Courtesy: Social Security Administration
Is Social Security a topic in your conversations these days? Are you familiar with the lingo used to describe Social Security benefits, or does it sound like a totally new vocabulary to you?
Social Security employees strive to explain benefits using plain, easy-to-understand language. But if a technical term or acronym (an abbreviation using the first letters of words in a phrase) that you don’t know slips into the conversation or appears in written material, you can easily find the meaning in our online glossary at www.socialsecurity.gov/agency/glossary.
Social Security acronyms function as verbal shorthand in our financial planning conversations. If you are nearing retirement, you may want to know what PIA (primary insurance amount), FRA (full retirement age), and DRCs (delayed retirement credits) mean. These terms involve your benefit amount based on when you decide to take it.
If you take your retirement benefit at FRA, you will receive the full PIA (amount payable for a retired worker who starts benefits at full retirement age). So, FRA is an age and PIA is an amount.
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