Social Security How Much Will I Get
One thing you might want to know is regarding future income and might ask yourself, social security how much will I get? Knowing how much social security you are likely to get when you retire can help you make plans for the future. You may, for example, realize that you are not going to get enough to comfortably live on, so you need to increase contributions to your retirement account or consider releasing equity from your home.
A formula that is subject to change is then applied to your AIME to determine how much you will get each month. You will receive:
- 90% of the first $1024 of your average earnings.
- 32% of any amount between $1024 and $6172.
- 15% of any amount over $6172
Once these figures have been calculated and added together, this gives your monthly social security payment. You can use the social security calculator to help determine a more accurate number.
If you have worked fewer than 35 years, your earnings will be considered zero for the remainder of the years that make up the minimum 35. For example, if you worked for only 20 years, your income will be recorded as zero for the remaining 15 years and your AIME will be calculated in the same way.
Using a social security calculator to work out how much you are likely to get each month can help you make better plans for the future. You may even use the social security award letter as proof of income when you purchase a house, thus allowing you to potentially gear your social security towards any home payments. At MortgageQuote.com, we can help you determine how much the value of your social security is really worth when purchasing or refinancing a home.