What is FRA?
Hello, FRA stands for Full Retirement Age. FRA depends on the year you were born. It is the age that you receive 100% of your Social Security retirement benefit. For those born 1943-1954 it was age 66 and those born 1960 and after it is age 67. It goes up 2 months each year for…
Read MoreWhat is the difference between ROTH IRA and TAXABLE IRA in the Social Security Calculator?
Hello, ROTH IRA funds are tax-free when withdrawn from accounts so are not included in the calculation of any income tax. They are therefore also not part of the calculation used to determine taxation of Social Security income. I hope this is helpful. Take care, Martha
Read MoreHow do I cancel my Social Security application?
Full question: How do I cancel my SSI application? Hello there, To begin, I want to clarify that SSI stands for Supplemental Security Income, not Social Security Income. The SSI acronym is commonly mistaken for Social Security. To cancel your SSI (Supplemental Security Income) application, fill out Social Security Form SSA-521. Include the reason you…
Read MoreWhat 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 MoreWhat 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…
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