How to calculate retirement pay for social security

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Social security retirement salary = basic pension + personal account pension

1, basic pension = (previous year's average monthly salary of on-the-job workers + average personal indexed monthly contribution salary) ÷ 2 × years of contribution × 1%

1, the average personal indexed monthly contribution salary = the previous year's average monthly salary of on-the-job workers × the average personal contribution index

2 The average personal contribution index is the average value of the ratio of the actual personal contribution base to the average social wage over the years: the lowest is 0.6 and the highest is 3.

2. Personal account pension = personal account reserve ÷ number of months of payment

1. Number of months of payment ≈ (average life expectancy of the population - age of retirement) * 12, and the number of months of payment at the present time at the age of 50 years is 195 months and at the age of 55 years is 17 months. 195 months at age 50, 170 months at age 55, and 139 months at age 60.

Due to objective reasons, the calculation standard may be different in cities across the country.