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The Primary Insurance Amount (PIA [1]) is a component of Social Security provision in the United States. Eligibility for receiving Social Security benefits, for all persons born after 1929, requires accumulating a minimum of 40 Social Security credits.
For example, a full monthly benefit amount (100 percent of PIA) is paid to disabled workers regardless of the age at which benefits start. At the full retirement age, the Social Security Administration reclassifies disabled workers as retired workers but the individual's monthly benefit amount is not affected.
When most people talk about Social Security, they're referring to the program's retirement benefits, which provide monthly checks as early as age 62 for some beneficiaries. But the Social Security...
Benefit amounts are rounded down to the next-lowest dime, so this worker’s PIA, which is the amount she would receive if she waits until her full retirement age (67 years) to collect Social ...
If you first became eligible for Social Security benefits in 2023 because you reached age 62 or became disabled, you can calculate your benefits at full retirement age using the following formula:
The Average Indexed Monthly Earnings (AIME) is used in the United States' Social Security system to calculate the Primary Insurance Amount which decides the value of benefits paid under Title II of the Social Security Act under the 1978 New Start Method. Specifically, Average Indexed Monthly Earnings is an average of monthly income received by ...
Data source: Social Security Administration. Chart by author. Despite earning comparable salaries throughout their careers, the 70-year-old person can receive a monthly benefit 80% higher than ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
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