The calculations use the 2017 FICA income limit of $127,200 with an annual maximum Social Security benefit of $32,244 per year ($2,687 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA sal...
the social security benefit structure discouraged work after the age of 65. With recent changes, the program is roughly neutral in its effects on the incentive to retire. Thus social security in the past may have created incentives that accounted for some of the retirements, perhaps both before...
the difference between $767 and $4,624 (or whatever the AIME amount is, if less) is multiplied by 32%; and any AIME amount over $4,264 is multiplied by 15%. The results of each of these three calculations are added together, and the sum is the Social Security benefit to which the...
We have carefully followed the benefit rules from the Social Security Administration and have tested to ensure that our calculations are as accurate as possible. However, since we are not affiliated with the SSA, this app is only intended to be used for reference. Before making a retirement dec...
To understand Social Security benefit calculations, you first need to understand one piece of jargon: “primary insurance amount” (PIA). A person’s primary insurance amount is the amount of their monthly retirement benefit, if they file for that benefit exactly at their full retirement age. If...
We have carefully followed the benefit rules from the Social Security Administration and have tested to ensure that our calculations are as accurate as possible. However, since we are not affiliated with the SSA, this app is only intended to be used for reference. Before making a retirement dec...
"People generally do not know they are overpaid — you were receiving benefits, assuming that the government was giving you the proper amount," Nancy Altman, president of Social Security Works, an advocacy group for the benefit, told CBS MoneyWatch. "People are really desperate w...
As a reminder, both SSA.gov and this tool only show you what your benefit will be under current law. Social Security isn’t a savings plan – current retirees are being paid from money taken from current workers. This means that changing demographics will require some sort of modification by...
With that change, the average retired workers' benefit of $1,920 would rise by $48 per month, according to Johnson's calculations. The Social Security Administration is expected to announce the COLA for 2025 on Thursday. In contrast, Social Security beneficiaries saw a 3.2% increase to...
At Which Age Should I Take My Social Security Benefits? You can start taking your Social Security benefits when you turn 62. Keep in mind that your monthly benefit will be lower. Your benefits increase if you delay them until your full retirement age. This is 66 if you were born between...