Do you wonder how much you might receive in Social Security?
Rather than use the generic social security retirement calculators on the web, you can get the most accurate calculation directly from Social Security. In a minute, I will show you how.
The calculations from Social Security take into account your personal earnings record and thus provide the best estimate of your benefits.
Social Security Income
Social Security benefits are based on a sliding scale depending on
- your income,
- how long you work and
- at what age you retire.
Social Security benefits automatically increase each year based on increases in the Consumer Price Index.
Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that the Social Security Retirement Calculator that we recommend assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income.
See My Social Security Benefit Statement
Once you review the above article on how to read a Social Security benefits statement you can order your own here. This benefit statement provides you a personalized calculation based on your actual earnings. No other calculator anywhere can incorporate your actual earnings history.
Want to know six ways to increase your Social Security Benefit? Get your "cheat sheet" here.
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i currently receive annuity from the government annually of $57,552 if i retire at age 64 and continue to receive my annuity, how will my estimated soc security monthly benefit of $866 monthly be affected?
Social Security payments are reduced is EARNED income is above a certain level. Earnings form annuities, dividends, interest are UNEARNED income and do not count. There is no change on your social security benefit by receiving annuity income. You of course will be less than your full retirement age (likely 66) and will not get your 100% social security benefit as you will be starting early payments.
does annual income include pension and income from retirement accounts or just income you earn from working?
It depends for what you are measuring.
"earned income" does NOT include pension or income from any investments
That means you do not pay self employment tax (i.e. social security) tax on them.
However, they are subject to federal income tax (but not necessarily state income tax as various states exempt pension and income from retirement accounts.
So your question is not quite precise to answer exactly.
If you work as a truck driver and they pay you in 1099 misc. How do you go about setting up to pay social security benefits.
each year, when you file your tax return, there is also a place on the return for self-employment tax which is the contribution to social security and medicare. Many self-employed people will pay their taxes quarterly because if you dont, you could have a penalty for waiting a full year.