Supplementary Retirement Benefit

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Supplementary Retirement Benefit

Post by Nemo on Sun 30 Dec 2012, 13:08

Supplementary Retirement Benefit: I understand this is a one time payment u can get at 65. a legion site mentions " taxable lump-sum payment payable at age 65 based on 2% of Earnings Loss benefits that would have been payable" ...but i don't understand how it would work. How much could one expect? Anyone get it here yet? am not 65 yet...just wondering.
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Re: Supplementary Retirement Benefit

Post by bigrex on Mon 31 Dec 2012, 01:50

Basically, they calculate what your 75% mark was and then add it by how many years you were approved for ELB, then pay 2% of that amount. It isn't much but it's better than nothing, My current ELB is $3895 before deductions, and I will get that, plus indexing for another 24 years, until I turn 65. I calculated that over that time, I would have earned 1.07 million from ELB, and the 2% will give me just over $21000 before taxes
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Re: Supplementary Retirement Benefit

Post by Nemo on Mon 31 Dec 2012, 13:22

Ok thanks for that explanation.
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