Second SS payment for September: Who gets a check for up to $1,682 today?

Social Security: How do I know how much SS I will receive?

Fo Those who are thinking about retiring and how much money they will receive, should know that your benefits are calculated based on two main factors: lifetime earnings from the job where you paid Social Security taxes and the age at which you begin to claim your benefits , with the latter being crucial on most occasions.

The average Social Security payment for retirees in 2023 will be $1,827 each month, with the maximum being set at $3,627, which is what those who waited until reaching full retirement age are receiving.

The full retirement age or FRA is set at 66 years and four months for those born in 1956, while those born in 1957 have a age of 66 years and 6 months, reaching 67 years for those born in 1960 or later.

There is a limit to the amount of income you can use for Social Security benefits

An individual can count a maximum income of $160,200 toward their future retirement benefits and this is because the amount is adjusted each year to reflect historical salary trends, therefore any income above that threshold will not be counted. account for the calculation of future benefits, therefore it is also not subject to Social Security taxes.

Those who want to calculate how much their future benefits will end up being, need to understand which of the following apply to them and what they mean: AIME (Average Indexed Monthly Earnings), NAWI (National Average Wage Index), Inflection Points, PIA (Amount of primary insurance) and COLA (cost of living adjustment).

Anyone trying to find out their Social Security benefits can visit an SSA office to get an estimate, let SSA calculate their benefits for you, calculate them yourself, or create an online account at the SSA website and enter their data on their calculators.

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