What will my social security payout be
Please keep in mind that these are just estimates.
In other words, if someone who turns 62 this year and has earned an average of 50,000 waits until they are 70 to claim benefits, they can expect about 2,395 per month plus any cost-of-living adjustments that are given over the next eight years.
Here's a quick overview of how Social Security benefits are determined and how much you might be able to expect.
How the Retirement Estimator Works, the Retirement Estimator gives estimates based on your actual Social Security earnings record.
The formula that is used will be the one in effect when you turn 62, regardless of when you actually claim Social Security.Luckily, a Social Security income calculator allows you to have an estimate of your benefits.Image Source: Getty Images.Calculate My Social Security Income, at SmartAsset, we're all about saving for retirement (and saving in general 5 card cash draw game ).Contrary to popular belief, this money doesnt disappear.For more information go to this link for our publication.That way, you can see whether youre saving enough for retirement in other ways (401(k IRA, etc.) to round out the money you can expect from Social Security.Money that Social Security recipients pay in income taxes on their benefits goes back into funding Social Security and Medicare.After the third warning on a page, you must move to another page.However, if you start before your full retirement age (66-67, depending on when you were born your benefit will be permanently reduced.Initial Social Security retirement benefits by age and income level.
If this sounds like something youd like to do, know that working after claiming early benefits may affect the amount you receive from Social Security.
After you start receiving benefits, they will be adjusted for cost-of-living increases.
If you are currently receiving only Medicare benefits, you can still get an estimate.
Where do those taxes go?
To be perfectly clear, the figures in the table are for someone who turns 62 in 2018, and they are in today's dollars.If you do not, your time will run out and your work on that page will be lost.For 2015, the Retirement Earnings Test Exempt Amount is 15,720/year (1,310/month).Translation: earning more than the exempt amount in capital gains and pensions wont count against you.Are Social Security benefits taxable?Third, the Social Security benefit formula is applied to aime to produce the Primary Insurance Amount (PIA the benefit payable.And after you hit your full retirement age, you can work to your hearts content without any reduction in your benefits.We simply have no way to know what inflation will be between now and when you reach the age of eligibility.Just keep in mind that Social Security benefits are based on your average income over 35 years, so unless you know exactly what your salary will be going forward, it's still a pretty rough estimate.Only income from work counts for the Earnings Test.
Second, earnings for the highest 35 years are averaged and divided by the number of months in 35 years to arrive at Average Indexed Monthly Earnings (aime).
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