Reference

An increase in Social Security or pension benefits to help maintain purchasing power as inflation rises.

The personal identification section of a credit report that contains identifying information such as name, current and previous addresses, and social security number.

Increases to monthly Social Security benefits granted for each month a person delays claiming benefits past their full retirement age.

A Social Security rule that temporarily reduces benefits for retirees who continue to work and earn above a certain limit before full retirement age.

An Employer Identification Number is a unique nine-digit number assigned by the government to businesses, acting like a Social Security number for a company. You need it to open a business bank account, hire employees, or file your business taxes.

FICA stands for Federal Insurance Contributions Act, which is the tax taken out of your paycheck to fund Social Security and Medicare. Think of it as a mandatory community pot that everyone contributes to so that seniors and the disabled have a guaranteed safety net for income and healthcare.

A United States federal payroll tax that is used to fund Social Security and Medicare programs.

Full Retirement Age is the specific age set by the government at which you become eligible to receive your maximum monthly Social Security retirement benefit. It is essentially the 'finish line' the government uses to decide when you have worked long enough to collect your full pension payment.

The specific age at which a person is eligible to receive their full, unreduced Social Security retirement benefit based on their lifetime earnings.

Government Pension Offset is a rule that reduces the Social Security benefits for people who also receive a government pension from a job that did not pay into Social Security. It acts like a balancing mechanism to ensure you don't receive double benefits from two separate taxpayer-funded retirement systems.

A periodic increase in retirement benefits, like Social Security, intended to help the recipient keep up with rising prices.

Primary Insurance Amount is the base monthly check you receive from Social Security if you start your benefits at your full retirement age. It is the core number the government uses to calculate your specific retirement payment.

The base dollar amount used by the Social Security Administration to calculate a worker's monthly benefit at their full retirement age.

A tax consisting of Social Security and Medicare contributions for individuals who work for themselves rather than an employer.

A federal program that provides monthly payments to retired workers and their spouses who paid into the system during their working years.

Monthly payments provided to retired workers, their spouses, and survivors who have paid into the system through payroll taxes.

Units earned through employment that determine whether a worker has enough work history to qualify for Social Security retirement or disability benefits.

A federal program that provides monthly income to individuals who are unable to work due to a significant medical impairment that is expected to last at least one year or result in death.

A federal program that provides monthly financial assistance to individuals who have a disability that prevents them from working and who have earned enough work credits through prior employment.

A rule that reduces Social Security benefits for recipients who continue to work and earn above a specific limit before reaching full retirement age.

A document provided by the Social Security Administration that lists a worker's earnings history and estimates their future retirement and disability benefits.

Social Security payments available to the spouse of a worker who is receiving retirement or disability benefits, even if the spouse has never worked.

The Social Security Administration is the government agency that manages the national retirement, disability, and survivor benefits programs that many people pay into throughout their working lives.

Social Security Disability Insurance is a federal program that pays monthly benefits to people who have worked long enough to earn coverage but are now unable to work due to a significant, long-term medical condition.

Social Security payments made to the widow, widower, or children of a deceased worker who was eligible for benefits.

Monthly Social Security payments made to the widow, widower, or children of a worker who has died.

An international agreement that helps workers who split their careers between two countries avoid paying double Social Security taxes.

The Windfall Elimination Provision is a rule that may reduce the Social Security benefits of someone who also receives a pension from a job where they did not pay into the Social Security system.