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Basic pension calculator!
Benefit Calculation Examples for Workers Retiring in 2025
We illustrate the calculation of retirement benefits using two examples, labeled case A and case B. In each case, the worker retires in 2025.
Case A, born in 1963, retires at age 62. Case B, born in 1959, retires at his normal (or full) retirement age.
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In each case, we assume the worker has covered earnings from 1985 through 2024, as shown at right in columns labeled "nominal earnings."
Indexing brings nominal earnings up to near-current wage levels. For each case, the table shows columns of earnings before and after indexing.
Between these columns is a column showing the indexing factors. A factor will always equal one for the year in which the person attains age 60 and all later years. The indexing factor for a prior year Y is the result of dividing the average wage index for the year in which the person attains age 60 by the average wage index for year Y.
For example, the case-A indexing factor for 1985 is the average wage for 2023 ($66,621.80) divided by the average wage for 1985 ($16,822.51).
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