![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
![Social Security Check [Photo: ToniSays]](https://southarkansassun.com/wp-content/uploads/2023/02/Social-Security-Check-Paperwork-750x500-1.jpg)
Common questions about the Social Security Check 2023 include how the payments are calculated and distributed. In this article, read and find out more about the retirement benefits!
![Retirement Beneficiaries [Photo: New York Retirement News]](https://s3.us-west-1.amazonaws.com/southarkansassun.com/2023/02/facebook-thumbnail-1.jpg)
Retirement Beneficiaries [Photo: New York Retirement News]
How Security Check 2023 is Calculated
The retirement benefits in the Social Security Check 2023 are calculated depending on how much the beneficiary has earned during their employment. The Social Security Administration (SSA) reportedly has three steps in calculating the benefits. First, the SSA adjusts the beneficiary’s income to the changes in wages in the history of the U.S. The agency would then take into account the 35 years where the beneficiary earned the most and come up with the average indexed monthly income.
According to Loe, the second step in calculating the payments for the Social Security Check 2023 is to apply a formula to the monthly average. This formula will determine the primary insurance (PMI) or the amount that the beneficiary will receive each month if the benefits are claimed at their full retirement age. Lastly, the SSA takes into consideration the beneficiary’s age when claiming the benefits. Benefits that are claimed before reaching the full retirement age will be lower.
READ ALSO: Social Security Update: Who Will Receive Double Payments In March?
How Security Check 2023 is Distributed
An article on the Social Security Administration website states that when a beneficiary reaches the full retirement age, they can claim 100% of the amount of their Social Security Check 2023. Any beneficiary who was born in 1960 can start claiming their full retirement benefits at the age of 67.
For beneficiaries born earlier than the year 1960, the full retirement age decreases. This means that the beneficiaries can start claiming their Social Security Check 2023 as early as the age of 62. However, the monthly benefits will be reduced if they will be collected before the full retirement age. If a beneficiary waits until the age of 70 to claim the retirement benefits, the payments will increase due to the delayed retirement benefits that were accrued.
READ ALSO: Social Security Check 2023: $2,400 Additional Benefits Reintroduced In Congress
