Primary insurance amount (PIA)

Primary insurance amount (PIA),

Definition of Primary insurance amount (PIA):

  1. A calculation used to determine the amount of social security benefits.

  2. The primary insurance amount cannot be determined until after calculating the Average Indexed Monthly Earnings (AIME). The AIME is calculated by taking up to 35 years of the highest earnings of a beneficiary's life and dividing them by 12. These wages are indexed against the national average salary from two years prior. This is done to give a fair view of the history of wage growth and to estimate how benefits should increase to cover that growth over the life of the retiree.

  3. The primary insurance amount (PIA) is the result of a calculation used to determine the Social Security benefits amount that would be paid out to an eligible retiree at full retirement age.

How to use Primary insurance amount (PIA) in a sentence?

  1. The government takes three percentages of the AIME—fixed at 90%, 32%, and 15%—to calculate the PIA.
  2. For 2020, the PIA calculation takes 90% from the first $960, 32% from earnings over $960 but under $5,785, and 15% of monthly earnings over $5,785.
  3. The primary insurance amount (PIA) is the amount of Social Security benefits paid to a retiree at full retirement age.
  4. The Average Indexed Monthly Earnings (AIME) must first be calculated before the PIA can be determined.

Meaning of Primary insurance amount (PIA) & Primary insurance amount (PIA) Definition

Primary Insurance Amount (pia),

Primary Insurance Amount (pia) Meanings:

  • Primary Insurance Amount (pia) refers to Social security money is used to calculate benefits.

Literal Meanings of Primary Insurance Amount (pia)

Primary:

Meanings of Primary:
  1. In the primary elections (in the United States) (against current political office bearers) that a party uses to select its candidate for the general election.

  2. Area codes for nominating delegates to party conventions (in the United States) or for selecting candidates for major elections, including presidential elections.

  3. A basic color.

  4. Primary or Pelican period.

  5. Very important for capital.

  6. Prematurely or in order.

  7. Not derived, because of, or based on something else.

  8. (Organic compounds) which have a functional group on the carbon atom that is at most bound to another carbon atom.

  9. Names or affiliations with organic organisms that produce organic compounds from common substances such as water and carbon dioxide, usually through photosynthesis.

  10. Refers to or indicates the input side of devices using electromagnetic induction, especially in transformers.

  11. Old term for old language

Sentences of Primary
  1. I do not prefer the president, and no one should, unless we lose the White House.

  2. These two Republicans could easily win their primary

  3. The main colors of oil are red, blue and yellow, not green.

  4. The government's main goal is to significantly reduce unemployment.

  5. The first stage of your political education

  6. The expertise of primary and secondary literature is evident on every page.

  7. Basic wine

  8. Organic matter consists of primary producers such as plants and plankton.

  9. These two pins are the main direction of the transformer.

Synonyms of Primary

cardinal, pre-eminent, paramount, prime, initial, overriding, original, first, foremost, principal, predominant, ruling, main, supreme, key, most important, master, major, beginning, central, earliest, chief, dominant, ultimate

Insurance:

Meanings of Insurance:
  1. The process or arrangement under which a company or government agency guarantees certain damages, injury, illness or death in return for premium payments.

  2. Anything that provides protection against possible emergencies.

Sentences of Insurance
  1. Meeting a high standard of personal conduct is the best protection against personal problems.

Synonyms of Insurance

indemnity, indemnification, precaution, cover, provision, protection, immunity, safety measure, security, preventive measure, financial protection, surety, shelter, defence, safeguard

Amount:

Meanings of Amount:
  1. A set of items, especially a combination of one or more items in number, size, price, or scope.

  2. When adding (amount)

Sentences of Amount
  1. For many, sports are fun

  2. Total loss of over 10 million

Synonyms of Amount

make, mass, run to, sum, quantity, be, be equal to, aggregate, be equivalent to, come to, add up to, volume, equal, number, load, represent, group, bulk, size, quota, weight, count as

Pia:

Meanings of Pia:
  1. Smooth inner membrane that surrounds the brain and spinal cord.