How Social Security Calculates Your Benefits 2024

How Social Security Calculates Your Benefits 2024

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Social Security benefits are calculated based on your 35 highest-earning years and income limits. In this video, we break down the Social Security 35-year rule, explain how your work history affects your benefit amount, and discuss the importance of accurate Social Security records. Learn the key factors that impact your Social Security payments, including the 2024 income cap of $168,000, and tips on how to maximize your benefits. Make sure you’re getting the most out of your Social Security by understanding how the system calculates your retirement income.

00:00 - Introduction: Overview of Social Security Benefits
00:02 - How Social Security Calculates Your Benefits
00:12 - Eligibility: 10 Years or 40 Quarters Requirement
00:37 - Exclusions: Disability and Survivor Benefits
00:43 - Using Your 35 Highest-Earning Years
01:10 - How the 420-Month Calculation Works
01:21 - Why It's Important to Verify Your Earnings with SSA.gov
01:47 - Income Limits and the 2024 Cap
02:19 - What Happens if You Work Less Than 35 Years
02:56 - Understanding the Social Security Income Cap for 2024
03:10 - Final Tips: Maximizing Your Social Security Benefits