Question

Gianni is thinking about starting his Social Security retirement benefits early. His PIA is $2,200/month. What would Gianni receive per month if he started the benefits 36 months early?

A)$1,760
B)$2,002
C)$1,686
D)$1,870

Answer 1

Gianni would receive $1,221 per month if he started his Social Security retirement benefits 36 months early.

Step-by-step explanation:

To calculate the amount Gianni would receive per month if he started his Social Security retirement benefits 36 months early, we need to determine the reduction factor for early retirement. For each month before full retirement age, the benefit is reduced by a certain percentage. In this case, Gianni is starting 36 months early, so the reduction factor is 0.555.

To find the reduced benefit amount, we multiply Gianni's full retirement benefit (PIA) of $2,200/month by the reduction factor: $2,200 * 0.555 = $1,221.

Therefore, Gianni would receive $1,221 per month if he started his benefits 36 months early.