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…

Hi, Yes, children may be eligible for benefits when a parent receives Social Security retirement or disability benefits. Children may also be eligible for benefits when a parent dies. In order to be eligible for benefits, a child must be unmarried and younger than age 18. Children, 18 to 19 years old, may be eligible…

Hi, Social Security benefits are paid monthly and they are paid one-month late. For example, your October benefit will be paid in November. Benefits are paid on Wednesdays and the Wednesday you receive your benefit is dependent on your birthdate. If you were born on the 1st-10th of the month, you will be paid on…

Hello, The maximum amount is dependent on when an individual claims their benefits. For someone reaching FRA (Full Retirement Age) in 2020 who claims their benefits at FRA, the maximum benefit payable would be $3,011. For someone reaching FRA in 2020 who claims benefits early at age 62, the maximum payable benefit would be $2,265….

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…

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…