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What would my retirement. be should I take it out now in…

Customer Question
what would my retirement amt...
what would my retirement amt. be should I take it out now in Feb,2018
Submitted: 7 months ago.Category: Social Security
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Answered in 3 minutes by:
1/4/2018
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,319
Experience: Taxes, Immigration, Labor Relations
Verified

There is NO "retirement amt"
Do you mean - RMD - required minimum distribution or AMT - alternative minimum tax.
If you need help to estimate your tax liability - I will do that for you.

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Customer reply replied 7 months ago
Mba
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

Please clarify...

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Customer reply replied 7 months ago
I'm asking how much social security should I have if I start in Feb ,2018
Social Security Expert: Wendy Connick, Enrolled Agent replied 7 months ago
Wendy Connick
Wendy Connick, Enrolled Agent
Category: Social Security
Satisfied Customers: 0
Experience: Owner at Connick Financial Solutions
Verified

Hi, my name is ***** ***** I'll be the expert assisting you today. Please give me a moment and I'll tell you how to find that information.

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Social Security Expert: Wendy Connick, Enrolled Agent replied 7 months ago

What is your birthdate please?

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Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

The SSA recalculates your social security benefits EVERY year - and if there any increase due - it will be in effect every January.

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” - PIA

So - if your earnings during these last years will be included into 35 years in which you earned the most - these earnings will affect calculations.

Let me know if you need any clarification this matter.

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