In Part 5, from our Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the meat of Social Security, Retirement Benefits …. that Social Security Provides. Part 1 Here , Part 2 Here , Part 3 Here, Part 4 Here, and Direct Audio Here on our site for your viewing/listening pleasures:
How Social Security Retirement Benefit(s) are Earned
Dispelling the myths…. (Was that too dramatic?) … Enjoy
- After 40 Years of Teaching/Working as an Expert in Social Security Benefits … “Everything/Common knowledge I hear about how benefits are calculated is Wrong” … Says Clark
- Retirement Benefit are based on your highest 35 years earnings – NOT YOUR LAST 3, 4 OR 5 – Break In – Cannot count the times we have read or heard that incorrect statement
- Wage inflation adjustments are used to calculate your beginning benefit- not CPI (Consumer Price Index) which is used for the annual increase in monthly Social Security Benefits once commenced
- Wage Inflation is much greater than CPI or we would not have had an increase in standard of living over the years
- Starting monthly benefits being counted from the higher Wage Inflation calculations versus CPI means current/future Social Security Retirement beneficiaries will receive more than prior, older beneficiaries – Possibly an accidental inflated benefits mistake paying too much in the future, according to Clark
- Earnings are Wage adjusted until age 60 – All post 60 earnings are included at regular value
- Taking the highest 35 years, Wage inflated prior to 60 and actual benefit after 60 while still working will create your monthly Retirement Benefit
Wave file format:
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Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page
Have a Great “Clarifying Social Security Retirement Benefit Calculations” Day!
John A. Kvale CFA, CFP
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