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Social Security (SS) (Eligibility (Earned enough SS "credits"…

- - - - Amount limitations
      - Qualifying family
        
        Spouse that's 62 or older
        
        Spouse under 62 caring for a child under 16 years old or if the child is disabled
        
        Children, younger than 18 who are unmarried
        
        Children, 18 or 19 who are unmarried & attend high school
        
        Children, of any age, that have been disabled since before they were 22
        
        Divorced spouse who has remained unmarried, is 62 or older & that you were married to for at least 10 years.
  - - - Must make a certain amount each year
        
        This amount changes each year
      - You can only earn 4 a year
- - - - Under "Full Retirement Age"
        
        Annual Limit
        
        $1 must be returned for every $2 past limit
        
        $1 must be returned for every $3 past limit
      - "Full Retirement Age" - 1 year
      - Age >= "Full Retirement Age"
        
        No limit, no reduction no matter how much you make
    - - Your 35 highest income years are averaged and combined into your Average Indexed Monthly Earnings
        
        Average Indexed Monthly Earnings (AIME):
        
        AIME is then put into a formula by the Social Security Administration to get your primary insurance amount (PIA)
        
        PIA is your SS benefit @ "Full Retirement Age"
        
        PIA Calculation for 2019: All dollar amounts are from your AIME
        
        90% of your first $926 + 32% of your $926 - $5,583 + 15% of your >$5,583
        
        1 more item...
      - This adjustment is made by multiplying your income by a "indexing factor"
        
        Indexing Factor:
        
        Divide the National Average Wage for the year you turn 60 by the National Average Wage for the year of your income
        
        Example: If you were born in 1952 and you wanted to calculate your AIME for the year 1978, and your income for that year was $21,112.06. Than you would divide $44,321.67, the National Average Wage in 2012 when you turn 60, by $10,556.03, the National Average Wage in 1978. 44,321.67/10,556.03 = 4.1987 Which you would then multiply by $21,112.06. 4.1987 x 21,112.06 = $88,643.34 in 2012 dollars
  - - - Born in or after 1960: 67
    - - Take before 67?
        
        For every month within the first three years prior to "Full Retirement Age," 0.556% will be taken off of your PIA monthly benefit.
        
        Example: Retire at 64. That is 36 months before you turn 67. 36 x 0.556% = 20%. If your "Full Retirement Age" benefit would have been $2,788, it would now be $2,788 - $2,788 x 20% = $2,230.40 as your adjusted income at 64
        
        For every month between the age of 62 & three years before "Full Retirement Age," 0.4167% will be taken off of your "Full Retirement Age" monthly benefit.
        
        Example: Retire at 62. That is 24 months before the three years prior to "Full Retirement Age". 24 x 0.4167% = 10%. If your "Full Retirement Age" benefti would have been $2,788, it would now be $2,788 - $2,788 x 20% - $2,788 x 10% = $1,951.60 as your adjusted income at 62
        
        Each year that you delay your SS benefit you gain about 8% nominal annual return
        
        Example 1: Retire at 64. That is two years after you could have started receiving your SS benefits. If your Retirement benefit at 62 would have been $1,951.60, at 64 it would now be $1,951.60 x (1+0.08)^2 = $2,276.35
        
        Example 1: Retire at 67. That is five years after you could have started receiving your SS benefits. If your Retirement benefit at 62 would have been $1,951.60, at 67 it would now be $1,951.60 x (1+0.08)^5 = $2,867.54
  - - - Totally your family, excluding yourself, can receive up to 150% to 180% of your benefit amount.
- - - - Base: $25,000 (26 U.S.C. § 86(c)(1)(A))
      - Adjusted Base: $34,000 (26 U.S.C. § 86(c)(2)(A))
    - - Base: $32,000 (26 U.S.C. § 86(c)(1)(B))
      - Adjusted Base: $44,000 (26 U.S.C. § 86(c)(2)(B))
    - - Base: $0 (26 U.S.C. § 86(c)(1)(C))
      - Adjusted Base: $0 (26 U.S.C § 86(c)(2)(C))