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Using a Social Security benefits calculator can help you understand what you might see as a benefit. All of the calculators on this list stand out from dozens of other options online.
Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of covered wages. The averaging period could be increased to 38 or 40 years, which could potentially reduce the deficit by 10% to 20%, respectively. [citation needed]
The Social Security special minimum benefit is a monthly payment based on a formula that considers the number of years an individual worked and had Social Security taxes withheld from their earnings.
If you qualify for the average $1,917 benefit at 62, waiting until 63 to claim would add $96 to your monthly Social Security check. And the longer you wait, the more quickly your checks grow.
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
The special minimum Social Security benefit is a minimum PIA that was created in 1972 to provide benefits to certain low-income workers. Specifically, the special minimum benefit is designed for ...