"Basic Benefit" Calculation
The "Basic Benefit" is a monthly payment that is one-twelfth (1/12) of the total of:| 21.5% of the first $11,000 of cumulative covered earnings; and | |
| 2.9% of cumulative covered earnings in excess of $11,000 but not in excess of the next $33,000; and | |
| 1.5% of cumulative covered earnings in excess of $44,000 |
Below is a sample of how to calculate benefits for an eligible applicant with cumulative covered earnings of $80,000:
Benefit amount if the applicant is applying for retirement benefits:
$321.83
Benefit amount if the applicant is applying for disability benefits:
$321.83
Benefit amount if the applicant is applying for child survivor benefits:
$321.83 x 15% = $48.28 per month
Benefit amount if the applicant is applying for spouse survivor benefits:
$321.83 per month if the applicant is 60 years old or older and unmarried
or
$321 x 60% = $193.10 per month if applicant is 60 years old or older and remarried
or
$321 x 60% = $193.10 per month if applicant is under 60 years old and unmarried
or
$321 x 60% = $193.10 per month if applicant is 60 years old or older and remarried
or
$321 x 60% = $193.10 per month if applicant is under 60 years old and unmarried