"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 $550,000:

Benefit amount if the applicant is applying for retirement benefits: $928.50

Benefit amount if the applicant is applying for disability benefits: $928.50

Benefit amount if the applicant is applying for child survivor benefits: $928.50 x 15% = $139.28 per month

Benefit amount if the applicant is applying for spouse survivor benefits:

$928.50 per month if the applicant is 60 years old or older and unmarried
$928.50 x 60% = $557.10 per month if applicant is 60 years old or older and remarried
$928.50 x 60% = $557.10 per month if applicant is under 60 years old and unmarried

Please note that the Minimum Monthly Basic Benefit is $198 plus the $50 Government Supplemental Benefit.