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The formula that the Social Security Administration (SSA) uses to compute your benefits takes your 35 highest-earning years (adjusted for inflation), so you can increase your benefits by beefing ...
The earliest you can claim Social Security is age 62, but your monthly benefit is reduced based on how far you are from your FRA. If you're within 36 months, benefits are reduced by 5/9 of 1% monthly.
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
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Your claiming age can shift the Social Security payout scale more ... The SSA will take into account your 35 highest-earning, inflation-adjusted years when calculating your monthly benefit ...
This idea was later popularized by Francis Townsend in 1933, and the influence of the "Townsend Plan" movement on debate over social security persisted into the 1950s. [5] [6] Early debates on Social Security's design centered on how the program's benefits should be funded. Some believed that benefits to individuals should be funded by ...
In fact, retired workers born in 1960 or later can increase their benefit by 77% by simply delaying Social Security until age 70 rather than claiming at age 62.
One chart tells you all you need to know about Social Security’s troubles.