How do you determine how much Social Security you will get?

The Social Security Administration of the United States explains, the “primary insurance amount,” or PIA, is the sum of three different percentages – of portions – of average indexed monthly earnings. The amounts depend on the year a worker attains age 62, becomes disabled before age 62, or dies before reaching age 62. For 2022 these portions are the first $1,024, the amount between $1,024 and $6,172, and the amount over $6,172. These dollar amounts are the “bend points” of the 2022 PIA formula.

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.

17 Factors to Consider Consider When Claiming Social Security

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.