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Bene t Table
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Bene ts for workers and their families Bene ts for family members Spouse not caring for child FRA 50% of PIA Age 62 361 4% of PIA Child or spouse caring for child 50% of PIA Bene ts for survivors of deceased workers Spouse not caring for child Age 60 or age 50 59 and disabled 711 2% of PIA Maximum family Spouse bene t Maximum and one for family child; or retirement bene t two and for children survivor disability 150% of PIA 150 188% 100 150% of PIA of PIA
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FRA retirement bene t or Age 62 disability retirement bene t bene t 100% of PIA 771 2% of PIA
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Age 65 100% of PIA
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One child 75% of PIA
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Adapted from Mercer, 2003 Guide to Social Security and Medicare, 31st ed, Louisville, KY: Mercer Human Resources Consulting, Inc, 2002
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2 How bene ts are calculated A The primary insurance amount (PIA) is the basic unit used to determine the amount of each monthly bene t A disabled or retired worker receives the full PIA if bene ts start at normal retirement age B It is necessary to know the average indexed monthly Earnings (AIME) to calculate PIA AIME is based on an individual s lifetime earnings history C Social Security bene ts depend on an average of 35 years of worker s best earnings (after indexing) to gure AIME If there are fewer than 35 years of earnings, zero is used for each remaining year The index factors given for each year make past earnings comparable to the level of earnings today D AIME is computed by dividing the total earnings (sum of the highest 35 years of indexed earnings) by 420 (35 years 12 months) This number is then used to nd PIA
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Topic 73: Social Security - 237 E The PIA formula for persons attaining age 62 in 2002, or becoming disabled or dying before age 62 in 2002, is (1) 90 percent of the rst $592 of AIME, plus (2) 32 percent of the next $2,975 of AIME, plus (3) 15 percent of AIME in excess of $3,567 (4) The dollar amount in the PIA formula after 2002 is adjusted annually by changes in the national indexing average wage The PIA resulting from the formula is increased annually to re ect changes in the cost of living F The PIA formula for persons who attained age 62 before 2002 (born before 1940) uses a different index factor multiplier and PIA bene t formula, but the steps are similar for those attaining age 62 in 2002 3 Working after retirement A No bene ts are lost for those older than normal retirement age B If a person is under the normal retirement age, the following apply: (1) If no more than $30,000 is earned in 2002 by a worker who reaches normal retirement age in 2002, no bene ts are lost for that year (2) If more than $30,000 is earned in 2002 before the month the bene ciary reaches normal retirement age, $1 of bene ts is lost for each $3 of earnings over $30,000 (3) If no more than $11,520 is earned in 2003 by a worker under normal retirement age for the entire year, no bene ts are lost for that year (4) If more than $11,520 is earned in 2003 by a worker under the normal retirement age for the entire year, $1 of bene ts is lost for each $2 of earnings over $11,520 4 Taxation of Social Security A FICA (Social Security and Medicare) tax (1) 765 percent FICA tax for employers and employees (2) For 2003, the 620 percent Social Security tax is computed on the rst $87,000 of the employee s wages The 145 percent Medicare tax is computed on the employee s total wages B Self-employment tax is imposed on self-employed people at a rate of 153 percent This is a combination of 1240 percent Social Security tax and 29 percent Medicare tax (no ceiling) C Income taxes on bene ts (in 2003) (1) Bene ts 50 percent taxable Fifty percent of bene ts are included in gross income if a person s income plus half of his or her Social Security bene ts is more than the following base amounts for that person s ling status (a) $32,000 for married couples ling jointly (b) $0 for married couples ling separately, and the person lived with the spouse at any time during the year (c) $25,000 for all other taxpayers (2) Bene ts 85 percent taxable Eighty- ve percent of bene ts are included in gross income if a person s income plus half of his or her Social Security bene ts is more than the following base amounts for that person s ling status (a) $44,000 for married couples ling jointly (b) $0 for married couples ling separately, and the person lived with the spouse at any time during the year (c) $34,000 for all other taxpayers
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238 - Retirement Planning (3) If a person is married ling separately and lived with the spouse at any time during the year, up to 85 percent of bene ts are included in gross income
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