What factors affect Social Security benefits?
An example of an AI chatbot conversation about factors influencing Social Security benefits.
What factors affect my Social Security benefits?
Several factors can affect your Social Security benefits, including your earnings history, the age you start claiming benefits, and your marital status.
How does my earnings history impact my benefits?
Your earnings history determines your Average Indexed Monthly Earnings (AIME), which is used to calculate your benefit amount. Higher lifetime earnings generally lead to higher benefits.
What happens if I claim benefits early?
If you claim benefits before your full retirement age, your monthly benefit amount will be reduced. The reduction is permanent.
Are there any benefits for spouses?
Yes, spouses can receive benefits based on their partner's work record, which can be up to 50% of the primary earner's benefit.
Can my benefits be affected by working while receiving them?
Yes, if you work while receiving Social Security benefits before your full retirement age, your benefits may be reduced based on your earnings.
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