Calculations

Example 1

You retire at age 65 with a single life benefit of $2,000.00:

Total Monthly Benefit  =  Monthly Benefit

$2,000.00  =  $2,000.00

In this example, your $2,000.00 total monthly benefit is not reduced because there is no early retirement reduction with normal retirement and there is no reduction for a survivor benefit with a single life benefit.

Example 2

You retire at age 65 with a total monthly benefit of $2,000.00. Your spouse is five years younger than you and you elect a 50% joint and survivor benefit:

Total Monthly Benefit  x  Joint and Survivor Reduction Factor  =  Monthly Benefit

$2,000.00  x  .8550 (85.50%)  =  $1,710.00

$1,710.00 per month for your lifetime

$855.00 per month for your surviving spouse’s lifetime

In this example, your $2,000.00 total monthly benefit is reduced by $290.00 to provide a continuing monthly income for your surviving spouse’s lifetime.