How does the government compute your Social Security benefits?
A) The cost of living and your lifetime earned income are totaled, and you are provided 70 percent of that amount.
B) Your gender combined with your total income over your lifetime is used in a formula that determines monthly allowances.
C) Your allocation is based on your medical history and on your earnings combined with that of your spouse and your children at the time of your retirement.
D) Your benefits are based on your earnings over the course of your (or your spouse's) work life and other factors, such as the age when you decide to draw Social Security.

Question

Quizplus · Accepted Answer

Your benefits are based on your earnings over the course of your (or your spouse's) work life and other factors, such as the age when you decide to draw Social Security. The government uses a formula that takes into account your highest 35 years of earnings, adjusts for inflation, and applies a weighted formula to calculate your monthly benefits.

How Does the Government Compute Your Social Security Benefits