Social Security Retirement Calculator - How Are Social Security Benefits Calculated?
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| Social Security Retirement Calculator |
A popular question I heard the baby boomers prepare to retire, "as my Social Security benefits will be calculated?"
This question is important because it can affect how much you have to work, you go to work for your retirement, or other aspects of your retirement plan. Firstly, note that you get the benefits of social security is estimated each year in the mail, usually around the date of birth. There are also some calculators are available on the website of social security in order to help you estimate how much your pension will be, so that you do not need to know how to calculate your benefits.
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It always helps to know how to calculate your benefits, however, so here are the basics:Basically, you are older than 35 years of income is indexed for inflation, the average for determining the basis of your monthly benefits. If you are less than 35 years, the lost years are considered to be zero when determining the amount of your benefits.
Planning tip: If you have almost 35 years of income, and you are close to retirement, you will have a lot to gain by continuing to work until you complete 35 years of earnings included in the calculation of your income, most of these people affect women who take the time to raise a family.
More than 35 years of profit is then divided by 35 to arrive at your average indexed monthly earnings (Aime). This formula is used to determine LOVE primary insurance amount (PIA). We will not go into the details of this formula.
It is important to note that your PIA is a full unreduced benefits you get if you retire at your full retirement age (age 66 for people born between 1943 and 1954). This amount will be reduced if you take early retirement or if you increase the retirement after 66 years.
PIA is also the basis for other benefits, such as marital benefits, so it is important to understand that your PIA is not necessarily the amount you will receive. If you are married and your spouse will collect benefits based on income rather than their own, so that you can maximize your own PIA, to maximize the overall social benefits you and your spouse will receive.
Learn how to get the maximum benefits you are entitled to social security in retirement income Social Security Guide, a website designed to help baby boomers find everything you need to know to make the most out of their social security, including when to apply how to coordinate the joint benefits, how to minimize the taxes they pay into social security and more.
Kristine McKinley is a certified financial planner and CPA. It is the practice of financial planning and tax specializes only in helping people plan for a comfortable Worry-Free Retirement.
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