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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12443
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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Customer Question

Submitted: 1 year ago.
Category: Social Security
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Lane replied 1 year ago.
Hi,...The amount you receive in Social Security isn't based on the amount of taxes you pay (at least not directly)....The amount of social security you will receive is based on something called Average Indexed Monthly Earnings....If you have worked at least to years (actually worked and earned a base amount in 40 different quarters - doesn't have to be continuous) you will get benefit that based on that Average Indexed Monthly Earnings.
Expert:  Lane replied 1 year ago.
For someone who becomes eligible at age 62, social security applies a percentage to certain parts of your Average Indexed Monthly Earnings....(a) 90 percent of the first $856 of his/her average indexed monthly earnings, plus(b) 32 percent of his/her average indexed monthly earnings over $856 and through $5,157, plus(c) 15 percent of his/her average indexed monthly earnings over $5,157.
Expert:  Lane replied 1 year ago.
Please let me know what questions you have from here....Lane......I hold a law degree, concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986