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Understanding Your Retirement Benefit: How It Is Figured
"Your Social Security retirement benefit is calculated based on your lifetime earnings record, adjusted for inflation, and the age at which you choose to start receiving payments. The Social Security Administration (SSA) identifies your 35 highest-earning years, averages them, and applies a progressive formula to determine your Primary Insurance Amount (PIA), which is then actuarially adjusted based on your filing age relative to your Full Retirement Age (FRA). The Foundation of the Calculation: Lifetime Earnings The Social Security Administration does not look at your final salary or your most recent years of employment to determine your bene..."
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