HOW MUCH SOCIAL SECURITY INCOME WOULD I RECEIVE IN RETIREMENT BASED ON MY OWN WORK RECORD, AND ON THE WORK RECORD OF MY SPOUSE?
By the year 2030, four out of ten women will still be earning more benefits based on their spouse’s work records rather than their own. At full retirement age – age 67 for those born after 1959 – you receive your full Social Security benefit, known as your PIA, Primary Insurance Amount. (Early retirement results in a permanent reduction in your full retirement age benefit). The PIA is based on the AIME, the Average Indexed Monthly Earnings over the highest 35 different years of earnings, adjusted for inflation. The government uses a progressive formula in determining benefit levels, whereby those who earned the most during their working years, get back a smaller amount of their Social Security tax contribution than those who earn less money. Earning income for at least 35 years is critical, since those who have earned $0 will see the average wage pulled down by the years of no earnings. At retirement, to receive dependents benefits, you must have been married to the spouse on whose rec
Related Questions
- HOW MUCH SOCIAL SECURITY INCOME WOULD I RECEIVE IN RETIREMENT BASED ON MY OWN WORK RECORD, AND ON THE WORK RECORD OF MY SPOUSE?
- Is a divorced person entitled to benefits based on his or her spouses Social Security record?
- After divorce, can one spouse collect Social Security benefits based on the others record?
