ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Social Security benefits formula 2023 Multiply the first $1, 115 of your AIME by 90%. Multiply any amount between $1, 115 and $6, 721 by 32%. Multiply any amount over $6, 721 by 15%. Add the results from the three steps above and round to the next lowest $0.10.

Detailed explanation-2: -This code specifies the Social Security Administration (SSA) code for the county of identified through the beneficiary mailing address of the beneficiary. Each state has a series of codes beginning with ‘000’ for each county within that state. Certain cities within that state have their own code.

Detailed explanation-3: -2023 SSI Income and Resource Eligibility Table. Income from pensions or gifts, etc. Less than $1, 913 per month in wages (before taxes and other deductions) or self-employment (after deduction of allowable business expenses) if you are an individual. Less than $934 per month if you are an individual.

Detailed explanation-4: -The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart below lists the full retirement age by year of birth.