What is the social security full monthly benefit payment given the following information?
Individual person is at full retirement age.
Indexed Maximum Average Annual Allowable Earnings = $108,789
Indexed Actual Average Annual Earnings = $116,710
Indexed Annual Allowable Earnings = $99,049
All values are based on 35 highest earnings years.
Monthly Benefit Formula:
First $826 of monthly earnings at a Rate of 90%
Next $4,054 of monthly earnings at a Rate of 32%
Monthly earnings above $4,880 at a Rate of 15%
A. $2,768
B. $2,663
C. $2,547
D. $1,783