Social Security retirement benefits are based on how much you earned during your lifetime. First, your actual earnings are adjusted to account for changes in wage inflation since the year they were received. Next, the government will calculate your average monthly adjusted earnings during the 35 years in which you earned the most. It then applies a formula to these earnings to come up with your basic benefit. This is the amount you would get at full retirement age, which ranges from 65 to 67 depending on your date of birth. If you retire early, you’ll get less per month. If you retire later, you’ll get more.

For 2007, the maximum monthly benefit for someone retiring at full retirement age is $2,116.

Each year, the Social Security Administration sends a statement summarizing your lifetime earning and expected benefit. To request a statement, go to https://s044a90.ssa.gov/apps6z/isss/main.html.