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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10105
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Wondering about my retirement benefit.I have other folks who

Customer Question

Wondering about my retirement benefit.I have other folks who have work very little and they draw much more than me.Is there a process for reviewing my benefit.Inretired at 62..Another lady I know recently signed up at 62 and hasnt worked in years and her benefit is 800.00
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: no
Submitted: 1 month ago.
Category: Social Security
Expert:  Lane replied 1 month ago.

Hi. My name is ***** ***** Maybe I can help here.

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Your social security benefit is calculated by using something called AIME (Average Indexed Monthly Earnings).

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AIME consists of your 35 highest earnings years INFLATED to your age 60 dollars. And then that average is factored by some percentages that are published each year.

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Its a VERY complicated formula ... but it IS possible for someone not making much money NOW or even recently, to have a higher 35 year average that someone making a lot more now, or recently.

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If you'd like to providing your earnings record, I can run the numbers for you,

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Lane

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I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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