Social Security Terms in Plain Language
Reading Time: 2 MinutesLast Updated: July 16, 2021
Some of the terms and acronyms (an abbreviation of the first letters of words in a phrase) people use when they talk about Social Security can be a little confusing. We’re here to help you understand all you need to know.
Social Security employees strive to explain benefits using easy-to-understand, plain language. In fact, The Plain Writing Act of 2010 requires federal agencies to communicate clearly in a way “the public can understand and use.”
If a technical term or acronym that you don’t know slips into the conversation or appears in written material, you can easily find the meaning in our online glossary.
Social Security’s acronyms function as verbal shorthand in your financial planning conversations. If you’re 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’ll 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.
Once you receive benefits, you get a COLA most years. But don’t expect a fizzy drink — a COLA is a Cost of Living Adjustment, and that will usually mean a little extra money in your monthly payment.
What about DRCs? Delayed retirement credits are the incremental increases added to the PIA if you delay taking retirement benefits beyond your full retirement age. If you wait to begin benefits beyond FRA — say, at age 68 or even 70 — your benefit increases.
If one of those unknown terms or acronyms comes up in conversation, you can be the one to supply the definition using our online glossary. Sometimes learning the terminology can deepen your understanding of w Social Security works for you. Discover and share more on our website.
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About the Author
Darlynda Bogle, Assistant Deputy Commissioner
Darlynda Bogle, Assistant Deputy Commissioner
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Richard J.
I am a 100% Disabled American Veteran and as such I get all of my medical through the VA. Do I still need to Medicare A & B ?
L.A.
Hi Richard. Thank you for your question. Before you decide to cancel your Medicare coverage, you should contact the Department of Defense or a military health, or Veterans Administration (VA) benefits advisor for more information. In some instances, the law requires TRICARE (VA Healthcare) beneficiaries who are entitled to Medicare Part A to enroll in Medicare Part B to retain their TRICARE benefits. Please visit the TRICARE web page or contact your military health benefits advisor for more information. You should also call the Medicare toll-free number, 1-800-MEDICARE (1-800-633-4227) regarding this decision. We hope this information helps.
Anthony s.
Ii don’t recived pension in Guyana never apply for it
scholarshiponline
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Once you receive benefits, you get a COLA most years. But don’t expect a fizzy drink — a COLA is a Cost of Living Adjustment, and that will usually mean a little extra money in your monthly payment. http://www.myscholarshipbaze.com
9jamyschool
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Anthony J.
HA – Hospitals & Asylums
Appoint me Public Trustee to sign my ‘Message of the Public Trustee’ in the 2020 Annual Report of the OASI and DI Trust Funds, to tax the rich and state employees the full 12.4% OASDI tax on all their income, to create an SSI Trust Fund, to end child poverty by 2020, and all poverty by 2030 http://www.title24uscode.org/2020message.pdf
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Mary
Why is the middle class being charged so much for Medicare? Thought the steep prices would not apply to middle class. How sad. Really cuts into cost of living especially when it’s based on past and not current.
Ali
Awwn! finally i got it, i have gone a long way to find this information.
do check https://www.orbvibes.com/ i write as well