The federal government calculates your final benefit amount based on your lifetime earnings, averaging your salary over the course of the 35 years when you made the most. Since salaries change over time, the SSA refers to the Average Wage Indexing Series — a calculation of wage inflation year-after-year — for its formula. Be forewarned: the SSA factors zeros into the equation for every year you are short of the 35-year mark.
While most Social Security calculators available will deliver an estimate of payments or tell you when you should start claiming your benefits, La Rusa’s tax and Social Security experts take it to a completely different level of consulting. Targeting self-employed individuals and business owners, we help to make intelligent decisions about future benefits while we maximize both the current tax savings and future Social Security payouts.