Yes it works out correctly. As a 1953, at 70, I am getting 1.32 x PIA whereas PIA adjusted for COLA is 1.222 x PIA at FRA (66)92% of max available for those reaching FRA in 2024? If so, it probably makes sense. The nature of the calculation combined with inflation increases the max PIA for those reaching FRA in 2024 vs those reaching FRA in 2020 - even after applying CPI inflation to the 2020 max PIA. https://www.ssa.gov/oact/cola/Benefits.htmlThat's a good question how to check...my PIA at full retirement age 66 was about 97% of max, but now taking at age 70 I am getting more like 92% of max. I assume that probably makes sense but I have outstanding action item to check it.
So even if a 1953 person was getting 100% PIA at Age 66 now at Age 70: $2871 max PIA x 1.222 x 1.32 = $4631 is less than the $4873 max possible SS monthly payment. How does one get the max, if 100% PIA (at FRA) does not do the trick? I dunno: work beyond FRA?
This article describes a bit of this: Motley Fool free article: 1 Little-Known Social Security Rule Could Boost Your Monthly Check Up to 26.7%, Even if You've Already Claimed Benefits
Statistics: Posted by TBillT — Sat Aug 03, 2024 2:20 pm — Replies 23 — Views 3878