You are 67 years old and earned the absolute minimum amount to qualify for SSA (social security) benefits. How much will be your monthly SSA payment assuming that you will not receive any SSI or supplemental benefits from your state?

Your question intrigued me, because I’m a numbers geek. And, since I had a spreadsheet open I thought I’d give it a whirl.In order to earn the absolute minimum amount to qualify for SSA, we need to look at what made up a quarter of coverage for the individual, age 67. This was readily available from SocialSecurity.gov, as is the data required to index these figures.In laying out the minimum quarters for the individual, I determined that the minimum earnings to accumulate 40 quarters would be found by earning the minimum amount for four quarters in the years 1971–1977 (7 years, or 28 quarters), and then 1979–1981 (3 years or 12 quarters). This results with a total earnings of $4,840.A note about the quarters of coverage: Prior to 1978, a quarter of coverage was $50. Because our individual was 20 in 1971, that’s the first year he could have started accumulating quarters of coverage. Beginning in 1978, a quarter of coverage was $250, and has been indexed every year since then.After indexing the earnings, the total indexed earnings are $19,286. Averaging the top 35 years (as is the method for developing benefit amounts) and dividing by 12 we come up with an AIME (average indexed monthly earnings) of $45.90. Applying the bend points, we have a PIA of $41.30.Since your individual is 67, he or she was born in 1951, so FRA is 66. At age 67, due to Delayed Retirement Credit of 8%, the individual would be eligible for a Social Security benefit of $44.60 per month.Edit: minor factual correction.

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Ssi Payment Schedule Direct Deposit 2014-2025 Form

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You are 67 years old and earned the absolute minimum amount to qualify for SSA (social security) benefits. How much will be your monthly SSA payment assuming that you will not receive any SSI or supplemental benefits from your state?
Your question intrigued me, because I’m a numbers geek. And, since I had a spreadsheet open I thought I’d give it a whirl.In order to “earn the absolute minimum amount to qualify for SSA”, we need to look at what made up a quarter of coverage for the individual, age 67. This was readily available from SocialSecurity.gov, as is the data required to index these figures.In laying out the minimum quarters for the individual, I determined that the minimum earnings to accumulate 40 quarters would be found by earning the minimum amount for four quarters in the years 1971–1977 (7 years, or 28 quarters), and then 1979–1981 (3 years or 12 quarters). This results with a total earnings of $4,840.A note about the quarters of coverage: Prior to 1978, a quarter of coverage was $50. Because our individual was 20 in 1971, that’s the first year he could have started accumulating quarters of coverage. Beginning in 1978, a quarter of coverage was $250, and has been indexed every year since then.After indexing the earnings, the total indexed earnings are $19,286. Averaging the top 35 years (as is the method for developing benefit amounts) and dividing by 12 we come up with an AIME (average indexed monthly earnings) of $45.90. Applying the bend points, we have a PIA of $41.30.Since your individual is 67, he or she was born in 1951, so FRA is 66. At age 67, due to Delayed Retirement Credit of 8%, the individual would be eligible for a Social Security benefit of $44.60 per month.Edit: minor factual correction.

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Ssi Payment Schedule Direct Deposit 2014-2025 Form

How it works

What makes the the 1199 gr form legally valid?

How to protect your ssa 1199 op1 when completing it online

Quick guide on how to complete 1199 op1 online

How you can complete the SSA-1199-GR-OP1. APPLICATION FOR PAYMENT OF UNITED STATES SOCIAL SECURITY — secure SSA form on the web:

Create this form in 5 minutes or less

Video instructions and help with filling out and completing I1020 Form

Instructions and help about 1199 op1 social

FAQs 1199 op1 application printable

Related searches to 1199 op1 social template

Create this form in 5 minutes!

How to create an eSignature for the ssa 1199 gr op1

How to generate an signature for your SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA online

How to make an signature for your SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA in Google Chrome

How to make an signature for putting it on the SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA in Gmail

How to create an signature for the SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA right from your smartphone

How to generate an electronic signature for the SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA on iOS

How to make an electronic signature for the SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA on Android devices

How to generate an signature for your SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA online

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Ssi Payment Schedule Direct Deposit 2014-2025 Form

How it works

What makes the the 1199 gr form legally valid?

How to protect your ssa 1199 op1 when completing it online

Quick guide on how to complete 1199 op1 online

How you can complete the SSA-1199-GR-OP1. APPLICATION FOR PAYMENT OF UNITED STATES SOCIAL SECURITY — secure SSA form on the web:

Create this form in 5 minutes or less

Video instructions and help with filling out and completing I1020 Form

Instructions and help about 1199 op1 social

FAQs 1199 op1 application printable

Related searches to 1199 op1 social template

Create this form in 5 minutes!

How to create an eSignature for the ssa 1199 gr op1

How to generate an signature for your SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA online

How to make an signature for your SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA in Google Chrome

How to make an signature for putting it on the SSA 1199 Gr Op1 Application For Payment Of United States Social Security Secure SSA in Gmail

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