Social Security Q&A

Q: How are my retirement benefits calculated?

A: 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.  For more information, read our publication, Your Retirement Benefit: How It’s Figured, at www.ssa.gov/pubs/EN-05-10070.pdf.

Q: Do Members of Congress have to pay into Social Security?

A: Yes. Members of Congress, the president and vice president, federal judges and most political appointees, have paid taxes into the Social Security program since January 1984. They pay into the system just like everyone else, no matter how long they have been in office.