Will earnings at ages 58 and 59 be indexed for inflation and increase the PIA?Published: August 9, 2021
Full question: If a 58-year-old employee of a corporation is able to increase his wages during this year and the year he is 59, will they be indexed for inflation and increase his PIA?
The Primary Insurance Amount (PIA) is based on our highest 35 years of earnings, and those up through your 59th year are adjusted by being indexed to inflation.
From age 60 on, your earnings are no longer adjusted, but taken at face value.
Either way, continuing to work to age 60 or later may raise your PIA if the continued future earnings replace some of the smaller earnings through your working years. Our expert advisors can help you figure out if your future earnings will increase your PIA and by how much.
All the best,