How do you determine how much Social Security you will get?
In this hands-on video series, “Understanding Social Security,” Senior Financial Planner David Cechanowicz, guides you through the “primary insurance amount” bend points, how it’s computed in determining your social security retirement benefit, and why. He will also walk you through when the PIA is calculated and why it’s such a pivotal number in the social security system.
To become eligible for social security benefits, you must work with an employer who participates in the Social Security system under covered employment. You become eligible once you have acquired sufficient work credits, generally equivalent to 10 years of employment.
Claiming Social Security benefits for your household, whether married or single, is a highly individualized decision. Although many people may fall into groups with similar circumstances, we make very few recommendations that might be the same for another individual in a similar case.
As you prepare to claim Social Security benefits, various situations can complicate two married individuals, who are both eligible, living in one household claiming benefits.
For those claiming benefits at age 62, the first month of eligibility is the month after your 62nd birthday. The online process is relatively simple, although there are frequent questions that may give you paths on how to answer. Sometimes REDW Wealth can assist you in walking through the claiming process using a screen-sharing program that lets us see your progress once you log into your account.