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2. How Social Security benefits are calculated - AOL

   www.aol.com/finance/social-security-benefits...

   The formula for calculating your PIA is based on the average indexed monthly earnings, or AIME, in your 35 highest-earning years after age 21, up to the Social Security wage base. In 2024, the ...

3. Congressional pension - Wikipedia

   en.wikipedia.org/wiki/Congressional_pension

   Congressional pension is a pension made available to members of the United States Congress. As of 2019, members who participated in the congressional pension system are vested after five years of service. A pension is available to members 62 years of age with 5 years of service; 50 years or older with 20 years of service; or 25 years of service ...

4. Defined benefit pension plan - Wikipedia

   en.wikipedia.org/wiki/Defined_benefit_pension_plan

   Personal finance. Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

5. Retirement plans in the United States - Wikipedia

   en.wikipedia.org/wiki/Retirement_plans_in_the...

   Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.

6. The rule of 25 for retirement: What it means and how to ... - AOL

   www.aol.com/finance/rule-25-retirement-means...

   Subtract that from your annual retirement expenses (40,000 – 20,0000 = $20,000). Finally, apply the rule of 25. So, if you expect to spend $40,000 in retirement each year and receive $20,000 in ...

7. How is the maximum Social Security benefit calculated? - AOL

   www.aol.com/finance/most-social-security-2024-4...

   Social Security's formula bases benefit amounts primarily on two factors: average earnings — up to a certain amount — over a worker's 35 highest-income years and the age they claim benefits.