what is the minimum social security benefit

10 months ago 27
Nature

The minimum Social Security benefit, also known as the special minimum benefit, is designed to provide adequate benefits to long-term low earners. To qualify for the full special minimum primary insurance amount (PIA), a person must have at least 30 years of coverage (YOC). The special minimum benefit starts at $49.40 per month for someone with 11 years of coverage and goes up to $1,033.50 per month for workers with 30 years of coverage. The number of beneficiaries receiving the special minimum PIA has declined from about 200,000 in the early 1990s to about 32,100 in 2019. This benefit is calculated based on years of service, not earnings, and is intended to help certain low-income workers boost their benefit amount.