BETA
Chapter 1
The birth of a safety net
Chapter 2
How the money flows
Chapter 3
Calculating your slice of the pie
Chapter 4
Global cousins and future paths
YOUR GOAL
Master of How social security works
Ch 3 · Calculating your slice of the pie
hank Social Security Benefits
35 years strong! Your highest earnings, indexed, make your benefit grow.
hank Your full retirement age depends on the year you were born, determining when you get 100% of your benefit.
hank The government calculates your monthly benefit using your 35 highest-earning, inflation-adjusted years of work.
Fun Fact
Earning credits limit: Once you earn your four credits for the year, extra work doesn't increase your credits, though it might boost your future average.
Glossary
primary insurance amount (noun)
The fundamental monthly benefit of an eligible worker under a state-administered social insurance program. The Social Security Administration calculates this figure using a worker's thirty-five highest-earning years of employment.
The fundamental monthly benefit of an eligible worker under a state-administered social insurance program. The Social Security Administration calculates this figure using a worker's thirty-five highest-earning years of employment.
Quiz
After what age do you stop earning extra 'delayed retirement credits' for postponing your Social Security claim?
Quiz
What is the maximum number of Social Security credits a worker can earn in a single calendar year?
Quiz
What happens to your Social Security calculation if you worked for only 30 years instead of 35?
Quiz
For Americans born in 1960 or later, what is the official 'Full Retirement Age' to get 100% of benefits?
Quiz
How many lifetime work 'credits' must you typically earn to qualify for US Social Security retirement benefits?
Quiz
By up to what percentage is your monthly check reduced if you claim Social Security at age 62 instead of age 67?
Quiz
What is the earliest age at which an eligible worker can claim US Social Security retirement benefits?