The terms and acronyms people use when talking about Social Security can be a little confusing.
Knowing where to find easy-to-understand definitions can be very helpful. We can provide you with resources that will help you understand much of what you need to know about Social Security and our terminology.
If there’s a technical term or acronym you don’t know or understand, you can easily find the meaning in our online glossary at www.ssa.gov/espanol/agencia/glosario. We strive to explain our programs and benefits using plain language.
In fact, the Plain Writing Act of 2010 requires federal agencies like the Social Security Administration to communicate in a way the public can understand.
This can be a challenge when discussing complex programs like Social Security, Supplemental Security Income (SSI), and Medicare. That’s why the glossary is helpful.
If you’re about to retire, you may want to know the meaning of PIA (primary insurance amount), FRA (full retirement age), and DRC (delayed retirement credits).
All these terms relate to the amount of your benefit, based on when you decide to claim your Social Security.
If you start receiving your retirement benefit at your FRA, you’ll receive the full PIA (the amount payable to a retired worker who begins receiving benefits at full retirement age). So, FRA is an age and PIA is an amount.
What are DRCs? Delayed retirement credits are the incremental increases added to your PIA if you delay receiving retirement benefits after your FRA.
If you wait to start receiving benefits after FRA (say, at age 68), your benefit increases for each month you delay until you reach age 70.
Once you receive benefits, you typically get an annual COLA (cost-of-living adjustment) that increases your monthly benefit most years.
Learning our terminology can clarify your understanding of how Social Security works for you and your family.
Please share this information with your loved ones.
By: Javier Morales
Social Security Public Affairs Specialist in FL
Image: ssa.gov
