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How Your Retirement Benefit Is FiguredSSA Publication No. 05-10070, March 1999 (March 1998 edition may be used) |
As you make plans for your future, one of the questions you'll probably ask is, "How much will I get from Social Security?" There are several ways you can find out. Social Security can give you a free estimate of what your retirement benefit will be. You can obtain the request form by calling Social Security and asking for a form SSA-7004, Request for Earnings and Benefit Estimate Statement. If you have access to the Internet, you can obtain the request form, an estimate or calculate your own retirement benefit using the Internet program, ANYPIA. These services are available at www.ssa.gov. Even with an estimate, many people still wonder
exactly how their benefit is figured. Social Security benefits are based
on earnings averaged over most of a worker's lifetime. Your actual earnings
are first adjusted or "indexed" to account for changes in average
wages since the year the earnings were received. Then we calculate your
average monthly indexed earnings during the 35 years in which you earned
the most. We apply a formula to these earnings and arrive at your basic
benefit, or "primary insurance amount" (PIA). This is the amount
you would receive at your full retirement age, for most people, age 65.
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Factors That Can Raise Or Lower Your Retirement BenefitThe monthly benefit you receive from Social Security may not be the basic benefit. Your actual benefit may be higher or lower than that amount if any of the following is true.
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Any Questions?You can get recorded information or a benefit estimate request form 24 hours a day, including weekends and holidays, by calling Social Security's toll-free number, 1-800-772-1213. You can speak to a service representative between the hours of 7 a.m. and 7 p.m. on business days. Whenever you call, have your Social Security number handy. People who are deaf or hard of hearing may call our toll-free "TTY" number, 1-800-325-0778, between 7 a.m. and 7 p.m. on business days. You can also reach us on the Internet. Type www.ssa.gov
to access Social Security information. |
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Estimating Your Social Security
Retirement Benefit This worksheet shows how to estimate the Social Security monthly retirement benefit you would be eligible for at age 62 if you were born in 1937. It also allows you to estimate what you would receive at age 65, excluding any cost-of-living adjustments for which you may be eligible. If you continue working until age 65, your additional earnings could increase your benefit amount. |
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