A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Full Retirement AgeThe age at which you can collect your complete Social Security benefit without any reduction for claiming early.
- FICAThe payroll tax that funds Social Security and Medicare, split between you and your employer on your wages.
- Cost-of-Living Adjustment (COLA)A yearly increase to benefits like Social Security or pensions that helps your income keep pace with inflation.
- Spousal BenefitA Social Security payment based on your spouse's earnings record, which can be larger than a benefit based on your own.
- Social Security CreditsUnits you earn by working and paying payroll taxes, and you generally need forty of them to qualify for benefits.
- MedicareThe federal health insurance program for people age sixty-five and older, covering hospital and medical costs in retirement.
Turn this into a brick
Knowing what Social Security means is knowledge — the first half. A brick gets placed when you act on it.
More in Retirement
Plain-English education — not personalized legal, tax, or investment advice.