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Eligibility for receiving Social Security benefits, for all persons born after 1929, requires accumulating a minimum of 40 Social Security credits. Typically this is accomplished by earning income from work on which Federal Insurance Contributions Act (FICA) tax is assessed, up to a maximum taxable earnings threshold.
Social Security's formula bases benefit amounts primarily on two factors: average earnings — up to a certain amount — over a worker's 35 highest-income years and the age they claim benefits.
Social Security reduces benefits as much as 30 percent for those filing at age 62. On the other hand, it increases benefits by 8 percent for each year after full retirement age that you delay filing.
The Average Indexed Monthly Earnings (AIME) is used in the United States' Social Security system to calculate the Primary Insurance Amount which decides the value of benefits paid under Title II of the Social Security Act under the 1978 New Start Method. Specifically, Average Indexed Monthly Earnings is an average of monthly income received by ...
Data source: Social Security Administration. It's important to remember the other factors that go into determining your monthly benefit. It's not enough to earn the taxable maximum earnings for 35 ...
Rosser's equation was used in Rosser (2005) [1] to make calculations based on given reports and projections. The label was coined by Bruce Webb in 2010, picked up by others, [2] with Webb declaring it as "something between an inside joke and a tribute to Prof. Barkley Rosser, Jr. of James Madison University, an economist friend of mine who pointed out a surprising result: real payable benefits ...
If you want to earn the maximum Social Security retirement benefit, be prepared to work many years at a high salary and put off collecting benefits as long as possible. Even if you do get the ...
The rules for Social Security benefits and taxes. ... out if your Social Security benefits might be taxable this year on the IRS’s calculator. Looking ahead, Social Security benefits rose 3.2% ...
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