My husband and I both receive social security retirement benefits. How would benefits for a minor child be calculated as long as both of us are alive?
The basic benefit rate for an eligible child is 50% of the full retirement age rate (PIA) of the parent on whose record they are entitled. And if a child is entitled on more than one living parent's record, they can only be paid on the record of the parent with the higher PIA (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300615770). However, their is a maximum family benefit rate that can be paid out on any person's Social Security record, which in some cases can cause a child to receive less than their full rate.