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Ask Christopher B, Esq. Your Own Question
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2939
Experience:  associate attorney
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How much will my payments be monthly once I'm eligible to

Customer Question

How much will my payments be monthly once I'm eligible to receive social security
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

It is impossible to estimate your benefit and it is very complicated. Calculating your potential Social Security benefit is a three-step process:

  1. Calculate Your Average Indexed Monthly Earnings (AIME): The highest 35 years of indexed earnings is added together. It is then divided by the number of months in 35 years to arrive at your AIME. (“Indexed earnings” is an adjustment made to historical earnings so that they reflect a current standard of living.)
  2. Determine Your Primary Insurance Amount (PIA): AIME is subjected to a formula based on the year of first eligibility (age 62).
  3. Application Age: The final calculation will be based on the age you apply for Social Security retirement benefits. For instance, if you apply at full retirement age, you will receive 100% of your PIA. If you apply for early benefits, your benefit will be less, and if you wait until after full retirement age your retirement benefit will exceed your PIA.

If this all sounds complicated, that’s because it is. However, the Social Security Administration calculates your personal benefits without you having to do any of the math.

See Social Security link to calculate your potential benefit: https://www.ssa.gov/OACT/quickcalc/

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.