Social Security MBA

I want to get the details about Monthly Benefit Amount MBA offered by the Social Security so can you please provide me?

[Kiran Chandar]

Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA).

Monthly Benefit Amount MBA

Monthly retirement benefits derived from the PIA may be higher or lower than the PIA.

They pay reduced benefits to one who retires before his/her normal retirement age.

A person cannot collect retirement benefits before age 62.

In the case of a person retiring at exactly age 62 in 2016, the benefit will be 25 percent less than the person's PIA.

Benefits can be higher than the PIA if one retires after the normal retirement age.

No delayed retirement credit is given after age 69.