Ok. For someone that turned 60 in August of this year, should they be using the 2024 Indexing factor and 2024 bend points in my previous two posts to calculate PIA?
You should use the earnings index factor and bend points for the year you turn 62. In your case 2025. Right now on the SSA website the index factors for 2025 are estimated and they don't have bend points for 2025 yet. I assume the bend points adjust with the final index factors.
I went through this last year at this time (I turned 60 last year) and my answer is based on my notes from my research. I did find the index factors went down slightly and the bend points ended up increasing by the final index factor for the final year (2021 in my case).
In your case, I would take the index factors for 2025 and inflate the 2024 bend points by the wage growth implied in the 2022 index factor (4.2%).