How Your Social Security Is Calculated

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Social Security retirement benefits are calculated based on:\n”, “explanation”: “The Social Security Administration (SSA) uses this data from your tax returns, adjusted for historical wage developments, to derive what your average monthly indexed monthly amount. earnings. That monthly average is then put into a progressive formula to determine your benefit amount.”, “hint”: “”, “answers”: { “answer0”: { “isRight”: “wrong”, “answerText”: “The number of social security credits you have earned” }, “answer1”: { “isRight”: “right”, “answerText”: “Your lifetime earnings history” }, “answer2”: { “isRight”: “wrong”, “answerText”: ” How much you paid in Social Security taxes” }, “answer3”: { “isRight”: “wrong”, “answerText”: “Your life expectancy” } } }, “quest1”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

Why is the benefit formula called progressive?\n”, “explanation”: “The more you earned during your working life, the greater your benefit will be in raw dollars (up to a point). However, the formula provides proportionally higher benefits to people who earned the least during their working lives and who are more likely to be dependent on Social Security after retirement.”, “hint”: “”, “answers”: { “answer0 “: { “isRight”: “wrong”, “answerText”: “It was proposed in the early 20th century during the progressive era of American history” }, “answer1”: { “isRight”: “wrong”, “answerText”: “It was introduced gradually, in progressive steps” }, “answer2”: { “isRight”: “right”, “answerText”: “It is weighted in favor of lower-income workers” },” answer3″: { “isRight”: “wrong”, “answerText”: “It is more beneficial if you have home insurance” } } }, “quest2”: { “imageBrowse”: “”, “imageCaption”: “” , “imageCredit”: “”, “question”: “

How much of your income is used to calculate your benefits?\n”, “explanation”: “Each year the SSA sets a threshold for how much of an employee’s income must be withheld for payroll taxes which are largely covered by the Social Security system. . That threshold \u2014 $147,000 in 2022 \u2014 is also the maximum income that Social Security can count from that year when calculating your benefit.”, “hint”: “”, “answers”: { “answer0″ : { ” isRight”: “wrong”, “answerText”: “Every dollar” }, “answer1”: { “isRight”: “wrong”, “answerText”: “Half” }, “answer2”: { “isRight “: “wrong”, “answerText”: “Up to $400,000 per year” }, “answer3”: { “isRight”: “right”, “answerText”: “The amount taxed to fund Social Security” } } }, “quest3”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

How many years of earnings are used to calculate your benefits?\n”, “explanation”: “Social Security uses your 35 highest-earning years to derive your monthly average income and from that your benefit amount. If you have worked for less than 35 years, you will receive zero earnings for every year below the threshold.”, “hint”: “”, “answers”: { “answer0”: { “isRight”: “wrong”, ” answerText” : “10” }, “answer1”: { “isRight”: “wrong”, “answerText”: “25” }, “answer2”: { “isRight”: “right”, “answerText”: “35” }, “answer3”: { “isRight”: “wrong”, “answerText”: “You paid income tax every year” } } }, “quest4”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit” : “”, “ask”: “

At what age are you eligible for 100 percent of the benefit amount calculated from your lifetime earnings?\n”, “explanation”: “You will receive your full benefit \u2014 what Social Security calls your basic benefit \u2014 at your full retirement age . Under current law, the full retirement age is 66 and 4 months for people born in 1956 and increases by two months for each subsequent year of birth before settling at 67 for people born in 1960 and later.”, “hint”: ” “,”answers “: { “answer0”: { “isRight”: “wrong”, “answerText”: “62” }, “answer1”: { “isRight”: “wrong”, “answerText”: “65” } , “answer2” : { “isRight”: “right”, “answerText”: “Between 66 and 67” }, “answer3”: { “isRight”: “wrong”, “answerText”: “70” } } }, “quest5”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

If you start benefits before full retirement age, Social Security:\n”, “explanation”: “If you start Social Security early, your benefit will be reduced by up to 30 percent, and the reduced rate is locked in for life. On the other hand, you can get up to 32 percent more than your basic benefit by waiting until age 70 to claim.”, “hint”: “”, “answers”: { “answer0”: { “isRight “: “right”, “answerText”: “Reduces your benefits permanently” }, “answer1”: { “isRight”: “wrong”, “answerText”: “Reduces your benefits until you reach full retirement age” }, ” answer2″: { ” isRight”: “wrong”, “answerText”: “Reducing your benefits until you turn 70” }, “answer3”: { “isRight”: “wrong”, “answerText”: “Enroll in Medicare ” } } }, “quest6”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

Which of these factors could affect your retirement benefits?\n”, “explanation”: “People who claim benefits before full retirement age and continue to work are subject to Social Security’s income test, which means that monthly payments are temporarily can be reduced. Marital status and parenting will not affect your retirement.”, “hint”: “”, “answers”: { “answer0”: { “isRight”: “wrong”, “answerText”: “Being married” },” answer1 “: { “isRight”: “wrong”, “answerText”: “Having children” }, “answer2”: { “isRight”: “right”, “answerText”: “Working continuously” }, “answer3″: { ” isRight”: “wrong”, “answerText”: “All of the above” } } }, “quest7”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

When can Social Security recalculate your basic benefit?\n”, “explanation”: “Your basic benefit may change annually based on whether there is an adjustment in the cost of living for that year. Social Security will also increase your benefits if you worked the previous year and your income is in the 35 highest earning years.”, “hint”: “”, “answers”: { “answer0”: { “isRight”: “wrong “, “answerText”: “Never. It will be frozen when you apply for Social Security.” }, “answer1”: { “isRight”: “right”, “answerText”: “Every year” }, “answer2”: { “isRight”: “wrong “,”answerText”: “Every 5 years” }, “answer3”: { “isRight”: “wrong”, “answerText”: “When you die, to determine the amount of the benefit for your dependents” } } } , “quest8”: { “imageBrowse”: “”, “imageCaption”: “”, “imageCredit”: “”, “question”: “

The AARP Social Security Calculator can:\n”, “explanation”: “Knowing approximately how much you can expect to receive by claiming Social Security at different ages and how these payments fit into your overall budget are important elements of retirement planning.”, “hint”: “”, “answers”: { “answer0”: { “isRight”: “wrong”, “answerText”: “Estimate your expected future benefit, based on your earnings history, if you are at different ages” }, “answer1”: { “isRight”: “wrong”, “answerText”: “Help you see what percentage of daily expenses your Social Security payments can cover” }, “answer2”: { “isRight”: “wrong”, “answerText”: “Assess the effect continuing to have on your benefits” }, “answer3”: { “isRight”: “right”, “answerText”: “All of the above” } } } }” data-trivialanguage= “{ “question”: “Question”, “or”: “or”, “next”: “Next Question”, “checkanswer”: “Check Answer”, “results”: “Get Results”, ” right”: ” rig ht”, “wrong”: “Error”, “incorrect”: “INCORRECT”, “correct”: “CORRE CT”, “score”: “Score”, “you answered”: “You answered [X] from [N] questions correct.”, “youranswer”: “Your Answer”, “yourresults”: “Your Results”, “correctanswer”: “Correct Answer”, “print”: “Print”, “hint”: “Hint”, “challenge “: “Challenge a Friend”, “share”: “Share Your Score”, “take”: “Take Another Quiz” }” data-triviamore=”{ “en”: “/entertainment/leisure-activities/aarp-quizzes “, “es”: “/espanol/entretenimiento/Trivias” }”>

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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