Social Security bases your retirement and disability benefits on the amount of income on which you've paid Social Security taxes—called covered earnings.. Your average covered earnings over a period of years is known as your average indexed monthly earnings (AIME).
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The earnings ceiling this year is $118,500. And that number has nearly doubled in the past 20 years from $60,000 in 1995. Social Security bases your benefits on your highest 35 years of earnings after adjusting each year’s earnings to reflect wage inflation.
http://time.com/money/3920675/social-security-maximum/
For example, in 2016, 90% of the first $856 of your AIME was added to your PIA, plus 32% of your AIME from $856 to $5,157, plus 15% of your AIME over $5,157. The amounts are added up to come up with your PIA. To see your entire covered earnings history, you can check your annual Social Security Statement.
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The amount of money you will receive from Social Security on a monthly basis is unique for every individual. This is due to the fact that the Social Security Administration (SSA) uses a complex weighted formula in order to calculate benefits for each person, up to the maximum benefit of $2,639 in 2016.
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If you are eligible for Social Security Disability Insurance (SSDI, or sometimes just SSD) benefits, the amount you receive each month will be based on your average lifetime earnings before your disability began. It is not based on how severe your disability is or how much income you have. Most SSDI recipients receive between $700 and $1,700 per month (the average for 2016 is $1,166). However, if you are receiving disability payments from other sources, as discussed below, your payment may be reduced.
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This Is the Maximum Benefit You Can Get from Social Security. If you're fortunate enough to earn a hefty salary throughout your career, a Social Security jackpot awaits. If Social Security had a lottery jackpot, it would go to the small number of persons who collect the absolutely highest retirement benefits allowed under agency rules.
http://time.com/money/3920675/social-security-maximum/
Today, the Social Security minimum benefit is called the “Special Minimum primary insurance. amount” or “Special Minimum PIA.” Unlike the minimum benefit created in 1939, the Special. Minimum PIA benefit amount is linked to the number of years a worker has spent in Social. Security-covered employment.
http://greenbook.waysandmeans.house.gov/sites/greenbook.waysandmeans.house.gov/files/2012/documents/R41518_gb.pdf
Minimum PIA.” The monthly Special Minimum PIA benefit amount is determined by. multiplying a worker’s years of work in Social Security-covered employment, in excess of 10. years and not more than 30 years, by a legislatively specified dollar amount.
http://greenbook.waysandmeans.house.gov/sites/greenbook.waysandmeans.house.gov/files/2012/documents/R41518_gb.pdf
The size of that benefit check will also depend on wage inflation. This year’s top monthly benefit at 66, or full retirement age (which is the benchmark the agency uses), is $2,663 ($31,956 a year). By contrast, the average Social Security payout is a more modest $1,287 ($15,444 a year). If you wait until age 70 to claim, delayed retirement credits will boost your payment to $3,515 in today’s dollars ($42,182 a year).
http://time.com/money/3920675/social-security-maximum/
The 2012 threshold for establishing a year of coverage for the Special Minimum PIA is $12,285. in wage or salary earnings in Social Security-covered employment, including in self-employment. From 2009 to 2011, the threshold was $11,8803 and in 2008 the threshold was $11,385.
http://greenbook.waysandmeans.house.gov/sites/greenbook.waysandmeans.house.gov/files/2012/documents/R41518_gb.pdf
minimum social security amount
The minimum social security amount was $2,639 in 2016. The minimum Social Security amount was $2,639 in 2016.