How to Determine Maximum Family Benefit in Social Security
What is the approximate maximum family benefit that Wally's family can receive?
A. $2,500
B. $3,750
C. $4,375
D. $5,000
The approximate maximum family benefit that Wally's family can receive is $5,000
The maximum family benefit is the maximum amount that a family can receive in Social Security benefits based on an individual's primary insurance amount (PIA). The family benefit is calculated as a percentage of the individual's PIA. In this case, Wally's PIA for determining social security benefits is $2,500.
The approximate maximum family benefit is typically around 150-180% of the individual's PIA. Therefore, the approximate maximum family benefit for Wally's family would be approximately $2,500 x 2 = $5,000.
It's important to note that actual family benefits may vary based on specific factors and calculations made by the Social Security Administration.