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The basics: Here’s what determines your Social Security benefit
In an excellent summary of a sometimes complex topic, this Motley Fool article by Maurie Backman explains how your Social Security benefit is determined. Essentially, as explained in the article, it all boils down to the number of years your worked over your lifetime, your earnings during those working years, and the age at which you claim your Social Security benefits. The first two determine your “primary insurance amount” or “PIA”, which is the base amount you are entitled to at your full retirement age, and the third one (claim age) is what determines how much of your PIA that you will get as a monthly benefit. The article explains each of these things in easy-to-understand terms which provide a clear picture of how your benefit amount is determined. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.