Question: How are my retirement benefits calculated?
Answer: Your Social Security benefits are based on earnings averaged over your lifetime. Your actual earnings are first adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then we calculate your average monthly indexed earnings during the 35 years–in which you earned the most. We apply a formula to these earnings and arrive at your basic benefit. This is the amount you would receive at your full retirement age. You may be able to estimate your benefit by using our Retirement Estimator, which offers estimates based on your Social Security earnings. You can find the Retirement Estimator at www.ssa.gov/estimator
Question: Is it true I can save about $5,000 per year if I qualify for Social Security’s Extra Help with the Medicare prescription drug program?
Answer: Yes. If your resources and income meet the requirements, you can save nearly $4,900 in prescription costs each year. Resource limits for 2022 are $15,510 (or $30,950 if you are married and living with your spouse). Income limits are $20,385 (or $27,465 if you are married and living with your spouse). If your income or resources are just a bit higher, you might be eligible for some help with prescription drug costs. To learn more, visit www.ssa.gov/prescriptionhelp.
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