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Will be 62 in november if i retired how much per month would…

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Ok will be 62...

Ok will be 62 in november if i retired how much per month would i receive

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

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Submitted: 7 months ago.Category: Social Security
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Answered in 20 minutes by:
9/28/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,859
Experience: Taxes, Immigration, Labor Relations
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Many people wonder how we figure their Social Security retirement benefit. We base Social Security benefits on your lifetime earnings.

The SSA will adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received.

Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.

They apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount.”

This is how much you would receive at your full retirement age (FRA)

If you turn 62 in 2017 - was born in 1955 and your FRA is 66 and 2 months.

When you start before that age - benefits will be permanently reduced.

If you start receiving retirement benefits at age 62, you will get 74.2% of the monthly benefit because you will be getting benefits for an additional 50 months.

.

Please see here Benefit Calculation Examples for Workers Retiring in 2017

https://www.ssa.gov/oact/progdata/retirebenefit1.html

To determine your benefits amount - you will need to use your own earning.

These amounts may be obtained from the SSA.

Let me know if you need any help with calculations.

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