The scale and scope of SSA terminology can be dizzying. A multitude of factors plays a part in determining one’s monthly benefits. If you are like most Americans, it’s unlikely you thought it prudent to become fluent in the language of the Social Security Administration.
SSA Glossary
In case you were curious, AIME stands for Average Indexed Monthly Earnings (i.e., the dollar amount used to calculate your Social Security benefit if you attained age 62 or became disabled). COLA is an acronym for Cost Of Living Adjustment which occurs when benefits are increased to match a rise in the cost-of-living (inflation). OASDI is short for Old Age Survivors and Disability Insurance, or programs that provide monthly cash benefits to workers and their dependents when they retire, die or become disabled.
Those acronyms are just three examples, there are many more, and we chose those above randomly to give you an idea of what you may hear when applying for benefits. Understanding the lingo of Social Security puts one at an advantage when having conversations about benefits. Instead of feeling like a bystander in the effort to have more significant financial security, you can be an active participant if you know the vernacular.
If you are approaching retirement age or are of retirement age, the SSA suggests knowing particular terms. For instance, PIA (primary insurance amount), FRA (full retirement age), and DRCs (delayed retirement credits) are acronyms which should be in your vocabulary. Fortunately, the Social Security Administration has provided a glossary of Social Security terms to help you take part in the conversation about your benefits.
SSA Disability Attorney
While apprising yourself of Social Security language is beneficial for understanding the process, we would be remiss for failing to point out that the benefits process can get complicated. Not everyone who applies is approved, you may find yourself having to fight for financial security. If you are applying for the first time or were denied, please contact attorney Stephanie Merritt Driscoll for a free consultation.
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