No, they reveal it. There are no secrets. It is just too complicated to explain in a one-page brochure.
It is explained here: https://www.ssa.gov/oact/cola/Benefits.html
And here are some examples showing the math: https://www.ssa.gov/oact/ProgData/retirebenefit1.html
Step 1: First they look at your lifetime earnings record and add up your highest 35 years. If you have less than 35 years of earnings, they add up however many years you have. Every year's earnings total is inflation adjusted to the median income for that year so that your earnings in 1980 are equal in weight to your earnings in 2020. Note, if you have years in which you earned more than the maximum they only count earnings up to the maximum.
Step 2: Divide the your total earnings in your 35 best years by 420* (the number of months in 35 years). This will give you a number between zero and $13,350. $13,350 is the earnings cap in 2023, anything above that doesn't count towards your social security benefit. This is your average indexed monthly earnings (AIME).
*Note. Technically they don't add zeros for years up to 35, but by diving by 420 the effect is the same as if they had.
Step 3: Calculation of your Primary Insurance Amount (PIA) which is done as follows with two bend-points (using 2023 numbers, they change every year)
Your PIA is calculated as:
- 90% of the first $1,115 of AIME, plus
- 32% of AIME between $1,115 and $6,721, plus
- 15% of AIME over $6,721 (up to $13,350)
$1,115 X 90% = $1003.50
$3,052 X 32% = $964.65 ($4,167 - $1,115 = $3052)
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TOTAL: $1,980.14 monthly social security payment.
However this is only the amount if this person retires at the full retirement age of 67. It is reduced by a percentage (I think about 8%) for every year they retire early down to the earliest date of age 62 or increased for every year they delay retirement up to age 70.
Note. The bend points increase by inflation every year so these calculations are only for someone retiring in 2023. For someone contemplating retirement in 2023 they should look at their bend points. If their AIME is lower than the first bend point of $1,115 in 2023 it is to their benefit to keep working since they get 90% credit for any additional dollars earned up to the first bend point. If their AIME is between the first and second bend points they get 32% credit for any additional earnings. And if they are already above the second bend point then they don't get much credit (15%) if they keep working. And if their AIME is already at the cap of $13,350 no additional amount of work will raise their benefit. They are already at the maximum.
There are all kinds of online social security calculators, some free, some paid, where you can input all your earnings history and look at an infinite number of scenarios to figure out how to maximize your benefit by adjusting your retirement date and adding additional amounts of projected future earnings until retirement. And there are additional complexities if you are married since your spouse can claim their own benefit or 1/2 of yours and there are additional complexities if you and your spouse are different ages.