Ads
related to: va chapter 35 calculator form ssa administration
Search results
Results From The WOW.Com Content Network
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 ...
Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years. If you haven't worked a ...
For example, a 62-year-old born in 1962 whose total indexed earnings over her 35 highest-earning years were $2.5 million would have an AIME of $5,952.38 ($2,500,000 / 420 work months = $5,952.38).
The Social Security Administration was established by the Social Security Act of 1935 and is codified in 42 U.S.C. § 901 (49 Stat. 635). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946.
Years of coverage are calculated in two different manners. Because the amount paid into the Social Security Trust Fund were not identified by year prior to 1951, [3] Years of coverage before 1951 are determined by dividing pre-1951 earnings by $900.00 with any remainder dropped.
The Social Security Administration taxes those earnings, and you are granted credits toward your benefits. In 2023 you will need to earn $1,640 in wages or income for a single credit, totaling ...