how do i know how much social security income i will receive?
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You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213.
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Limits on Earned Income If Claiming Early Benefits Until you reach full retirement age, Social Security will subtract money from your retirement check if you exceed a certain amount of earned income for the year. For the year 2019, this limit on earned income is $18,240 ($1,520 per month). The amount goes up each year.
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The daily benefit amount is calculated by dividing your weekly benefit amount by seven. The maximum benefit amount is calculated by multiplying your weekly benefit amount by 52 or adding the total wages subject to State Disability Insurance (SDI) tax paid in your base period, whichever is less.
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At www.socialsecurity.gov/ myaccount, you can get your Social Security Statement to check your earnings record, and see estimates of future retirement, disability, and survivor benefits.
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To estimate how much you might be eligible to receive, add together the gross wages in the two highest quarters during that period, divide by 2, and then multiply by 0.0385 to get your weekly benefit amount.
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The maximum amount of SSI benefits you can receive is $721 as a disabled individual and $1,082 if your spouse is also disabled. If you currently have a monthly income, half of anything you earn over $85 per month will be deducted from the maximum amount of benefits in order to determine your SSI amount.
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In 2020, this limit on your earnings is $48,600. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year. ... The special rule lets us pay a full Social Security check for any whole month we consider you retired, regardless of your yearly earnings.
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In 2019, the average monthly retirement income from Social Security was $1,470, according to the Center on Budget and Policy Priorities. That's just $17,640 per year in Social Security benefits.
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You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises.
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Each employer withholds 6.2% of your gross income for Social Security up to income of $132,900 for 2019. And $137,700 for 2020. Your employer must pay 6.2% for you that doesn't come out of your pay.
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Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.
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The size of your check will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits. If you have a traditional job making $60,000 a year, you pay 6.2% of your salary or $3,720 annually in Social Security taxes.
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You can visit a local Social Security office to get a record of your taxed Social Security earnings and an estimate of retirement benefits (though it won't take into account future earnings or other changes that could impact your monthly payouts).
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Calculating the Social Security Deduction Convert the 6.2 percent Social Security withholding rate to a decimal by dividing 6.2 by 100 to get 0.062. Multiply the taxable income by 0.062 to find the correct withholding amount.
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Your average indexed monthly earnings To calculate your AIME, the SSA takes each year of earnings throughout your working lifetime, up to the Social Security taxable maximum. Then, each year's earnings are adjusted for inflation, or "indexed." The formula uses your 35 highest years of earnings to determine your AIME.
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Receiving Social Security Income While Working. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). 7﻿ ﻿Starting with the month you attain full retirement age, your benefits will no longer be reduced.
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This calculator provides only an estimate of your benefits. The calculations use the 2017 FICA income limit of $127,200 with an annual maximum Social Security benefit of $32,244 per year ($2,687 per month) for a single person and 1.5 times this amount for a married couple.