How to Calculate Your Social Security Benefits
Learn about the calculations that determine your Social Security benefits.
Key Points
- Social Security benefits are based on a formula that considers your income during your 35 highest-earning years.
- You can claim benefits early at 62 or delay until 70 to increase the monthly amount.
- Annual adjustments to the formula aim to help benefits keep pace with inflation.
You probably expect to get some money from the government in retirement, but how much you get depends on the Social Security benefits formula. Many don't understand how this formula works or when it applies, but it's not too difficult to figure out as long as you're comfortable with some basic arithmetic. Below, we'll break it down step by step so you can better estimate how much money you'll get from the program.Follow link to read more from The Motley Fool. https://www.fool.com/retirement/social-security/benefits-formula/