Bob just turned 66 years old and is considering retirement. His average annual salary over the last 35 years is $50,760. Assuming that he will receive 42% of his average salary, what will be his annual Social Security benefit?
The annual Social Security benefit is 42% of $50,760. 42% of $50,760 is $21,319.20. So Bob will receive $21,319.20 from his annual Social Security benefit.
