In this blog post, we take a trip down memory lane to review the history of automatic increases in primary insurance amounts for Social Security beneficiaries since 1978. The primary insurance amount (PIA) is the foundation upon which Social Security benefits are calculated, and it plays a vital role in ensuring that recipients receive the …
In this blog post, we will discuss the minimum Social Security earnings required to qualify for a year of coverage after 1950. The table provided highlights the earnings thresholds for both special minimum primary insurance amounts and benefit computations described in section 404.213(d) 2. Key Points: Earnings Thresholds: The table lists the minimum Social Security earnings …
When it comes to calculating your Social Security benefits, the Social Security Administration (SSA) uses one of the formulas outlined in Appendix II to Subpart C of Part 404. The appropriate formula is based on the year you reach age 62, become disabled, or die before age 62. For example, if you reach age 62 …
If you are entitled to a monthly pension based on noncovered employment and are also eligible for Social Security benefits, the Social Security Administration (SSA) has rules in place for recomputing your primary insurance amount (PIA) to take your pension into account. These rules are outlined in § 404.288 of the SSA regulations. https://www.ssa.gov/OP_Home/cfr20/404/404-0288.htm If …
If you have additional earnings that were not taken into account in the initial computation or earlier recomputation of your primary insurance amount (PIA) for Social Security benefits, you can request an immediate recomputation. This process is outlined in § 404.286 of the Social Security Administration (SSA) regulations. To request an immediate recomputation, you must …
How to Request an Immediate Recomputation of Your Social Security Benefits, § 404.286 Read More »
If you have been paying into the Social Security system for a while, you may be wondering how your benefits will be calculated. One important thing to know is that your benefits are based on your average earnings over your working life. However, if you reach age 62, become disabled, or pass away before age …
The primary insurance amount (PIA) is a crucial component in determining Social Security benefits. In some cases, the PIA may be recomputed to include additional earnings or due to changes in computation methods. This blog post highlights the reasons for recomputing the primary insurance amount, as outlined in § 404.281. Earnings Not Included in Earlier Computation …
Reasons for Recomputing Your Primary Insurance Amount, § 404.281 Read More »
The Social Security Administration (SSA) may provide an additional cost-of-living increase beyond the standard calculations described in § 404.275. This blog post outlines the conditions and process for determining the additional increase, as described in § 404.278. Conditions for an Additional Increase (§ 404.278(a)) An additional cost-of-living increase may be granted if: a. The OASDI fund ratio is …
Exploring the Additional Cost-of-Living Increase for Social Security Benefits, § 404.278 Read More »
An automatic cost-of-living increase is a vital aspect of adjusting social security benefits to account for inflation. This blog post breaks down the process of calculating the increase based on the Consumer Price Index (CPI) and the Average Wage Index (AWI), as described in § 404.275. By understanding how these calculations are made, you can better …
Understanding the Calculation of Automatic Cost-of-Living Increases, § 404.275 Read More »
It helps ensure that benefits keep up with inflation, so beneficiaries can maintain their purchasing power over time. In this post, we’ll discuss the indexes used to measure the rise in the cost-of-living, as outlined in section 404.272 of the Social Security Act. There are two indexes used to measure increases in the cost-of-living: the …
Measuring the cost-of-living is an important aspect of Social Security, § 404.272 Read More »