Social Security

retirement

Also known as: SS, Social Security retirement

Updated · Written and reviewed by Konstantin Iakovlev

Detailed explanation

Your benefit (Primary Insurance Amount, PIA) is calculated from your highest 35 years of indexed earnings. Claim early at 62: benefit reduced ~30%. Wait to age 70: benefit increased ~24% above FRA. Spouses can claim 50% of worker's PIA at FRA. Survivor benefits go to widows/widowers. Social Security benefits are partially taxable: up to 50% of benefits taxable if combined income exceeds $25K (single) / $32K (MFJ); up to 85% above $34K / $44K. 12 states still tax Social Security at the state level (CO, CT, KS, MN, MO, MT, NE, NM, RI, UT, VT, WV); the rest exempt it.

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