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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.
The formula for calculating your PIA is based on the average indexed monthly earnings, or AIME, in your 35 highest-earning years after age 21, up to the Social Security wage base.
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 ...
From there, Social Security applies a formula using bend points (which change annually) to determine your primary insurance amount (PIA) -- the monthly benefit you'll receive if you claim at your ...
The Social Security Administration (SSA) provides benefit estimates to workers through the Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security. With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits ...
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:
Image source: Getty Images. 1. Understand how your claiming age affects your benefits. The government bases your Social Security benefits on your income during your working years and your age at ...
Retirement Insurance Benefits (abbreviated RIB [1]) or old-age insurance benefits [2] are a form of social insurance payments made by the U.S. Social Security Administration paid based upon the attainment of old age (62 or older). Benefit payments are made on the 3rd of the month, or the 2nd, 3rd, or 4th Wednesday of the month, based upon the ...