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Retirement tax questions
From the pdf link below:
Many people wonder how we figure their Social
Security retirement benefit. We:
• Base Social Security benefits on your lifetime
earnings.
• Adjust or “index” your actual earnings to
account for changes in average wages since
the year the earnings were received.
• Calculate your average indexed monthly
earnings during the 35 years in which you
earned the most.
• Apply a formula to these earnings and arrive
at your basic benefit, or “primary insurance
amount.”
This is how much you would receive at your full
retirement age — 65 or older, depending on
your date of birth.
Here is a link to the pdf that explains in depth how the calculations are made. https://www.ssa.gov/pubs/EN-05-10070.pdf
You can create an account with the Social Security Administration to assist in determining your benefits. https://www.ssa.gov/myaccount/
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