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The standard formula for figuring Social Security benefits averages a person’s pre-retirement earnings by dividing total pre-retirement earnings by 35 years, then dividing that amount by 12 to find the average monthly earnings (AME). The dollar amounts in the formula vary yearly according to inflation.How to maximize Social Security income in retirement?
Simple strategies to maximize your benefits Work at Least the Full 35 Years. The Social Security Administration (SSA) calculates your benefit amount based on your lifetime earnings. Max Out Earnings Through Full Retirement Age. The SSA calculates your benefit amount based on your earnings, so the more you earn, the higher your benefit amount will be. Delay Benefits. ... More items...When can I retire with social security?
You can apply for Social Security retirement benefits any time after you reach 62. Once you reach 62, think of it like open enrollment; you can begin at any time and do not have to wait until another age cut off.How much will I receive from Social Security retirement?
Average retirement benefits are a bit over $16,000 a year, but the exact amount you’ll get depends on how much you earned over your lifetime and how old you are when you start collecting Social Security. You have several ways to get a more meaningful handle on how much will be coming to you when you start collecting benefits::