Blog - AFS Financial Group

Social Security: Get It Before It's Gone?

Written by AFS Financial Group, LLC | Sep 26, 2019 6:05:00 PM

 

What is Social Security?

 

Social Security Decision Tree

When You File Impacts Your Monthly Benefit

Your Primary Insurance Amount (PIA) is the amount of your monthly Social Security benefit at Full Retirement Age (FRA).

You Can Elect to Receive:

Reduced benefits as early as age 62; Full benefits at Full Retirement Age (FRA); or Increased benefits, if delayed beyond FRA.

Glossary

  • Full Retirement Age (FRA) - The age at which a worker, spouse, or survivor receives his/her full retirement benefit.  An individual's FRA varies based on his/her year of birth.
  • Initial eligibility - The earliest age at which a person is able to receive a benefit (typically age 62 for worker or spousal benefits and age 60 for survivor benefits).
  • Employment record, work record, account - When filing for Social Security benefits, a person may have a choice of filing on his/her own account with the Social Security Administration (SSA) -- i.e. filing based on his/her own work history -- or filing on someone else's account (e.g. a husband filing for spousal benefits based on his wife's account). 
  • Worker benefits, retirement benefits, Retirement Insurance Benefits (RIB) - The benefits received by a person filing for benefits on his/her own SSA account.
  • Spousal benefits - The benefits received by the spouse (and/or in some cases, the ex-spouse) of a worker, when filing for spousal benefits on the worker's account.
  • Survivor benefits - The benefits a widow or widower -- and, in some cases, children or dependent parents -- is eligible to receive based on his/her deceased family member's work record.
  • Primary Insurance Amount (PIA) - An amount determined by the SSA that represents a worker's anticipated monthly benefit if he/she claims at FRA.  Also known as the Full Retirement Age (FRA) benefit.
  • Delayed Retirement Credits - The increases a worker receives when delaying his/her own benefits after FRA.  He/she will receive increased benefits for each month he/she delays up to age 70.  These do not affect spousal benefits based on the worker's account but improve survivor benefits.  

Click here to view & download the complete Social Security 101 handout.

 

Questions and/or interested in how this applies to your financial life?

Email us here: info@afsfinancialgroup.com.