Do I have to pay taxes on Social Security income?
Hi, Yes, your Social Security income may be taxable, but it depends on the amount of your combined income* each year. At the most, only 85% of your Social Security income may be taxed by the IRS. This is how you calculate your combined income*: Your adjusted gross income (AGI) + Nontaxable interest + ½…Read More
What is Primary Insurance Amount (PIA)?
Hello there, The Primary Insurance Amount, commonly referred to as PIA, is the full monthly benefit that you receive if you claim at your Full Retirement Age (FRA). Claiming earlier reduces your benefit and waiting to claim later than FRA increases your benefit. Your PIA is calculated using a specific formula. If you are eligible…Read More
What does ‘full retirement age’ mean?
Hello, Full Retirement Age, also known as FRA, is the age at which you will receive the full monthly benefit you have earned from all the years you have contributed into the system. It may also be referred to as normal retirement age. If you choose to claim your Social Security benefits at your FRA, you will…Read More
When is the best time to set up a My Social Security account?
Hi, My suggestion is to create one today! It is quick, easy, and free to create a My Social Security account. Plus, the information your account provides is valuable and will likely save you time from having to call or visit a Social Security office to find the same information. Whether you are or are…Read More