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Once you hit retirement, you’ll start receiving bridge payments in the amount of your Social Security benefits if you chose to claim them at 62. These payments will continue until you reach 70 ...
Some older adults choose to stay in the workforce longer to maximize their retirement savings. However, others choose to retire at 62, the earliest age you can begin withdrawing Social Security.
Implementing tax-efficient withdrawal strategies will help you maximize your retirement savings. Here are three strategies you can use: Withdraw from taxable accounts first .
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 ...
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.
Image source: Getty Images. How Social Security calculates your monthly benefit. Social Security calculates your monthly benefit using your average earnings during the 35 years when you earned the ...