PIA calculation, claiming strategy, spousal and survivor benefits, and taxation.
Bend points are the thresholds that define the PIA formula's three tiers
Break-even is the age where cumulative benefits of two claiming strategies are equal
FRA is the age at which you get 100% of your PIA
PIA is your benefit at Full Retirement Age
A lower-earning spouse can receive up to 50% of the higher earner's PIA at FRA
Surviving spouses receive up to 100% of the deceased's benefit
Up to 85% of Social Security benefits can be subject to federal income tax