Thursday, April 29, 2010

Social Security projects a person's "full lifetime average earnings level" for Social Security Statements

U.S. News and World Report has an article on “Your Social Security Statement in Bing/MSN today at this link.  The key concept is said to be a “Full Lifetime Average Earnings Level”. That term is defined as “a person's 35 years of highest earnings, indexed for wage inflation, with the assumption that they survive at least to age 65 without becoming disabled.”

Social Security has provided various illustrations to help younger workers predict benefits at various earnings levels, even if these are somewhat unpredictable in this economy.

In my case, I had a gap of 19 months if government employment in 1971-1972, when Civil Service had its own retirement (until Reagan's catch-up in the 1980s to handle the deficit then). The report taht I got before starting early retirement in 2005 showed that.

No comments: