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That number then goes into the Social Security benefits formula to determine your primary ... 2010. $106,800. 1986. $42,000. 2011. ... Once you learn how to maximize your Social Security benefits ...
2010. $106,800. 1986. $42,000. 2011. $106,800. 1987. $43,800. 2012. $110,100. 1988. $45,000 ... Due to the slight changes in the Social Security benefits formula and inflation adjustments based ...
Key Points. You need to understand the Social Security benefits formula so you can claim benefits at the right time. Your standard benefit is based on Average Indexed Monthly Earnings (AIME).
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 ...
Social Security's benefit formula provides 90% of average indexed monthly earnings (AIME) below the first "bend point" of $791/month, 32% of AIME between the first and second bend points $791 to $4781/month, and 15% of AIME in excess of the second bend point up to the Ceiling cap of $113,700 in 2013. [171]
You can access your earnings, Social Security benefit estimates and printable Statements. If you are a retiree and already receive benefits, you can view your payment history and current status ...
For recipients born in 1943 or later, 8 percent is added to the yearly benefit amount for each year the recipient delays receiving Social Security benefits beyond their full retirement age. [4] No delayed credit is given after age 69. [7] Eligible individuals who collect their benefits at full retirement age will receive their calculated PIA. [9]
As The Senior Citizens League’s study notes, Social Security benefits have lost 20% of their buying power since 2010, which means monthly benefit checks today are worth 20% less than they were ...