Transcription of Social Security: Minimum Benefits
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Social Security: Minimum Benefits
Social security : Minimum Benefits Updated June 15, 2021 Congressional Research Service R43615 Congressional Research Service SUMMARY Social security : Minimum Benefits Social security s special Minimum benefit provision, also known as the Special Minimum Primary Insurance Amount (PIA), is an alternative benefit formula that increases Benefits paid to workers who had low earnings for many years, and to their dependents and survivors. The Special Minimum PIA is based on the number of years a person has worked with earnings at or above a certain threshold, whereas the regular benefit formula is based on a worker s average lifetime earnings. The worker receives the higher of the two Benefits . In 2019, about 32,092 of the 64 million Social security recipients qualified for the Minimum benefit. The Special Minimum PIA has virtually no effect on the Benefits paid to today s new retirees.
Jun 15, 2021 · Introduction Social Security’s minimum benefit provision, the Special Minimum Primary Insurance Amount (PIA), is an alternative benefit formula that increases benefits paid to workers who had low earnings for many years and to their dependents and survivors. Unlike the regular Social Security
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