The formula is [some %] of [the average] of [the highest 30 years earnings].
Depending on how many years you had worked,
if you keep adding “zeros” to your 30 year average,
It may be advisable to draw it as soon as you can get it.
Your mileage may vary...
Objects in mirror are smaller than they appear...
Please do not try this at home...
What happened was that I started out very small, working as a teenager, and then ended up making quite a bit more per year, so the money I put in in my early years was peanuts and then later on my employer was paying half.
I’m actually still paying in and but I’m drawing on it at the same time. Nutso. And what they give with one hand they take away with the other, if you make over a certain amount. They give the the “social security” and then tax it (thanks, Bill Clinton). Like when you get unemployment because you lost your job and then they tax it (thanks, Ronald Reagan).