at right.
Check the Status of your Social Security Application
Our online services let you get the information you need from anywhere, on any device. If you applied for Social Security benefits or Supplemental Security Income (SSI), or have a pending reconsideration or hearing request, you can log in to or create a my Social Security account to check the status of your application.
Still have questions?
If you have questions or need help understanding how to check the status of your Social Security application online, call our toll-free number at 1-800-772-1213 or visit your Social Security office. If you are deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 8:00 a.m. and 5:30 p.m. Monday through Friday.
