How is your SSN payment calculated?
Social Security benefits are based on your lifetime earnings. Your actual earnings are adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.
What was the amount of Social Security benefits paid out in 2010?
5,453,906
Federal Benefit Rates, Total Annual Payments, and Total Recipients
| Year | Total | Federal SSI |
|---|---|---|
| 2010 | 5,453,906 | 4,529,485 |
| Blind | ||
| 1974 | 125,791 | 91,308 |
| 1975 | 127,240 | 92,427 |
How much is SSI payments 2012?
$698 monthly
The 2012 federal SSI benefit rate for an individual living in his or her own household and with no other countable income is $698 monthly; for a couple (with both husband and wife eligible), the SSI benefit rate is $1,048 monthly. Payments under SSI began in January 1974.
What is maximum monthly Social Security benefit?
As per the most recent data, the average monthly Social Security benefit for retired workers was $1,662.79. But there’s huge variation in the checks that seniors receive. The current maximum monthly Social Security payout is $4,194, more than $2,500 above the average benefit.
What is the maximum Social Security payment?
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364.
What was full retirement age in 2010?
When the full retirement age increases to 67, those who apply at age 65 will receive a benefit equal to roughly 87 percent of the full benefit (SSA 2010).
What is the maximum SSI payment?
The Maximum SSI Benefit
| Individual | Eligible Couple | |
|---|---|---|
| Adults | $1,040.21 | $1,765.64 |
| Adults living in the household of another | $764.25 | $1,351.85 |
| Blind adults | $1,110.26 | $1,952.88 |
| Blind adults living in the household of another | $834.30 | $1,539.08 |
What was the maximum Social Security Benefit Rate in 2010?
The maximum federal benefit rate in December 2010 was $674 for an individual and $1,011 for a couple, plus any applicable state supplementation. SOURCE: Social Security Administration, Supplemental Security Record (Characteristic Record Extract format), 100 percent data.
How are Social Security payments calculated?
Social Security payments are calculated using the 35 highest-earning years of your career and are adjusted for inflation. If you work for more than 35 years, your lowest-earning years are dropped from the calculation, which results in a higher payment.
When did the Social Security benefits increase?
Legislation provided the benefit amounts for January 1973, March 1974, and January 1979. Automatic benefit increases, or cost-of-living adjustments , first increased the benefits beginning with June 1979.
How are Social Security benefits calculated for 2021?
For a worker who becomes eligible for Social Security payments in 2021, the benefit amount is calculated by multiplying the first $996 of average indexed monthly earnings by 90%, the remaining earnings up to $6,002 by 32%, and earnings over $6,002 by 15%.