Question

Bob just turned 66 years old and is considering retirement. His average annual salary over the last 35 years is $50,760. Assuming that he will receive 42% of his average salary, what will be his annual Social Security benefit?

Answer 1

The annual Social Security benefit is 42% of $50,760. 42% of $50,760 is $21,319.20. So Bob will receive $21,319.20  from his annual Social Security benefit. 

Answer 2

Bob will receive,

$21,319.20.

Option B. is the correct answer provided.