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It then selects the 35 highest years and calculates your average monthly earnings. ... The average Social Security retirement benefit in November was $1,925.46. ... after 1954 until maxing out at ...
Birth Year. Full Retirement Age. 1943 - 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. 1960 or later
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 ...
If you start collecting Social Security before full retirement age, you can earn up to $1,950 per month ($23,400 per year) in 2025 before the SSA will start withholding benefits, at the rate of $1 ...
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 ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...