Robert Powell

Special for USA TODAY

Q: Are Social Security benefits based on earnings from the last, as in most recent, 35 years? Or from the 35 highest earning years in an individual's total work history? — Tim Feldman, Boston

A: Plain and simple: Retirement benefits are calculated by averaging someone's highest 35 years of inflation-adjusted earnings from throughout his/her entire working life, according to Kurt Czarnowski of Czarnowski Consulting in Norfolk, Mass.

“It is not simply the last, or most recent, 35 years,” says Czarnowski. “However, for many people, their highest years of earnings are those just before retirement. As these folks have spent time in the workforce, they have received promotions, raises, longevity bonuses, COLAs and the like, so that they are making more each year approaching retirement than they were when they started their first job.”

Obviously, not everyone enjoys this optimal career path, says Czarnowski. “But for those that do, their highest 35 years are the same as their last 35 years,” he says.

The bottom line: The Social Security Administration (SSA) averages someone's highest 35 years of earnings, regardless of when they may have occurred, says Czarnowski.

The nitty gritty on this subject can be found at this SSA website, www.ssa.gov/oact/cola/Benefits.html.

Robert Powell is editor of Retirement Weekly, contributes regularly to USA TODAY, The Wall Street Journal and MarketWatch. Got questions about money? Emailrpowell@allthingsretirement.com.

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