Is the $3790 amount based upon this formula:
AIME Formula:
Adding all 35 years of indexed earnings together, dividing by 35 to find your annual average, and dividing this result by 12 to determine your lifetime monthly average (420 months in 35 years). So, for example, if someone made $70,000 each year for 35 years, it would be $2,450,000 / 420 = $5833.33.
-- 90% of the first $895 in AIME
$895 x 90% is $805.50
-- 32% of the amount of AIME greater than $895, up to $5,397
(using AIME example above -- greater than $895 up to $5397 = $4502.00
$4502.00 x 32% is: $1,440.64 approx
-- 15% of the amount of AIME greater than $5,397
(using AIME example above -- greater than $5397 = $436.33
$436.33 x 15% is $65.45
so, SS monthly benefit would be: 805.50 + 1440.64 + 65.45 = $2311.59
if someone began their benefits in 2020 at age 70, correct?
Because if the AIME and percentages, no one ever gets more than $3790/mo (currently), right?
What else is there to consider?