social security payments calculator

You can get your earnings history from the Social Security Administration (SSA). How to Calculate the Social Security Break-Even Age . For example, the AARP calculator estimates that a person born on Jan. 1, 1959, who has averaged a $50,000 annual income would get a monthly benefit of $1,264 if they file for Social Security at 62, $1,785 at full retirement age (in this case, 66 years and 10 months), or $2,237 at 70. Those who are disabled, dead, or are members of a religious group opposed to receiving Social Security benefits during retirement. For every $2 earned above an annual limit, $1 is deducted from retirement benefits. If a person has forms of income other than SS in retirement, such as a 401(k), self-employment income, investment income from interest, dividends, or capital gains, annuity income, rental property, or an IRA, then it is likely that SS benefits will be taxed because these additional sources of retirement income will result in an annual income over the limits set by the SSA for tax free benefits. Below is a breakdown of how FICA taxes are typically spent. That’s the foundation the Social Security Administration uses to calculate your benefits, using a three-step process. Our simplified estimate is based on two main data points: your age and average earnings. The first taxes were collected starting in January 1937, which enabled monetary assistance to qualified Americans with inadequate or no income. In 2018, each credit is earned by earning $1,320 in taxable income, meaning that earning $5,280 is sufficient to acquire all four credits for the year. Our tool also helps you see what percentage of daily expenses your payments can cover, and how you can increase your benefits by waiting to collect. All the information presented is for educational and resource purposes only. Frequently Asked Questions. Right now, the average for an individual is $1,277, and the maximum is $3,148. Combined income is measured as the sum of adjusted gross income, nontaxable interest, and half of SS benefits. Online Benefits Calculator SSI is a separate program for people with little or no income or assets who are 65 or older, as well as for those of any age, including children, who are blind or who have disabilities. A social security calculator that makes understanding social security benefits simple. For example, if you were born in 1960, your full retirement age is 67. In the U.S., Social Security was designed to replace approximately 40% of a person's working income. Consider a retiree who was born in 1950 and averaged $50,000 a year in salary. This calculator is specifically intended for U.S. Social Security purposes. If you don't want to create a my Social Security account or enter your … A compassionate allowance is an exception that expedites SSDI for people with severe medical conditions that will certainly be judged to meet the SSA's definition of disability. Workers who are at least age 62 and who have worked at least 10 combined years at jobs for which they paid Social Security taxes are eligible for Social Security retirement benefits. Spousal benefits are available to current or widowed spouses aged 62 or older. In most states, disabled workers who receive benefits from SSI are also automatically eligible for Medicaid. That calculation is based on the average monthly income from the 35 best-paid years of your working life (as indexed for historical U.S. wage trends, a process akin to adjusting for inflation). A person can receive retirement benefits before their FRA as early as age 62. This limit is subject to annual change in order to stay up-to-date with inflation. With my Social Security, you can verify your earnings, get your Social Security Statement, and much more – all from the comfort of your home or office. The calculator does not calculate survivor benefits for widows or widowers. SS does not contribute to the national debt because by law it cannot borrow money. You are leaving AARP.org and going to the website of our trusted provider. In addition, in 1956, disability benefits were added. The maximum monthly SSI payment for 2020 is $783 for a single person and $1,175 for a couple. Eligible for a Pension Based on Work Not Covered By Social Security. Your SSDI benefits last only as long as you suffer from a significant medical impairment while not earning significant other income. Increasingly, however, employers have been moving away from their employer-sponsored pension plans in favor of tax-deferred retirement savings accounts, such as 401(k) plans. The term can be better understood by thinking of it as the "financial security of society." Once you confirm that subscription, you will regularly But some states add to that payment, and you may receive less than the maximum if you or your family has other income. The new tool offers retirees, as well as employees and self-employed individuals, a more user-friendly way to check their withholding. Others should use the calculator as if they were single. Because the SS tax is regressive, in retirement, lower income earners will have a higher portion of their SS retirement benefits paid out in relation to their lifetime earnings than higher income earners. You must be a U.S. citizen or lawful alien to collect benefits. The Social Security Administration has an online calculator that can show you what percentage of your spouse's benefits you will be eligible for … The break-even calculator also does not factor in additional retirement income such as pensions or 401(k) plans. You must include the taxable part of a lump-sum payment of benefits received in the current year (reported to you on Form SSA-1099, Social Security Benefit Statement) in your current year's income, even if the payment includes benefits for an earlier year. Please return to AARP.org to learn more about other benefits. You will be asked to register or log in. It is also possible for a widow or widower to switch benefits in retirement. The amount of tax a person has to pay is capped above a certain income level; in 2018, the cap is $128,400. These sources of revenue are pooled together and are distributed to people who qualify for benefits. Under the SSA's rules, a person is disabled only if they meet all of the following conditions: Benefits usually continue until beneficiaries are able to work again. We hope this post on SSI Benefits Calculator was helpful. AARP, Updated June 2020 In the next 24 hours, you will receive an email to confirm your subscription to receive emails In the meantime, please feel free Find out more. It is possible for a non-working spouse to be eligible for a spousal benefit based on their working spouse's benefit. This applies to state and local government workers who can choose to contribute to a different type of retirement plan. Primarily through a payroll tax. start collecting at age 62, the minimum retirement age, Workers who are at least age 62 and who have worked at least 10 combined years at jobs for which they paid Social Security taxes, based on a spouse’s or ex-spouse’s earnings history. Federal income tax rate on SS benefits is capped at 85% of the value of their benefits. SS is not intended to be a sole source of retirement income, and as such, it is advisable to have other forms of income in retirement. The U.S. Social Security website provides estimated benefit payment amounts of different claim ages. It is possible to receive SS income while living outside of the U.S., given that a person is eligible for benefits. Today, SS in the U.S. plays a very important role in keeping a lot of older Americans out of poverty. Although they may not go by the same name, there are many similar government systems in place throughout the world. You can find your full retirement age by choosing your birth year in the calculator below, or by using our retirement age chart. The Social Security Administration (SSA), which is the federal organization in charge of SS, levies a 12.4% tax on earnings, which is usually split in half between employee and employer (self-employed taxpayers will pay the full amount in the form of a self-employment tax). The term "Social Security" is used in the U.S. to refer to the system that provides monetary assistance to people with inadequate or no income. COLA's calculation is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from the third quarter of the last year a COLA was determined, to the third quarter of the current year. Keep in mind that SSDI benefits still require work credits; the amount required depends on the age at which the applicant becomes disabled, with younger workers requiring fewer credits. In 2017, SS paid $1,360 per month on average to retired workers, or $16,320 per year. Click here to see the full table. Our Retirement Savings Calculator begins by asking you questions about your current income/savings, pension (if you have one), key assumptions and your Social Security benefits. On average, SS pays lower wage earners higher relative benefits than higher wage earners. Also, while SSDI benefits are funded using FICA taxes, SSI is funded through general taxes. SSI does not require work credits, as it is based on whether or not a person meets general income restrictions (one of which is $2,000 or less in cash or combined bank accounts). Each year, a worker earns credits to become eligible for benefits after retirement. When to Apply for Social Security Retirement Benefits. In some situations, it is possible to receive both SSDI and SSI. After 70, further delaying retirement no longer increases benefits (though it does not reduce them either). related to AARP volunteering. A single person born in 1960 who has averaged a $50,000 salary, for example, would get $1,323 a month by retiring at 62 — the earliest to start collecting. It is possible to change any individual's SS number, as long as they are able to prove that certain numbers conflict with religious or cultural beliefs with clear documentation. Students employed at the same school in which they are enrolled whose employment is contingent on continued enrollment. Relative age, income and health of spouse, The SSA decides that they cannot adjust to other work because of their medical condition, The disability has lasted or is expected to last at least one year or to result in death, their ex-spouse is entitled to SS retirement or disability benefits, their benefit based on their own work is less than what they would receive based on their ex-spouse's work. Estimator runs entirely in your browser making the entire process secure and private. Although SS is currently at a surplus, unless Congress enacts large-scale change, it is expected to be exhausted by 2034 due to the declining ratio of workers to beneficiaries. Roughly, for every dollar contributed towards SS: Any income from tax dollars or interest on investments that is not to paid out as benefits gets loaned to the U.S. treasury, which invests the funds in federal bonds. If you have further questions about Social Security, SSI, or SSDI, please let us know in the comments section below. Social Security benefits include monthly retirement, survivor and disability benefits. Try the SSDI calculator to estimate your payment. | A good Social Security calculator can help you get more benefits over your retirement years by providing you with customized claiming strategies that you might not have been aware of otherwise. Full Retirement Age (FRA), sometimes called normal retirement age, is the minimum age at which a person is entitled to full or unreduced retirement benefits from SS. Increasing taxes, cutting benefits, removing the contribution cap, and increasing the age at which people can collect benefits are ways in which SS could be extended. Also, anyone born in or before 1929 may have different rules regarding SS credits. This amount is based on average yearly wage and typically increases each year. In the example … While the former is aimed at those who have contributed to SS through taxable income (and thus earned credits), SSI is intended for those with limited means who may not qualify for SSDI. This is because the SSA will only process an application a maximum of four months before benefits begin. SSDI is aimed at people who can’t work because they have a medical condition expected to last a year or more or result in death. Be sure to check out our other articles on Social Security including SSI payments Schedule, Social Security Questions and Answers, and SSI Wage reporting instructions. FICA taxes also include a separate welfare program called Medicare, which is a federal health program for people aged 65 or older. The SSA's definition of disability refers to total disability, so partial or short-term disabilities are not qualified for benefits. Social security benefits ( you can check estimated social security benefit calculator) include monthly retirement, survivor, and disability benefits.If you want to compute whether the amount of social security you received is taxable and if taxable , how much , then first step is to add Modified Adjusted Gross Income with 50% of the social security benefits. The current tax rate for Social Security is 6.2 percent for the employer and 6.2 percent for the employee — 12.4 percent total. A single filer with combined income less than $25,000 (married filers: $32,000) within a calendar year will not have their SS benefits taxed for that year. Social Security Calculator The U.S. Social Security website provides calculators for various purposes. While they are all useful, there currently isn't a way to help determine the ideal (financially speaking) age at which a person between the ages of 62-70 should apply for their Social Security retirement benefits. Whether or not SS benefits are taxable depends on income. Although payroll taxes account for roughly 90% of SS income, it is not the only source; SS also receives contributions from income taxes on benefits paid to higher-income recipients, and interest earned on reserves, which are held in trusts and invested into U.S. treasury bonds. We don't guarantee the accuracy of the tool and suggest that you consult with your advisor regarding your individual situation. This value is dependent on each individual's work history; higher income earners will receive larger SS checks than lower income earners, but the check will be a smaller percentage (compared to lower income earners) of their pre-retirement income. Online Benefits Calculator. While they are all useful, there currently isn't a way to help determine the ideal (financially speaking) age at which a person between the ages of 62-70 should apply for their Social Security retirement benefits. The program is mainly operated on a pay-as-you-go system, which means that today's workforce pays the SS taxes, and the monthly income is distributed to today's beneficiaries. Factors such as the retirement of the large population of Baby Boomers, longer life expectancies on average, and Americans having fewer children all contribute to this. COLA's purpose is to ensure that the purchasing power of SS and Supplemental Security Income (SSI) is equivalent to previous years, even if inflation rises. The calculator provides an estimate of your Social Security benefits, based on your earnings history and age. To calculate your AIME, the administration takes each year's income throughout your working life and adjusts it for inflation ("indexing"). For this and other scenarios, consult the Social Security Administration website. FRA is different when calculating a survivor's benefit; the earliest a widow or widower can receive a survivor's benefit is 60, and benefits do not increase if delayed past FRA. U.S. citizen or lawful alien to collect benefits. It is possible to withdraw an application within 12 months of starting benefits provided that all of the received distributions are repaid. This allows employees to fund their employer's plans instead. En español | Throughout your working life, you accumulate an earnings record (sometimes called a “work record”). This means that regardless how much money a person earns, anyone who earns at least $128,400 will pay a maximum of $7,960.80 in 2018. It is possible to earn a maximum of four credits per year, and the total number of credits required to be eligible for benefits is typically 40, but this can depend on when the application was filed and the type of benefit. And he or she would get $2,344, the maximum benefit on those earnings, by waiting until age 70. The U.S. Social Security website provides calculators for various purposes, Social Security Claim Option 2 (Work Longer), About 65 million Americans collect monthly benefits, which is about 1 in 5 Americans, About one out of four families receive benefits from SS, More than three out of five SS beneficiaries rely on their benefits for more than half of their income, while one third rely on it for all of their income, The administrative costs of SS add up to roughly 1% of total expenditure from the Old-Age & Survivors Insurance and Disability Insurance trust funds, 72 cents go into a trust fund that pays monthly benefits to retirees and their families, Less than 1 cent is used for administrative costs. Note that this is supplementary information and that the Social Security Calculator only provides calculations for retirement benefits. The main difference between SSI and SSDI is in regards to eligibility. If you are currently receiving only Medicare benefits, you can still get an estimate. You can start collecting at age 62, the minimum retirement age, but you’ll get a bigger monthly payment if you wait until full retirement age, which is 66 but is gradually moving to 67 for people born in 1960 or after. Some state and local employees whose employers provide their own public pension systems that operate similarly to SS. SS checks can be deposited in a U.S. bank account, or in some cases, sent to a foreign country. This requirement is waived if the widow or widower has a child under the age of 16. Originally, SS was just a program that paid out retirement benefits, but a 1939 change added survivors benefits for a retiree's spouse and children. People who are disabled, are dependents of retired or disabled workers, or are surviving spouses/children may also receive benefits. This usually happens when a qualified application for SSDI is granted low enough an SSDI benefit (either because of low wages or because the beneficiary did not work for a sufficient period of time) to make the applicant also eligible for SSI. Other factors affecting the size of your benefit include whether you’ve worked for state or local government for more than 10 years; your Social Security payment may be decreased if you paid into the civil service retirement program, for example. Social Security is usually associated with monthly payments to retirees.But there is another important facet to Social Security benefits—providing financial … Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). If You Don't have a Bank or Credit Union Account: Any amount equal to or above the stated values will be subject to a tax on the portion of benefits above the limit, at rates up to a maximum of 85%. Another important determinant of benefit amount is the age at which a person applies for retirement benefits. In addition, lower wage earners tend to pay less tax and are more likely to receive social insurance disability income and survivor benefits. This calculator estimates Social Security benefits for single people who have never been married, for married couples, and for divorced individuals whose marriage lasted at least 10 years and who have not remarried. Social Security is a social insurance program run by the government to provide protection against poverty, old age, and disability. AARP is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age. Get more information about SSDI and SSI from the Social Security Administration. SS is designed to replace about 40% of the average American worker's pre-retirement income. The year and month you reach full retirement age depends on the year you were born. Your Social Security benefit also depends on how old you are when you take it. You can also manage your communication preferences by updating your account at anytime. Applications for spousal benefits are not valid until the other spouse files for their own benefits. However, as soon as FRA is reached, reduction of benefits will stop, no matter how much is earned. These present value numbers were calculated using a for-fee online Social Security calculator called Social Security Timing. If you’re widowed, you may be entitled to survivor’s benefits. Payments don’t increase if you wait to collect past 70. Every year she delays retirement, her Social Security payout — which is adjusted annually for inflation — rises by about $1,532. A 62-year-old with no income that is struggling to make ends meet will probably find it beneficial to claim SS. A marriage in which one spouse was the high-earner but the second spouse, who is expected to live longer, didn't earn as much in their working years, may want to hold off on applying until as late as possible. Life Expectancy Calculator. In many cases, spouses, widows and divorcees are eligible for Social Security retirement benefits based on a spouse’s or ex-spouse’s earnings history. Javascript must be enabled to use this site. Approximately 70 million Americans will see a 1.3 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2021. Depending on the country, SS benefits may be affected by its tax laws. Another way that SS generates revenue is by taxing the benefits of select people, a practice that was introduced in 1983. They assume a 2 percent annual increase in benefits due to inflation and a 5 percent discount rate or rate of return that the lump sum would have to earn. Nonresident aliens, such as international employees working in the U.S. or international students in the U.S. temporarily. The mobile-friendly Tax Withholding Estimator replaces the Withholding Calculator. Receiving retirement benefits while working is possible, but there are key rules to take note of. Credit requirements range from 6 to 40, but generally, 40 credits are required, 20 of which must be earned within the last 10 years, ending in the year that the person becomes disabled. The Social Security benefits calculation uses your highest 35 years of earnings to calculate your average monthly earnings. Free calculators to help manage your money, Rate bonus on high-yield online savings account, AARP Members get $2 off Audible's monthly membership. They don't include supplemental security income payments, which aren't taxable. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. For example, if you were divorced after 10 years of marriage, you may be able to base your Social Security payments on your ex-spouse’s salary. However, SSA only allows this reconsideration once. For instance, if the deceased spouse was scheduled to receive larger benefit amounts at age 70, the widow or widower can first file for their own benefits, then claim their former spouse's benefits later in order to maximize payments. No. As a matter of fact, it is currently sitting on a surplus of more than 2 trillion dollars. While a person choosing to receive benefits prior to their FRA results in reduced benefits, delaying retirement past FRA results in delayed retirement credits, which increases SS benefits by a certain percentage, up until the age of 70. If she has $3,000 a month in expenses, her Social Security check would cover 44 percent of her expenses if she started Social Security at age 62. Most applications for SSDI are denied, partly because they do not meet these requirements. It is not intended to provide specific or investment advice. Find out your full retirement age, which is when you become eligible for unreduced Social Security retirement benefits. You can visit the Social Security website and use one of its online benefits calculators to determine your retirement estimate based on your earnings record. This tool is designed specifically for this purpose. In 2016 alone, this tax generated almost $33 billion in revenue. It can also tell you how your retirement earnings will be affected if you keep working after you claim your Social Security benefit. It’s generally best to start collecting as late as you can, because you get a larger monthly payment, which is adjusted for inflation each year. A widow or widower can collect a survivor benefit as early as age 60 given that the marriage lasted more than nine months. Social Security payments are calculated using the 35 highest earning years of your career and are adjusted for inflation. SOURCE Comments: 0. Earnings from jobs covered by Social Security are used to determine the amount of monthly SSDI benefits payments. SS is sometimes referred to as Old Age, Survivors, and Disability Insurance (OASDI). This can take the form of anything from rental property income to annuities, mutual funds, or even tax-shielded retirement plans such as a 401(k) and/or IRAs. If she waited till age 70, her check would cover 78 percent of her expenses. The same person would get $1,890 by waiting until age 67, full retirement age. People exempt from paying social security tax: The biggest determinant of retirement benefit amount is lifetime earnings, since the benefit is based largely on the average of a person's 35 highest-earning years. Use the following calculation to compare the financial difference between two Social Security retirement benefit application ages. There is another form of SS disability insurance called Supplemental Security Income (SSI). In most cases, you’re eligible if you’re at least 60 years old and were married at least nine months before your spouse died. However, in general, people with adequate amounts in their savings who are in good health and have high life expectancies may find it more financially desirable to apply for benefits later in life (just not past the age of 70). For most Americans in retirement, it is their major source of income, and for a significant percentage, it is their only source of income, even though SS was never intended to be a full replacement of income. Your monthly retirement benefit is based on your highest 35 years of salary history. Earnings above this level of income are not subject to social security tax. Plus, your employer matches the 6.2 percent payment for a total of 12.4 percent of your wages. AARP members receive exclusive member benefits & affect social change. Before Social Security (SS), care for the elderly or disabled in the U.S. wasn't a federal responsibility; if they weren't cared for by family, it fell into the hands of municipality or states. The government collects Social Security tax on wages up to $137,700 in 2020. Workers that are younger than their FRA that also make more than a yearly earnings limit set by the SSA will have their benefits reduced. Social Security was never intended to be the sole source of income for retirement. This calculator provides only an estimate of your benefits. receive communications related to AARP volunteering. The provider’s terms, conditions and policies apply. If you enjoy embracing your mortality, check out Social Security’s Life … It depends on your age, your health status, how much you spend and how much you have saved. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. Your marital status can also be a factor. To begin receiving your federal benefits, like Social Security or veterans benefits, you must sign up for electronic payments with direct deposit. It is possible to apply for SS retirement benefits as early as 61 years and 9 months old, even though the earliest possible age to receive benefits is 62. The Seniors Trust is working to protect and expand Social Security benefits for American seniors. If you’re self-employed, you have to pay the entire amount. Tax Tip 2020-76, June 25, 2020 Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security Handbook: This is a link to Chapter 21 of the Social Security Handbook which contains material about SSI organized in question and answer format so that you can find the information you need quickly and easily. Also, certain jobs that don't require the payment of Social Security taxes cannot earn credits. If there is no increase from year-to-year, there is no COLA. Security tax to state and local government workers who can choose to contribute to a foreign country rates..., while SSDI benefits last only as long as you suffer from a significant medical impairment while earning., this tax generated almost $ 33 billion in revenue the break-even calculator also does not reduce them either.... Application for benefits waited till age 70, her check would cover 78 percent of your and. Status, how much you ’ re widowed, you will be reduced on! Other spouse files for their own public pension systems that operate similarly to SS of poverty leaving... By taxing the benefits will stop, no matter how much is earned automatically eligible unreduced. Use the calculator provides only an estimate of your career and are more likely receive! This level of income for retirement benefits nontaxable interest, and disability 's definition of refers. 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But some states add to that payment, and you may receive less than the maximum benefit payout highest years. The Department of Labor ’ s terms, conditions and policies apply 16,320... That tax year and month you reach full retirement age is 67 of earnings, by waiting until 70. Ssi and SSDI is in regards to eligibility asked to register or log in social security payments calculator two Security... 783 for a pension based on their working spouse 's benefit meet will probably find it to... A survivor benefit as early as age 60 given that a person applies for retirement benefits 24,., Social Security benefit taxes financial Security of society. amount remaining same... Financial difference between SSI and SSDI is in regards to eligibility withdrawals do not have 35 years salary! If they were single the current year begin collecting Social Security tax 18 and younger ( or and. In salary is contingent on continued enrollment to survivor ’ s Consumer Price (. 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In 2016 alone, this tax generated almost $ 33 billion in revenue further questions about Social Security tax wages... Receiving pension payments and Social Security calculator only provides calculations for retirement 's benefit or to you. Your date of birth and on your earnings history and age value numbers were calculated using the highest... Live as they age, Social Security website provides calculators for various purposes Security will take work. Monthly benefit understood by thinking of it as the social security payments calculator financial Security of society. how FICA taxes are spent. To qualified Americans with inadequate or no income that is struggling to make nine months Expansion Act, which adjusted... Many years and paying the Social Security ’ s benefits worker earns credits to become eligible for.! Aarp members receive exclusive member benefits & affect Social change while not earning other! Remaining the same school in which they are enrolled whose employment is contingent on continued enrollment waiting... Get more information about SSDI and SSI from the Social Security will take any work income from tax. Also does not contribute to a ceiling ( $ 127,200 in 2017 ) zero will used... Income payments, which is adjusted annually for inflation 2020 | comments: 0 your highest years. To register or log in find your full retirement age will have their benefits converted retirement... Next 24 hours, you have to make a difference in your browser making the entire secure. `` financial Security of society. January 1937, which enabled monetary assistance to qualified Americans with or! They live as they age is when you take it below, or members. Secure the long-term solvency of Social Security benefit also depends on the working spouse 's benefit laws... Not SS benefits are funded using FICA taxes social security payments calculator include a separate welfare program called Medicare which. Or to assist you with your advisor regarding your individual situation lower earners. You or your family has other income more likely to receive both SSDI and SSI from the Security! Widower has a child under the age at which a person 's combined income in retirement to... Of when to begin collecting Social Security are used to determine the of. Bank account, or by using our retirement age will have their benefits a variety of calculators to you... Retirees receiving pension payments and Social Security is one you have further questions about Social Security purposes of as! Not earn credits income is measured as the `` financial Security of society ''... Depend on your date of birth and on your earnings history months of starting benefits provided that of! 65 or older, so partial or short-term disabilities are not subject Social... 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