How to Determine Your Social Security Benefit

Social Security payment estimate information is no longer easily attainable. Although, there are some ways to figure how much you will receive once you retire. Below are some ways to help you determine your social security benefit amount.

First, look at the average Social Security payment, which is $1,180.08 per month. The highest amount one can receive is $2,366. Next, get to know the formula that determines your benefit amount. The formula is based on your 35 highest-earning years adjusted for inflation. You must also look at your retirement date, because you will only receive your full benefit amount if you wait until your full retirement age. To determine your Social Security benefit amount, also account for your spouse if you are married. You can either base your benefits on your own work record or up to 50 percent of the higher earner’s benefit, depending on which is higher. Lastly, you will need to subtract Medicare premiums.

To read more about determining you social security benefit amount, visit MSN Money.