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497 | Your Social Security Questions Answered | Mike Piper
Jun 24, 2024
Expert Mike Piper discusses Social Security benefits, including full retirement age, spousal benefits, survivor benefits, and filing for benefits. He provides insights on maximizing benefits through strategies like creating a 'Social Security bridge' and adjusting discount rates. The podcast covers key topics to help listeners navigate the complexities of the system and confidently prepare for retirement.
01:04:03
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Quick takeaways
- Consider your 35 highest-earning years to calculate Social Security benefits.
- Utilize tools like Open Social Security to analyze filing scenarios and longevity risks.
Deep dives
Calculation of Social Security Retirement Benefits
Social Security retirement benefits are calculated based on your Full Retirement Age (FRA) and Primary Insurance Amount (PIA). FRA is the age at which you receive full benefits, usually around 67. PIA represents your monthly retirement benefit if you file at your FRA. It is essential to consider your 35 highest-earning years, index pre-60 earnings, pick the highest 35 years, and calculate the average indexed monthly earnings (AIME). From the AIME, a formula determines your PIA.
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