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Social Security Benefits calculator: How much will you get based on your salary?

This benefit can be claimed as soon as possible

Social Security Benefits.
Social Security Benefits.Unsplash/@sharonmccutcheon

By 2022, Social Security beneficiaries receive a 5.9% increase, considered the largest boost in benefits in 39 years.

Next year's benefit is a substantial boost over the 1.3% that retirees saw in 2021.

The maximum monthly payment will be $4,194, while the average benefit will be less than $1,657, according to various reports.

The cost-of-living adjustment increase, an average benefit of $1,657 per month, will be approximately $92 per month for most retired workers.

How do you know how much you will receive?

To help each beneficiary know what amount to expect, monthly benefits should be calculated based on several circumstances.

The simplest way to calculate your benefit is to take your current monthly payment and then multiply it by 5.9%. That amount is added to the original payment and you will see the increase reflected in your check, according to MSN.

It's important to keep in mind that only the 35 years with the highest earnings count toward your Social Security benefit. That's why it's important to work for at least 35 years, or else $0 will be factored into your benefit calculation for each year you are missing an income.

Security's annual increase, or COLA, is determined each year by the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W.

When can this benefit be claimed?

This benefit can be claimed as soon as possible, although sometimes it is best to wait until your Full Retirement Age (FRA) to receive it in full.

For those born in 1960 or later, the age is 67, while for others the age is 66. For each year you delay your claim for Social Security benefits beyond your full retirement age, benefits increase by 8%, up to age 70.

Average annual salary of $25,000

Claiming at age 62: $774 per month

Claim at FRA age 67: $ 1,099 per month

Claim at age 70: $ 1,363 per month

Average annual salary of $50,000

Claim at age 62: $ 1,130 per month

Claim at FRA age 67: $1,605 per month

Claim at age 70: $ 1,990 per month

Average annual salary of $ 75,000

Claim at age 62: $ 1,486 per month

Claim at FRA age 67: $ 2,111 per month

Claim at age 70: $ 2,618 per month

Average annual salary of $100,000

Claim at age 62: $ 1,824 per month

Claim at FRA age 67: $ 2,591 per month

Claim at age 70: $ 3,213 per month

Average annual salary of $150,000

Claim at age 62: $ 2,148 per month

Claim at FRA age 67: $ 3,050 per month

Claim at age 70: $ 3,782 per month