After doing this column for so many years (more than a quarter century now), I’ve learned there are two kinds of potential Social Security beneficiaries. The vast majority are those who just want a general idea of how their benefits…
who just want a general idea of how their benefits will be figured. But there are more than a few people out there who want to know exactly how the government comes up with their retirement benefit calculation.
People are also reading… However, before they add up those “high 35,” they index each year of past earnings for inflation, which is where the formula starts to get messy. That’s because there is a different adjustment factor for each year of earnings, and each year’s adjustment factor is different based on your year of birth.
The next step in the retirement computation formula is to add up your highest 35 years of inflation-adjusted earnings. Then you divide by 420 — that’s the number of months in 35 years — to get your average inflation-adjusted monthly income. Believe it or not, that was the “simple” explanation for those who just want some kind of idea of how their Social Security retirement benefit will be figured. To summarize, it is a percentage of your average monthly income using your highest 35 years of inflation-adjusted earnings. If this was a college course, think of it as Social Security Benefit Computation 101.
But it gets a little tricky when SSA does the recomputation for any earnings you have after age 62. If you worked full time until age 66, for example, you would normally assume that those earnings between age 62 and 66 would increase your PIA. After all, you figure, they are some of your highest earning years so they will become part of that “high 35.”
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