How To Calculate Social Security Benefits [3 Easy Steps]

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Title	:	How To Calculate Social Security Benefits [3 Easy Steps]
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Very educational in terms of the calculation method I am more interested in your example spreadsheet shown in the video Could you please consider to share the example spreadsheet? I want to use the example to build my own spreadsheet to work on my SS benefit Thanks again
Comment from : Jin Liu

Hi Devin! Thank you for the info I used the calculation provided and my FRA amount was about $300 higher than the SS estimate brI used the average of my prior year and current year salary as my annual earnings in all future years until FRAbrI did not index earnings beyond age 59brI used the current year bend points without increasing them from the 2023 bend points of $1,115 and $6,721brAny idea where I may be going wrong?brThanks!
Comment from : K G

Can I do still do my bend points after receiving benefits for several years? Just found out about bend points
Comment from : Victor E Galvan

Can I also find this portion of information in your book?
Comment from : Paul Galloway

My FRA is 66yrs 8mos To get the full benefit of waiting until 70yrs and get the 32 bonus, is it actually 70yrs 8mos?
Comment from : 1134Bigguy

Very intelligent! You broke it downl Once i get all the necessary information you shared Would SSA approved my factual work and correction? I feel like they won't even know where to start with this great information you shared
Comment from : Paul Galloway

Yours is by far the clearest and best explanation I have heard Thank you so very much I do have a question What happens to contributions after 62, do they fall under the highest 35 years calculations?
Comment from : Peter Weng

So how bad can high income people get screwed by that 15 bend point What is the max PIA that can be in that third bend that we are paying full price on I think this is important to explain for those that think the “rich” don’t pay their fair share Be good to see how much money can be in that third 15 Replacement
Comment from : Walking Dude

This was not 3 easy stepslol
Comment from : Ms Nzbody

I am 63 and plan on taking SS at FRA (67) I went to the SS website and it gives me my estimate at the 3 points Does this estimate include the COLA's between 62 and 67 or does the monthly payouts have the COLA go back to age 62 through 67 and recalculate this estimate of my SS when I go to draw SS? In otherwards, are the estimates I am seeing on the SS website updated each year on the SS website after age 62 or do I have to wait until a final calculation is done to take into account COLA's?
Comment from : meltdownman

I am 63 years old and came to us in Nov 2013 as immigrant, l have only 9 years work history, how SSA would calculate my benefit?
Comment from : waleed algazzawi

Great information Thanks!
Comment from : Hsiao-an Hsieh

Please send me the SS benefits calculation Thank you
Comment from : Ashfaq Shaikh

If I retire at 63, but delay taking my social security benefits till age 70, do I earn the delayed retirement credits? Or do you have to work to your full retirement age to qualify for the credits?
Comment from : Bre J

This was great but I could never get it to come out what I was told when I called SS
Comment from : judes121

Hello How does the COLA figure in ? Thank you for a wonderful explanation
Comment from : romek sypko

I am on SSDI for last 20 years and am turning 65 in November 2022 at which time I’m told they will switch to retirement benefits I spoke with two people from SS who told me my benefit amount should be the same as my SSDI amount I am fearful that that is not true I have 20 years of Zeros and had my own small business in the five years prior to being I’ll I am petrified as I cannot live on much less and I wish I had not become chronically I’ll, like I had a choice I should have planned better and thought about this I did not file taxes while on SSDI and MediCal I have received an inheritance also, which I am trying to figure out how I can stay on full MediCal with MSP extra help Also, I change automatically from SSDI to retirement at 65 My fra should be 66/6months Will that also lower my benefit Please help
Comment from : Ann LaSelva

I’m self employed, do i need to sign up now if i’m not retired yet?
Comment from : benjiebarker

If you are fat, take it at 62
Comment from : Walter Knox

If you are fat or smoke you should probably start collecting Federal welfare, SS, at 62
Comment from : Ed Rodgers

Is this the actual amount we are getting or estimated?
Comment from : olivia

Hello,need some advice, I stop working at 57 1/2 I’ve been working since I was 18-2 years of unemployment that comes out to 39 years I haven’t been back to work at all I’m coming to 62 years old , is your calculation or you’re thinking I should go back to work too I’m 67 or just file at 62 and do the calculations
Comment from : Ruben Sifuentes

When doing my bin points I quit paying Social Security when I was turned 50 I went to work for a place to do not pay Social Security so last time I paid was 2013 is that when I figure my been points or I’m still working but I’m not paying Social Security do I figure my Ben points up the current year I’m trying 22?
Comment from : Boosted Third Gen Racing

the SS staement has 2 earning numbers: Taxed Social Security Earnings and Taxed Medicare Earnings br - which one do u use in this calculation?? (the Taxed Medicare Earnings br??)
Comment from : JamesJer Clare

When you take your early retirement benefits at 62, there is a limit on your earnings before SSA witholds a portion of your benefitsbrIf I have RENTAL INCOME Does that count as part of that limit of income?brI can't find the informationbrCan someone who knows, please comment?
Comment from : myutube1960

It would be better to simplify the system It would also be a big help if the government would use the top 30 years, instead of 35 Low earning years can really bring your average way down
Comment from : Bill Quattlebaum

PSbrI apologize for the misspell on Yourbrname
Comment from : Blaze Fleetwood

Hi Devon, brMy eligible retirement age of 62 wasbr2016 I worked full time until November of 2021 I see that the indexing factor for Me at 60 and 61bris 10000000 Is the IF the samebrfor My age up to 67?
Comment from : Blaze Fleetwood

I'm greatful for your video and sharing your knowledge and expertise with the public
Comment from : E b

How to calculate spouse SS income ? Some wives do not work, so how are they paid? Some do work but made less than husband so how do they can pay? Is it based on the higher of the two? What if one passed away what will the window get? Can you make another clip covering spouse calculation? Thanks,
Comment from : Eddie 123

Drew as @age 67 but continued working part up until 2019 went full time again Now at 70 I want to retire but the income for the past 2 years higher than any of my previous years How do we calculate for current income?
Comment from : Jean Schultz

You made my life so much simple I’m retiring before 50, so blessed to be able to do it
Comment from : MIMINYC

Thank you Mr Carroll, this is helping me a great deal
Comment from : G Francois

Good points to get a closer estimate but what about how to calculate the new 59 COLA that just came out? Can we take our monthly estimate and add the 59 or do the calculations change in the formula you gave us? As an example, if I retired lets say in January My current monthly would be approximately $1856 per estimator calculator Because this is calculated prior to January 1, would it be assumed that I could add 59 and see $1965?
Comment from : Roy Exploring The Philippines

I went to your web site to download your Blueprint book but on the site there isn’t a way to download it
Comment from : Dan Cook

How does this calculated amount compare to the estimate the SSA mails to us (assuming they have our work history correct)?
Comment from : Generic

Very well explained, thank you MrDevin Carrolli'm seeing you from chicago
Comment from : Mario Fiallos

Start paying my sss contribution at age 58 and that is year 2015 I will complete my 40 quarters on the last quarter of 2024 and my age by that time will be 67 My anual taxable income is aproximately $32,000 per year for this last 10 years( or for the whole 40 quaters) Please give me an estimate if how much pention I could be receiving if I deside to retire right after I complete my 40 quaters contribution Thank you
Comment from : ramon risos

Can you dispute if SSA calculations is inaccurate
Comment from : David settle

This is fantastic! Running these calculations, I show my payout is more than the current max allowed payment for FRA using 2 inflation Can I assume 2 inflation on the current 3,113 max payout and therefore by 2037, the max payout would be 4,358?
Comment from : Jo Bowman

I will be 62 in 2023, I ran the index factors today 5/29/21 Will these factors change next year or definitely what mine will be?
Comment from : Wilma

Very helpful Thank you
Comment from : Retire Certain

Sorry if this has already been asked—I didn’t read all 134 comments—I have figured my PIA I am retiring at 59 and will not take Social Security until 67 Will my PIA increase due to COLA’s for the next 8 years even though I’m not receiving the benefit or will I still get what I estimated originally? Thanks for the terrific work you do
Comment from : Frank Of VA

This video was very helpful this guy awesome
Comment from : C C

I was quoted the amount I would receive at full retirement age several years before I was full retirement age I have been working full time and still do , so I don’t understand how the SS Admin Is correct as my income has increased yearly?
Comment from : Bonnie Fleener

My dear l pray yo meet you one day when l will be due for my Retairment, well God Bless you for your good job well done Thank you very much
Comment from : mami mani Ngoueko Madeleine

What about people on ssdi
Comment from : other

@Devin Carroll, this is great information I used all the artifacts you mentioned in this video, including download of your spreadsheet After applying a 4 inflation rate in your bend point calculator, I got a way better number for my social security monthly payment amount that the estimated amount on my social security annual statement I will be 62 in 2022, so I think the calculations should be correct Would like to know your thoughts if possible before I become over optimistic 🙏🏼☮️
Comment from : mrmtest1

Hi, sorry if this was covered If I am planning to file at 625 months and my full retirement is 666 (1957), would I pay the additional 5 penalty for the entire year because I’m not within three years of retirement?
Comment from : Mike Morin

Totally different (now)!!!!!!!!!
Comment from : Charlene Ferguson

Blue printer
Comment from : Elvarez Bryant

I can never calculate my benefits they are not enough
Comment from : Tupac Shakur

He we go math,math,math ,that nobody UNDERSTAND,S!@!!@@@@@@
Comment from : skid mark

where are the credits earned so far? Or, where can I see how many credits I have? I can't seem to find that information at the Social Security website Does anyone know?
Comment from : Suzanna Dorantes

Is social security taken out of a retirement pension if you have one?
Comment from : Tim Knake

CAUTION: You cannot access your "MyAccount", on the SSAGOV website, outside of regular business hours
Comment from : Grampa EJ W5EJM

None of this seems easy to me
Comment from : Jef Leopard

Let me save you 13 minutes: 1 Open an online account @ssgov 2 Go to "benefit estimates" 3 Go have a beer and wait until you are 70 to collect No bend points, no indexing, no sweat I love you Mr Carroll
Comment from : Unca Reid

How often does Social Security underpay your retirement income assuming the earning record is correct to your knowledge? And if it does, how do you get back the amount that they underpay you?
Comment from : Kate L

Thanks for the informative video FYI, the SS account link isn't working I found this one which you might want to update in your links:br wwwssagov/myaccount/
Comment from : Steve Bishop

If you continue to work past FRA, does your income still factor in as one of the brhighest 35 years
Comment from : Thomas Damico

Ummm typo in the social security website link?
Comment from : Bethany Kerr

😳
Comment from : Kathy Stewart

I started receiving my disability when i was 57, Now I'm 63 Can i apply for my SS?
Comment from : JOSEPH TORCHIA

Mr Devin, if my wife passed away in 2014 at 56 years old what are the following ?brbr1 Would the bend points be for the year of death 2014 or the year she would have been at year she would of reached 62 2020? brbr2 Would the wages indexing factors be for the year of death 2014 or year she would have reached 62 which would be 2020?brbrThanks!
Comment from : Forged Not Cast

Great video Devin Thanks for the easy, concise instructions Following your instructions, I was able to build a spreadsheet and process 47 years of earnings very quickly YOU ROCK SIR!
Comment from : Pat Kilgore

If I work a total of 35 years but there were years in between that I didn't work do those years not work count against me? Also if I stop working at 61 and don't collec social securityt till 64 will those 3 years not working count against the formula to determine highest paid years?
Comment from : Liz Coleman

It is either those calculations are wrong or the IRS is making an error I was born in October 1959, so my FRA is 66 and 10 months , yet on my last SSA statement it says that my PIA at my FRA is: 2328 (which is also wrong according to my earnings record and the indexing of the SSA website - supposed to be 2397), but anyway, at age 62 the estimate is 1659 (which is 7126 of my PIA) and at age 70 it is 2918 (which is 2534 higher than the PIA) It all seem to be skewed It should simple to calculate because I have stopped working in 2012, and I have all zeros on the record since, and will have the same no earnings until I decide to apply for benefits (as the IRS assumes correctly) The numbers in the video do not concur (perhaps because it is 2019 and not 2020 ?)
Comment from : Jack Shutzman

So, if I turn 66 on June 17- I should wait & apply on June 18th to increase my payment?
Comment from : Debbie Gaines

Hi Devin I was the SSA Site looking at Publication No 05-10070 They have not updated it for 2020 yet Is this due to Covid or does it come out later in the year? Thanks!
Comment from : jpgzyl

If I understand correctly social security takes the highest 35 years of earnings If you retire at 62 and have at least 35 years of earnings but don't take SS until FRA the will base your benefits on the 35 years you worked
Comment from : larriveeman

If you do this calculation at age 62 and have no more earnings between age 62 and full retirement age, does that change your PIA amount at full retirement age or is it pretty much set at your SS earnings up to age 62 (other than COI adjustments)? More specifically, I'll likely have social security earnings in the four years following age 62 that will be higher than some of the years used in the calculation at age 62 and would make the average higher if the PIA was calculated at age 65 Is that not how it works?
Comment from : Larry Gentry

What if I had to stop working because I ended up Getting cancer And now am unable to work due to also getting vertigo and have broken many Bones because of my falls?
Comment from : E G

Does Capitol gains from a property sell count as SS income
Comment from : Calvin Mcintyre

This is the best YouTube video I have ever seen I am turning Full Retirement Age in 3 weeks so I needed to know what my Social Security benefits will be Thanks a million Boogie in Florida
Comment from : Tony B online

Great video, saved me another 5 hours of 'head-scratching' while reading the SSAgov sitesmany thanks!
Comment from : jimd304

So to summarize a 13 minute video: Just take an average of your top 35 years salary and multiply by about about 30 for full retirement age The 30 factor varies from year to year depending on historic inflation
Comment from : David M

I’m ready for my retirement planning final tomorrow!!! Thanks,!
Comment from : Lesolution Zeins

Devin I went out on disability in 2008 I’ll soon be 66 will my retirement go up at 67 thank you 👍
Comment from : Ramrod fishing Outdoors

Great information Devin Thanks for posting About to hit 63 and I'm examining my optionsbrLiked and subscribed
Comment from : Pat Kilgore

I ran the calculation assuming I'll retire at 67 (current plan)brMy number was about 12 higher than that which i just pulled off SSA site, and our assumptions were nearly exact for future earningsbrA question someone posted here some time ago might explain itbrDo earnings beyond 62 count when finding AIME?
Comment from : pault726

Just bought your book off Amazon thanks
Comment from : Rv T

Super informative video Do I turn 60 one day after my birthdate of 11/04/1959? Are the income of social security taxable Thank you 🙏
Comment from : Hassan Bazzi

Hey Devin, I calculated my PIA they way you described and my calculation is $500 per month higher than what SSgov shows Any ideas why? I have double and triple checked my income/ index factors and bend points Thanks Scott
Comment from : wsgriffi

Is there such a thing as maximum monthly benefits from the SSA , no matter what your earnings were?
Comment from : Douglas wheatley

Hello Devin, Thank You for your very interesting Youtube site If you don't mind, I would like to ask you a very important question I have worked in both Italy and Canada for a total of 20 yearsten years in each of those two countriesWill those 20 years be added to my US Social Security Credits? For exampleby the time I will retirein 2025I will have 30 years working credits with the USwill Social Security add the other 20 years worked abroad to achieve a total of 50 years Social Security Credits? I would appreciate an answerTHANK YOU
Comment from : C C

Dovearnings after 62 matter?
Comment from : Scott Stewart

Thank you so much for this presentation It was just the information I was looking for Fortunately, this was perfect for me because I will be 62 this year, so I didn’t have to calculate the bend points, since your example had them When I plug in the numbers to sum the highest 35 years, my total indexed earnings were $9,48475 (more than the example used) Using the bend point to determine my monthly eligibility, my maximum I could draw is $2,34492 brbrThat is a huge discrepancy from what my estimated earning statement says According to the estimated benefit, it states that I would draw $1,736 a month at FRA That’s a big difference How should I proceed in finding more accurate information? brbrThank you for providing this information You are a great presenter!
Comment from : Sheila Hand

Sorry, I want to apologize Devin, for calling you David
Comment from : Alan Grossheim

David I'm 63, pretty healthy and working I'd like to keep working when I retire How much can I earn, and draw SSI at age 67, or should I wait till age 70 if I am able? My current job pays well I am living on almost 2,500 a month Love your videos!
Comment from : Alan Grossheim

Great stuff! I put together a spreadsheet based on the information you provided I found that it gave me an estimate much higher than what my SS statement shows Do you have a sample sheet we could download to compare? Not sure what the differences are Thanks
Comment from : Coach C