2022 - ERB FINANCIAL

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Retirement Income

Social Security retirement benefits are based on the following:

  • Lifetime earnings.
  • Age at time of retirement.

Lifetime Earnings

Higher lifetime earning result in higher benefits.  The highest 35 years are used to calculate average monthly earnings.  Each year is indexed for inflation to approximate what earnings for that year would be in today’s dollars.  Earnings for each year are also capped by the Social Security maximum earnings subject to Social Security tax for that year.  After calculating the avberage indexed monthly earnings, a formula is used to determine the primary insurance amount (PIA).

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Retirement Income

Filed Under: Retirement, Tax Topics

Call: (585) 426-8190

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Recent Posts

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Copyright 2019 - ERB FINANCIAL is an independent contractor who offers securities and advisory services through Excel Securities & Associates, Inc., 200 Canal Park Blvd, Rochester, NY 14623, 585-424-1234 • Excel Securities & Associates, Inc. and Erb Financial are separate entities; There is no common ownership between the two. Excel Securities & Associates, Inc. is a Member of [FINRA] and [SIPC]
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  • Home
  • About
    ▼
    • Our Company
    • Our Team
  • Tax
    Services
  • Investment
    Services
  • Resources
    ▼
    • Helpful Links & Websites
    • Financial Calculators
    • Tax Topics
    • Tax Preparation Checklist
    • Newsletters
    • Forms & Worksheets
  • Blog
  • Contact
    ▼
    • Contact Us
    • Driving Directions
  • broker