How much does it cost to pay 20 years of social security retirement in January?

How much does it cost to retire in January after 20 years of social security? The specific amount needs to be calculated according to the local social security policy and the individual contribution base.

1, the calculation method of pension usually includes basic pension and personal account pension; 2. The basic pension is calculated according to the local average monthly salary of employees in the previous year and the average monthly salary of individuals, and then multiplied by the payment period and fixed proportion; 3. Personal account pension is the average distribution of the amount stored in personal account according to the prescribed calculation months; 4. The specific pension amount needs to be determined by combining the individual's payment base, payment period and local social security policy.

Calculation method of social security:

1, personal account pension: calculated according to the accumulated payment amount of personal account and the expected number of months of collection;

2. Basic pension: usually determined according to the local pension payment standard and payment period;

3. Transitional pension: In order to balance the pension level in some areas, a transitional pension may be established;

4. Supplementary pension for enterprises: If the unit where an individual works has a supplementary pension plan, it will also affect the total pension after retirement.

To sum up, the specific amount of pension after paying social security for 20 years depends on many factors, including individual payment base, payment period and local social security policy. The calculation and distribution of pension involves two parts: basic pension and personal account pension. The former is related to the average salary of local employees and individual contributions, while the latter is allocated according to the amount of savings in individual accounts according to the specified number of months, so everyone's pension situation is unique.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 16

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.