Social Security Explained | How Yours Are Calculated
Planning for retirement means understanding how much you will get from Social Security. Social Security benefits are calculated in an interesting way. This calculation spits out a number called your PIA - Primary Insurance Amount.
Once you know your PIA, you know how much you can expect from Social Security benefits at your full retirement age.
The biggest questions people have around retirement are:
1. When can I retire?
2. Will I run out of money?
Well, you'll want to know your PIA in order to answer those two questions.
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Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
Chapters:
0:00 Introduction
0:57 FICA Taxes
2:47 PIA Calculation
3:58 Inflation Multiple
4:45 Bend Points
6:12 Self Employed Decisions
8:35 Quick Recap
9:49 Sun Angles