Are your last two years of earnings counted in calculating amount of your SS benefit? My sister says they're not counted. Hard to believe. How many years of earnings are used in calculating amount? Thank you.
Hello, Your best 35 years are used to calculate your benefit (this is on a weighted average system so although might have made 6000 in 1966 its weighted number will be more than the 12,000 you made in 2006), they do use all years but when you retire they will not have the information for the last years and your benefit will adjusted if necessary when the earnings information becomes available. Let me get the link that explains this
Here is the chart http://www.socialsecurity.gov/pubs/10070.html Thanks Tom
Tax Preparer and acountant for over 25 years