Social Security Retirement Benefits

Social Security Retirement Benefits

Whether you are a new retiree or have been receiving social security retirement benefits for years, there are some important things to keep in mind. Some of these things include your spouse’s benefits, COLAs, early retirement, and how working during your retirement years may decrease your benefits.

Early retirement

Several studies have shown that early retirement benefits are not necessarily a boon. Although they are a good way to collect a monthly benefit, early retirees are also at a disadvantage. They are especially vulnerable to poverty and low-wage jobs. They may also be at risk for health complications.

The Social Security Administration has a system in place to reduce benefits for people who work more than 45 hours a month before their full retirement age. Benefits are reduced by 5/9 of one percent of the monthly benefit amount for each month before the normal retirement age. The full retirement age …

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Social Security Retirement Benefits

Social Security Retirement Benefits

Whether you’re a retired worker or you’re just starting to think about retiring, you’ll need to consider the social security retirement benefits you’ll receive. Here are some tips to help you decide what benefits you should expect.

Calculating your PIA

PIA or the Primary Insurance Amount is an important element in the calculation of retirement annuities. It is the basic benefit that you will receive if you are eligible for Social Security retirement benefits. The amount of your PIA is calculated by applying the Social Security Act formulas to your earnings. There are many formulas, but the two most common are the Average Indexed Monthly Earnings and the Special Minimum PIA formula.

The Social Security benefits formula is based on average monthly earnings during     35 years of highest earnings. The benefits are adjusted for inflation each year by the consumer price index. Benefits also increase after you retire. PIA increases …

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