How to Calculate Social Security Benefits for Early Retirement
- 1). Estimate your payment online or work out the numbers yourself. If you have a copy of your most recent Social Security Earnings statement, you can work from it. If you don't have a statement, you can order one.
- 2). Use the online benefit calculator from the Social Security Department. A link is located in the Resources section. Read the Paperwork Reduction Act and click "I Agree" to enter the site.
- 3). Fill out the information requested on the following page. You'll need your Social Security number, state of birth, name and other names used as well as your mother's maiden name. Click and go to the next page.
- 4). Enter your last year's income and submit. You will receive an amount based on your history of earnings. If you simply want an estimate and have consistent earnings, you can use the quick calculator by clicking on the link in the Resources section.
- 5). Calculate the amount you receive with the use of your annual Social Security statement. Use the link at the bottom of the page called "Reduction of Retirement Benefits." Look at the chart to find your age in years and months. Multiply the applicable number next to your age times the full retirement benefit shown on your annual benefit statement.
If you don't have an annual statement, order one online at the link in the Resources area.
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