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Although you need at least 10 years of work (40 credits) to qualify for Social Security retirement benefits, we base the amount of your benefit on your highest 35 years of earnings.

Social Security replaces a percentage of a worker's pre-retirement income based on your lifetime earnings. The amount of your average wages that Social Security retirement benefits replaces depends on your earnings and when you choose to start benefits.

Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent. The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount.

If you have a personal my Social Security account, you can get an estimate of your future retirement benefits and see the effects of different retirement age scenarios. If you don't have a personal my Social Security account, create one at .ssa.gov/myaccount.

0:23 2:49 How Social Security benefits are calculated on a $35000 salary YouTube Start of suggested clip End of suggested clip Simply put it's your monthly pay for the last 35 years there's still some math to get through yourMoreSimply put it's your monthly pay for the last 35 years there's still some math to get through your benefits are determined by been points in an equation. Almost like a tax bracket.

You can request one online by using your my Social Security account, which will allow you to immediately view, print, and save a copy of the letter. You can call us to request one at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 8:00 a.m. to 7:00 p.m.

Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.