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Social Security program

A government system that provides financial assistance to retirees, disabled workers, and survivors of deceased workers, funded by payroll taxes.

Solvency

The ability of a program or fund to pay its debts and meet its financial obligations over the long term.

Primary Insurance Amount (PIA)

The basic monthly benefit amount a person is entitled to receive at their full retirement age, before any adjustments for early or delayed retirement.

Bend points

Dollar amounts in the Social Security benefit formula that determine how different portions of a worker's average earnings are counted to calculate their initial benefit.

Cost-of-Living Adjustment (COLA)

An annual increase in Social Security benefits designed to help them keep pace with inflation and the rising cost of goods and services.

Consumer Price Index for Elderly Consumers (CPI-E)

A measure of inflation that tracks the prices of goods and services typically purchased by people aged 62 and older, including healthcare and housing.

Payroll tax

A tax withheld from an employee's paycheck by the employer, part of which funds Social Security and Medicare.