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I am trying to get the approximate amount I will receive…

Customer Question
I am trying to...

I am trying to get the approximate amount I will receive when I retire at age 70

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

I can not find the last official statement I received which had the information.

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

That covers it for right now.

Submitted: 1 month ago.Category: Social Security
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Answered in 13 minutes by:
1/8/2018
Social Security Expert: lev-tax, Tax Advisor replied 1 month ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 31,196
Experience: Taxes, Immigration, Labor Relations
Verified

First of all - because you delay your retirement past your full retirement age - the SSA will increase Social Security benefits 8% for each year you delay after 66 - total 32%.

That increase will apply to your “primary insurance amount” PIA.

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Social Security Expert: lev-tax, Tax Advisor replied 1 month ago

The SSA will base Social Security benefits on your lifetime earnings.

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

To calculate your PIA - you will need to know your earning in past years.

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lev-tax
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 31,196
31,196 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

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