How To Calculate Social Security Benefits [3 Easy Steps]

In this video I want to show you how to easily calculate your Social Security benefit without a fancy calculator, software or help from someone who doesn’t really care if your information they give you is correct or not (like you may get at the Social Security Administration). When we finish, you’ll know how to do this calculation on your own in just a few simple steps.

So why would you need to know how to do this calculation on your own? It’s important for a few reasons. First, it never hurts to understand the mechanics behind an income stream that’ll probably be a large part of your overall retirement income. Second, the SSA makes projections about your future income as part of your benefits estimate. On the benefits statement they say plainly, “we assume your earnings will continue at the same level until your retirement age and if they are different, your benefit will not match the estimate” AND “we can’t provide your actual benefit amount until you apply for benefits.” This all means that if your earnings are different than their projections, your benefit will not match the estimate. So, understanding how to do this calculation is especially important if you plan to retire early or later than “normal” or if you have a significant earnings change in the last few years of working.

To do this calculation, there are only three steps and each has some sub-steps as well. First, you’ll need to find your Average Indexed Monthly Earnings, or AIME. Then you apply that AIME to the benefit formula and then adjust for filing age.

Don’t worry…I’ll walk you carefully through each step so it’ll be clear. Don’t hesitate to hit pause while you’re compiling some of the information or completing a calculation.

❗Resources Mentioned in This Video:

➡️Online SSA Account https://socialsecurty.gov/myaccount

➡️Indexing Factors https://www.ssa.gov/oact/cola/awifact... https://www.ssa.gov/oact/cola/awifact...

➡️Current & Historical Bend Points https://www.ssa.gov/oact/cola/bendpoi...

➡️Blueprint https://socialsecurityintelligence.co...


🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥

📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you. https://www.devincarroll.com/roadmap

🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll. https://www.bigpictureretirement.com/

➡️ Want to hire Devin and his team? -- https://www.carrolladvisory.com

Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement

Access the workshop today at this link
https://www.devincarroll.com/SSessent...

➡️ Get a copy of my best-selling book, Social Security Basics, here -- https://amzn.to/2twsABZ

➡️ Social Security Questions? Join my FREE Facebook Group!   / 428684237572614  

📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

⭐⚠️⭐Please read this⭐⚠️⭐

⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
-----------------------------------------------------------------------------------------------------