"Basic Benefit" Calculation

The "Basic Benefit" is a monthly payment that is one-twelfth (1/12) of the total of:

 

  27% 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
  0.75% of the cumulative covered earnings in excess of $500,000

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:
$372.25
Benefit amount if the applicant is applying for disability benefits:
$372.25
Benefit amount if the applicant is applying for child survivor benefits:
$372.25 x 15% = $55.84 per month
Benefit amount if the applicant is applying for spouse survivor benefits:
$372.25 per month if the applicant is 60 years old or older and unmarried
or
$372.25 x 60% = $223.35 per month if applicant is 60 years old or older and remarried
or
$372.25 x 60% = $223.35 per month if applicant is under 60 years old and unmarried