Social Security benefits are typically computed using "average indexed monthly earnings."
<h3>What is the Social Security bonus trick?</h3>
That's a myth: 62 is the earliest age you can claim your benefit, but it's not the only age to do so.
Waiting to claim Social Security after age 62 comes with a bonus: roughly 8% additional monthly income per year for each year you delay claiming (up to age 70).
<h3>What is the lowest Social Security monthly benefit?</h3>
The first full special minimum PIA in 1973 was $170 per month.
Beginning in 1979, its value has increased with price growth and is $886 per month in 2020.
The number of beneficiaries receiving the special minimum PIA has declined from about 200,000 in the early 1990s to about 32,100 in 2019.
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