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Claiming Social Security as early as age 62 means you will amass several years’ worth of monthly payments as a financial head start, versus waiting for the bigger check you will get at a later age.
There’s a formula used by the Social Security Administration (SSA) that takes your 35 highest-paid years of earnings into account and indexes earlier wages for inflation.
The basic idea behind the Social Security formula is that your 35 highest-earning years are indexed for inflation and averaged, and your monthly average earnings is applied to a formula with three ...
Your claiming age can shift the Social Security payout scale more ... The SSA will take into account your 35 highest-earning, inflation-adjusted years when calculating your monthly benefit ...
The SSA calculates your benefits based on your 35 highest years of ... over those 32 years but by averaging those 32 years plus three years worth of zeros. ... less in Social Security. 5. You ...
Birth Year. Full Retirement Age (FRA) 1943 to 1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months
It then selects the 35 highest years and calculates your average monthly earnings. ... A pen laying on top of a Social Security card with a $100 bill and glasses. ... after 1954 until maxing out ...
To qualify for Social Security as a retiree, you need to earn 40 work credits in your lifetime, at a maximum of four credits per year. In 2025, a single work credit is worth $1,810, up from $1,730 ...