Using the record holder’s covered earnings history, Maximize My Social Security can independently determine existing benefit rates.
To determine retirement benefit rates, which are based on the recipient’s own work record, the software requires the recipient’s past covered earnings history. Covered earnings are earnings taxed by Social Security.
If you currently receive a non-covered pension, i.e. one based on income not taxed by Social Security, or you received a lump sum amount based on such non-covered income, you'll also need to enter this information in the Non-Covered Pensions panel on the individual's details screen.
For spousal, child’s, survivor’s benefits and other auxiliary benefits, which are based on the record of someone other than the recipient, the software requires the record holder’s past covered earnings history.
A current benefit amount or a future benefit estimate cannot be used to independently determine a benefit rate. This is true for retirement benefits based on the recipient’s record as well as spousal, child’s, survivor’s and any other auxiliary benefits based on the record of someone other than the benefit recipient.
To independently determine a current retirement benefit, enter the date the recipient filed for their retirement benefit in the benefits history panel on their details screen. Then choose one of the options to enter the past covered earnings and follow the instructions to do so. On the report setup screen, do not select that they will suspend their benefit. Finally, run the report and refer to the Household Details table for the what-if scenario. Check the annual total for a year when the recipient received their retirement benefit for the entire year and divide this by 12. This is the gross monthly benefit rate they should receive based on the recipient’s past covered earnings history entered into the software.
For spousal and divorced spousal benefits, child’s benefits, survivor’s and divorced survivor’s benefits as well as other auxiliary benefits such as mother’s or father’s benefits, enter all of the information requested by the software. The information you enter must include the record holder’s actual past covered earnings record. As with checking retirement benefits, run the report and refer to the Household Details table for the what-if scenario. Check the annual total for a year when the recipient received thei benefit for the entire year and divide this by 12. This is the gross monthly benefit rate they should receive based on the recipient’s past covered earnings history entered into the software.
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