Question

Social security pays $0. 90/dollar for your first $826 in earnings, $0. 32/dollar for the next $4154 in earnings, and only $0. 15/dollar for additional earnings. why do you think it’s set up this way?

Answer 1

Social Security benefits are typically computed using "average indexed monthly earnings."

What is the Social Security bonus trick?

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).

What is the lowest Social Security monthly benefit?

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.

Learn more about social security here:

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