The United States Social Security Administration makes calculating how much money you will receive from your pension quite simple.
The years worked and the wages earned during that time as a worker make up the basic basis.
By doing this, you will be able to use the Social Security pension calculator to determine the amount received.
The only decision left to make is whether we want to begin receiving the pension at age 62, 67, or 70
You will receive around 70% of the money you contributed as a worker if you file for Social Security retirement at age 62.
On the other hand, you receive 100% if you file for a pension at age 67. Naturally, everything is normal thus far.
But when you work until you're 70 years old, things really change. You receive a bonus for each year you worked between 67 and 70 that is added to your pension.
Your pension from this bonus might be up to $4,194. You cannot be paid more than this because it is the maximum.