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Do you know how the Social Security Administration (SSA) determines your Social Security benefit?
They use Social Security Bend Points. But what are Social Security Bend points?
As you've been working you've been paying in Social Security taxes. If you look at your statement or Social Security account, SSA will show you earnings history.
These are all of the earnings you've had in the eyes of the SSA because this is what you've paid Social Security taxes on.
They then take your earnings history and adjust it for inflation. From this history, Social Security will just take the 35 highest-earning years to ultimately determine how BIG your Social Security benefit should be.
Total your 35 highest-earning years and divide by 420 (the # of months in 35 years). This will give you something called the AIME calculation.
This AIME calculation on its own doesn't mean a whole lot to you. It's only once you plug this into the Social Security bend points formula that you will ultimately be able to calculate your Social Security benefit at Full Retirement Age, otherwise known as your primary insurance amount.
Watch this video as we walk through this calculation step by step and show how Social Security "Bend Points" determine how BIG your Social Security Benefit will be.
#SocialSecurity #RetirementIncomePlanning #BendPoints
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