 |
|
|||||||||||||
|
|
 |
 |
 |
|
 |
|
 |
|
 |
|||||
Ask Mary Jane Archives
- Social Security
- Social Security and Government Employees
- Early/Late Retirement
- Social Security Disability
- Dependent Children
Q. Other than age at the time of retirement, how is the amount you receive in benefits determined?
A. Social Security benefits are based on an average of virtually a full work life of earnings from which FICA payroll contributions have been withheld. When you apply for benefits, the Social Security Administration will index your old earnings to bring them up to date. From your lifetime indexed earnings, the 35 highest years of earnings will be selected. If you have more than 35 years of Social Security earnings, the lowest years will be disregarded; if you have fewer than 35 years, some zero years will be included in the calculation. Your benefit (known as your Primary Insurance Amount or PIA) will be determined from the monthly indexed average. The Primary Insurance Amount is the benefit payable if you begin benefits in the month you reach full retirement age. The benefit payable is reduced for months of early retirement or increased for deferred retirement.
Go on line to www.socialsecurity.gov and click on Estimate Your Retirement Benefit .