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We use the highest 35 years of indexed earnings in a benefit computation. The dropped indexed amounts are shown in red. Below the indexed earnings are the sums for the highest 35 years of indexed earnings and the corresponding average monthly amounts of such earnings.
Social Security takes your 35 highest-income years and comes up with your average indexed monthly earnings (AIME). That's the basis for your earnings calculation.
In 2024, the maximum monthly benefit is $3,822 for someone who files at full retirement age (FRA) at age 66. The highest benefit for those who qualify and delay claiming until age 70 is $4,873.
What is the maximum Social Security retirement benefit payable? The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710.
Key Points. The Social Security benefits formula is used to calculate your primary insurance amount. The formula is based on your average monthly earnings over your 35 highest-earning...
Social Security calculates your benefits by tallying up the earned income you made in your top earning years and applying some simple arithmetic. To see your best earning years, create an SSA...
Social Security Quick Calculator. Benefit estimates depend on your date of birth and on your earnings history. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. So benefit estimates made by the Quick Calculator are rough.