Lexicographers, celebrate! Oct. 14 is Dictionary Day. The day was established to recognize the achievements and contributions of Noah Webster. What better time than the present to invite you to learn some new Social Security terms?
In the course of doing business with Social Security, you probably have come across more than a few acronyms or terms that left you scratching your head. For example: Your FICA (Federal Insurance Contributions Act) contributions aren’t the only factor to affect your OASDI (Old Age, Survivors, and Disability Insurance) payments and eligibility. You also must consider such items as insured status, month of election, and PIA (Primary Insurance Amount). Your protective filing date can make a difference as well. And each year the amount of your payment is subject to change as the CPI-W (Consumer Price Index for urban wage earners and clerical workers) brings about a new COLA (cost-of-living adjustment).
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