If you receive Social Security benefits, it's important to determine how much of that money could be taxed by the IRS.Getty Images/iStockphoto After years of paying into the Social Security system, many seniors are surprised to learn that the benefits they receive after r...
How old you are when you begin receiving Social Security benefits [9]. How much Social Security tax you paid during your 35 highest-earning years [10]. To determine how much your Social Security benefit will be, the SSA looks at how ...
the earliest age to claim Social Security benefits. If you don’t reach 40 credits, you may still be eligible forSocial Security spousal benefits, though your monthly payout will likely be lower.
First, you’ll need to determine the age at which you become eligible for full Social Security benefits. Full retirement age ranges between 66 and 67, down to the month, depending on the year you were born. For many people—those born in or after 1960—the full retirement age is 67,per...
How to calculate Social Security benefits Calculating monthly Social Security benefits involves applying a formula to the Average Indexed Monthly Earnings (AIME). This formula considers the AIME and the retirement age to determine the primary insurance amount, representing the essential benefit that would...
Jennie L. Phipps
subcategories, all of which have their own respective weightings. The purpose of these weightings is to allow the CPI-W to be whittled down to a single number, which can then be easily compared to a previous point in the timeline to determine if inflation or deflation (f...
Visit the Social Security website and use one of its online benefit calculators to determine your retirement estimate based on your earnings record. Wait until you decide to start receiving benefits, and let the SSA calculate the amount for you. However, this doesn’t help you plan, and thoug...
GOBankingRates determined how much American retirees rely on Social Security by analyzing each state’s households with Social Security income. The percent of households that receive Social Security income was calculated and the states were sorted to show the places with the highest percent of househo...
Shedden sees some merit in revisiting the income thresholds that determine whether a portion of Social Security is taxable. But she thinks eliminating the tax completely could hurt retirees in the long run. “It’s a disadvantage to the system as a whole,” she says of the effect ...