Understanding Social Security is much easier if you have a solid grasp of nine basic concepts. Most questions are answered by understanding these issues. Even if your question is more complicated, you’ll know what to ask when you have a clear picture of the basic program.
In this episode, Devin and John talk about the first four topics in the list:
- Social security credits
- How benefits are calculated
- Your full retirement age
- The earnings limit
These can be confusing, because there are so many variables and special situations. Highlights include:
- What are Social Security credits, how you earn them, and what do they do?
- How benefits are calculated, including the definitions of Full Retirement Age (FRA) and how benefit amounts are based on age.
- Why you need to verify your Social Security reporting each year.
- What PIA means.
- Why you might not want to file when you’re eligible.
- When you want Social Security to stop paying your benefits.
- How to deal with an overpayment notice.
Check out Part Two! http://www.bigpictureretirement.net/episode-18-9-social-security-basics-everyone-know-part-2/
Resources mentioned in this episode:
Devin’s Social Security Intelligence blog: www.SocialSecurityIntelligence.com
The Social Security website: www.ssa.gov