Social Security benefits are calculated by combining your 35 highest-paid years if you worked for more than 35 years. First, all wages are indexed to account for inflation. Wages from previous years are multiplied by a factor based on the years in which each salary was earned and the year in which the claimant reaches age This calculation gives an amount comparable in buying power based on the current value of the dollar.
Once all wages have been indexed, the Average Indexed Monthly Earnings , or AIME, is computed by dividing the sum of all indexed wages by 35 years expressed as months—months when you didn't work, if you worked fewer than 35 years, are figured in as zeros. The benefit amount is then calculated based on factors like the year in which collection begins, whether the claimant has reached full retirement age, and whether the claimant continues to work while collecting benefits.
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However, opting to receive benefits at age 62 will reduce their monthly benefit That decrease is usually permanent. The larger amount is due to the delayed retirement credits earned for the decision to postpone receiving benefits past full retirement age.
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