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YOUR MONTHLY OLD-AGE BENEFIT PAYMENTS

WHEN YOU have figured out what you think your average monthly pay may come to when you are 65, you can tell about how much your monthly benefit payment may be. This is figured on your average monthly pay (up to $250), plus credit for each year in which you were paid $200 or more on jobs covered by the law.

This way to figure your monthly benefit payment is this:

Take 40 percent of the first $50 of your average monthly pay, then take 10 percent of the rest of it and add these figures together:

Take 1 percent of that total for each year in which you were paid $200 or more on jobs covered by the law. Add this to your total, and the sum is your monthly benefit payment.

The law calls this your "primary insurance benefit." Benefits for your family are based upon it. No primary insurance benefit will be less than $10 a month. If the benefit calculation should come to less, the amount will be raised to $10.

Example——your monthly benefit payment, or  "primary insurance benefit": Suppose your average pay is $100 a month, and by the time you are ready to claim benefits——say in 1957——you have been getting that much steadily on a covered job for 20 years. To find your monthly benefit payment, take 40 percent of the first $50 of your $100, plus 10 percent of the other $50--that is, $20 plus $5. Then add 1 percent of that $25 for each of the 20 years. That makes another $5. Then add 1 percent of that $25 for each of the 20 years. That makes another $5. Adding it to the $25 makes $30 a month. This would be your "primary insurance benefit," which you would receive each month after age 65 for the rest of your life.

Other examples of old-age insurance benefits are given in the table on page 12.

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