Episode 17: 9 Social Security Basics That EVERYONE Should Know-Part 1

social security basics part 1

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:

  1. Social security credits
  2. How benefits are calculated
  3. Your full retirement age
  4. 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