Former SSA Insider EXPLAINS: How YOUR Social Security benefits are CALCULATED
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- Опубликовано: 5 сен 2024
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Dr. Ed Weir, PhD, Former Social Security District Manager; Former Family Services Specialist, Department of Social Services; Former Marine Corps Sergeant; University Adjunct Professor. Dr. Ed is one of the most experienced government benefits experts in the country and in his (semi)retirement, he has made hundreds of RUclips videos in order to help seniors, the disabled, survivors, retirees, disabled children, spouses, and others in every state get the benefits they need!
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⚠️I am not an attorney, tax advocate, or currently affiliated with the Social Security Administration or any other entity of the US Federal Government. My advice and opinions are based on my decades of experience inside the government. However, the Social Security Administration is the final decision maker when it comes to your benefits.
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I’m weird too. I just manually computed my AIME, as well. I know. Goofy.
I only have 28 years of work. How bad is the 7 non working years going to hurt me?
They will definitely affect your $ amount do your best to get that 35 in
Probably not much, assuming national average income you might loose about 6.4%. If you earned average 100k or more you would loose about 3% of the benefit.
Those years are zero. So it will affect you, when it does the 35 averahe.
Thank Ed ..., for all the outstanding advice and informative information ...., You are truly appreciated for helping the American People ...., God bless You and your RUclips Channel 🙏
I appreciate that!
If l got 35+ "good years" and l just stop working and collect later at retirement? Thx
Great video thank you for everything can you say what the minimum Social Security you can receive that with the maximum Social Security you can receive
The minimum is under $100. The max for full retirement is about $3600. And over $4,500 for delayed retirement at 70. Thanks for watching and give me a call if you have any questions. Take care, Ed 702-738-1256
So if I claim at 68 ,and keep working for same wages,would my benefit keep increasing as if l hadn't claimed till I was 70 ?
Hello, thanks for watching! There are just too many details and exceptions to give you an adequate answer in this comment section. However, you can GET HELP here: linktr.ee/MyGovExpert
Not really interested in this topic, but found you to ask about how Earned Income is deducted while you’re taking social security benefits. I’m thinking about retiring March 2026. What if I took SSB January 2026. I KNOW I won’t make the Earned Income limit of about $24K in 3 months. However, if the Administration pro rates my earnings monthly, I would definitely have to give a few sheckels back. Any thoughts?
I find your videos very helpful. Thank you. My wife is looking retire next year under the Colorado PERA retirement plan. She has worked the last 20 years for a school district here in Colorado. Prior to that she work in the private sector for 25 years earning a SS benefit. Other than the WEP provision will her SS benefit be affected by her pension income (approximately $70,000). Thank you for any help you can give us.
Yes she will need 30 years of paying into social security to keep from taking a hit from wep
Didn’t they change the law at one time so you could only correct the most recent 10 years of earnings?
Sorry for the delay in responding. I got a LOT of comments all at once. If you still have questions or need help, please join my RUclips LIVE Q&A Thursdays at 4pm PST. Take care, Ed
How do you check your earnings record? On SSA website somewhere?
SSA.GOV
How do you correct your earnings record?
I received an overpayment notice. I just got one of those letters yesterday. They said since I made so much in 2023, I need to repay all of the payments from may-december. My question is, The money I made in 2023 was PRIOR to me applying for and receiving my ssa benefit. I thought it would not count since I made that money before I even applied for ssa? Am I wrong? Even on my 1099k form, it shows my income from may -december at $0.
Please join one of my FREE LIVE Q&A sessions and I can answer your question more fully. Or, you can schedule a private call here: calendly.com/mygovexpert/consult
Since someone not born in us, only work 10yrs, why 35vyrs for this person?
Yea, it's 35 years for everyone. But your country might have a Totalization Agreement with SSA.
@Dr. Ed Weir - How/who do we notify of SS programming errors in their website? I don't just mean for me, but rather the bug occurs with everybody. The bug is in the personal retirement payout estimates and online calculator. If you are born in 1957, you reach FRA at 66.5, and these websites report that. After that it should show 8% growth in benefits per year after that, or 4% every six months. However, these sites show no growth between 66.5 and age 70. As a software engineer with over 40 years experience, if my understanding of the law is correct, then what is being displayed is a programming error. However, I cannot find any place to report this problem without them thinking this is an error for just me or responding, "Yes, you are right, but I don't know what to do."
Thank you so much for this! Try the Public Affairs office: www.ssa.gov/agency/rcds.html
And please let me know the results. Thank you, Ed
I've read that once people pass their FRA and are between that and age 70, it is SSA *policy* to show/estimate only annual increases no longer the monthly increments.
Does AIME calculation start at age 22? This would exclude military service and paying into SSA starting age 18 in 1989. Otherwise, SSDI would be less than 35.
As soon as you start paying it starts.
Thank you for all your great videos. I'm looking for a calculation for spousal benefits with the low earner taking their benefits at 62 and the higher earner waiting until 67. Is the reduced amount on total Spousal benefit or just the lower earner's portion of the spousal benefit?
It's best to call SSA so they can give you the official numbers. Anything else is just an estimate. But we can certainly kick around all your options. Just schedule a time that works for you here: calendly.com/mygovexpert/30min
Are the Bend points based upon the year you retire, or the year you turn 62 or something else?
Hello, great question! I should have added that to the video. Your bend points are the ones at 62 years of age. Or when you became disabled before 62... thanks for watching. Take care, Ed 702-738-1256
That was a great question! It was exactly what I was looking for too!
What if you only have 25 years of earnings because you retired to South America at the age of 47? Would you have 10 years of zeroes averaged in to get to the 35 years?
Yes, so that would lower your amount with those 10 years of zeros. Take care, and please consider helping our mission via the thanks button. Thank you, Ed
High 35, but how are those years indexed - heard the most recent years don’t get indexed?
Based on a wage index. You're correct, recent years are not indexed.
Hi Ed I received a letter from SSA informing me that because I started to receive my retirement they are subtracting that amount from my SSI. Is that correct?
Also I started getting my back pay every 6 months after the 3rd 6 month then I would get the left over balance. Can I get a break down of my back pay in letter form?
Thank you so much for your channel and your time.😊
Hello, yes, they subtract retirement and other income from your SSI payment.
Break down of your pay? Absolutely, call your local office and have them run a report to make sure you are getting everything you should. Take care, Ed 702-738-1256
SSI is essentially a welfare payment and the law requires you to use your own resources first.
Great video!!
I’m 60, I am married to a 34 year old and have a son that will be 6 three days after my 62 birthday. When I go into my SSA account and use the calculator my benefits do not change between 62 and 67. I earn enough to pay the maximum into SSA. I am guessing the benefits don’t change because of the family maximum. Would you agree or is there some glitch in the calculator?
Possibly. I've noticed a few scenarios that aren't considered by the online calculator. Give me a call when you have time and we can evaluate all your options.
calendly.com/mygovexpert/30min
Take care, Ed
Xlnt commentary and knowledge and informative. Thanks.🇺🇲🗽⚖️
Thank you so much. I didn't want to get to mathematical! Take care, Ed
If a person say worked 10 years before becoming totally disabled and they had gotten enough earned income in those 10 years to currently get $2850 from SSDI on a monthly basis -- in 2024 dollars. And say they retire at 67 receiving SSDI the entire time. I understand that the SSDI switches over to Social Security retirement payments at 67 automatically. I am told that the amount would be the same at retirement as the person is currently getting now on SSDI; i.e. $2850 / mo in 2024 dollars. But how is this so? There would be 10 years of income and 25 years of $0 income. So when you do the 35 year AIME math, with all those 25 years of $0, it should be a lot lower than the $2850 per month.. maybe $1000/mo? I am not sure. Does SSA have some special formula for disabled people to where those $0 years are calculated differently? I see formulas for determine disability amount and formulas for determining retirement amounts, but absolutely ZERO formulas for dertermining retirement amount after long term SSDI disability. It's important I know now so I will for sure know how much I'll get at 67, I need to plan for retirement, save up enough to get by.
Sorry for the delay in responding. I got a LOT of comments all at once. If you still have questions or need help, please join my RUclips LIVE Q&A Thursdays at 4pm PST. Take care, Ed
Is there a doctor in the house? I had a question, oh, wise one. Is there any benefit to working to 70 for the widow's benefit? I just heard that the widow only gets to FRA of the spouse's amount. Is this true? Of course theirs is adjusted for their age when they draw up to 100%. So why draw at 70 when married except to boost your account while alive.
Oh, wise one? lol My wife says that sometimes but ususally (always) in a sarcastic voice!
Yes, that misinformation about delayed retirement credits and survivor benefits is rampant. The survivor DOES receive the delayed retirement credit amount. Here is the actual SSA reference:
www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0407.html#:~:text=The%20widow(er)'s%20insurance%20benefit%20rate%20equals%20100,because%20of%20delayed%20retirement%20credits.
@MyGovExpert Thanks for the update. Another site stated that a survivor didn't get the retirement increased credits. So it is worthy to hold off drawing to 70. The January after, correct? I would tip you, but you still don't have that option available in the toolbar. 👍
Your excellent comments are payment enough! I appreciate it, Ed
Are the index factors based on the year you turn 60 years old? Meaning are they locked in at 60 based on the year you turn 62? My index factors have changed a few times in my 50's and I'm currently 59 years old. I turn 62 in the year 2026.
Index factors are at 62. They "usually" increase about 3-4% a year. So you can get a rough estimate for 2026. Take care, Ed
So if I am being forced to retire by my employer at age 62 (this year) and am not planning on taking SS at least 65, I will have zeros in my earnings for 3 years and this will reduce my SS benefit amount?
@dawnumhoefer4101 Social Security uses your top 35 years. So, if a person already has 35 years of W2 earnings,
they shouldn't have any zeros. Check your earnings record.
All your help is free ?
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I read that i could claim offy EX HUSBAND SOCIAL SECURITY WHO PASSED AWAY THIS YR MAY BUT WE BOTH HAVE BEEN REMARRIED IS THAT TRUE
It depends at what age you were remarried, his and your benefit amount, etc. Let's talk a see how I can help: calendly.com/mygovexpert/30min
Good video, lots of good information.
Thank you! Many more videos to come!
how can I tell what my earnings were 40-50 years ago, I have no records. I toss out my tax records, every 3-4 years . I never saved any W-2s or 1099s
Just have to do your best. If those years have zeros, and you know you worked, then that is the first thing to address.
Dementia Alzheimer's is Not a disability or is it a case by case basis. We never applied
Even with Disability listing, everything is done on a case by case since all Disease processes affect people differently. Especially the cognitive ones. Best of luck to you 👍
I wish the SS statement would show your calculated AIME. Is that available at the SS web site?
Sorry for the delay in responding. I got a LOT of comments all at once. If you still have questions or need help, please join my RUclips LIVE Q&A Thursdays at 4pm PST. Take care, Ed
If you work past your full retirement age (FRA), say to age 70 and you max out on your salary each year, is your PIA updated until you file or are you locked in?
Hello, your PIA is updated automatically if that year was one of your new high-35 years. They throw out your low year and replace it with the new one ...again, if it's one of your high-35. Hope that helps. Take care, Ed
Will the updated PIA one would recieve for workng past their FRA be used for a spousal benefit? Or would a spouse recieve a PIA based on the original benefit at FRA? I hope my question makes sense. Thanks for the videos!!
@@dlbeamer Yes, the updated increased PIA automatically increases all beneficiaries (spouse, kids, etc.) on the record.
What if someone only worked 20yrs? Ex: stay at home mom or trophy wife.
Sorry for delayed response. Please join one of my many live Q&A sessions if you still have questions.
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AIME and the Bend Points. Not just a long-hair band from the 80's ! Ha ha. Ciao.
...and most of the bands no longer have their hair!
@@MyGovExpert Yes Sir, Yes Sir. I'm just happy to still have a full head of hair, all 32 TeeFF, a fed pension, and a good job. I'll admit my hair has been white since I was age 50. Eh, fair enough.
@@MyGovExpert Appreciate your video, BTW. As an aside, I was a capital Mkts Specialist for the FDIC for 33 years. Specialty was d.b. pensions. Started to do my grad thesis on the viability of the SS program back in the 90's. Went with CTO's instead. But, yes.... I would be that one in ten thousand who calculated their own SS payment. As an aside, after retiring from the FDIC, I'm the CFO at a mid-sized CU. And, yes, we have a d.b. pension. Working on that second d.b. here these last 5-6 years. As to our staff ? Virtually clueless across the board as to our d.b. I'm phasing it out; headed toward a 401k with a match. At least people understand that. No hard freeze, nor even a soft freeze. Just a participation freeze. Coming soon to a theater near you !
@@ButcherBird-FW190D😮