Social Security www.socialsecurity.gov.  1935 – Retirement Insurance  1939 – Survivors Insurance  1956 – Disability Insurance History of Social Security.

Slides:



Advertisements
Similar presentations
57 million people Who Gets Benefits from Social Security? 36.7 million Retired Workers 2.9 million Dependents 8.8 million Disabled Workers, 2.1 million.
Advertisements

Social Security Who Gets Benefits from Social Security? 58 million people.
Social Security 2 A Foundation for Planning Your Future.
Social Security Deogracias Santos Public Affairs Specialist.
Social Security
Social Security Essentials for OPERS Employees. Earning Credits 40 Credits for retirement 40 Credits for retirement Maximum 4 credits in 1 year Maximum.
1 Social Security and Retirement Planning: A Hit or Myth Proposition Kurt Czarnowski Czarnowski Consulting: Expert Answers to Your Social Security Questions.
Social Security Administration Understanding Social Security Benefits Presenter: Vonda VanTil Social Security Administration.
A Public Service Presentation provided by the Society of Certified Senior Advisors.
Social Security Deo Santos Public Affairs Specialist
1 1 Medicare. 2 2 Four Parts of Medicare: Medicare Part A – Hospital Insurance Medicare Part B – Medical Insurance Medicare Part C – Medicare Advantage.
1 Retirement Planning and Employee Benefits for Financial Planners Chapter 11: Social Security.
Social Security Administration Disability Programs Disability Programs.
1 SOCIALSECURITY.GOV. 2 Who Gets Benefits from Social Security? 58 million people.
Social Security
Remember the Fastest Way to Verify Social Security and SSI Benefits— my Social Security provides an online benefit verification letter immediately. socialsecurity.gov/myaccount.
58 million people Who Gets Benefits from Social Security? 37.9 million Retired Workers 2.9 million Dependents 8.9 million Disabled Workers, 2.1 million.
Social Security Southern Fairfield County Retired Teachers Association.
What You Need to Know About Social Security
Social Security 2 A Foundation for Planning Your Future OTHER INCOME SAVINGS & INVESTMENTS PENSION SOCIAL SECURITY.
SOCIAL SECURITY. INSURANCE PROGRAMS  RETIREMENT  SURVIVOR  DISABILITY  MEDICARE  THESE PROGRAMS ARE BASED ON F.I.C.A. CONTRIBUTIONS.
1 1 SOCIAL SECURITY BENEFITS. 2 2 The Social Security Statement – Online!
Click to edit Master subtitle style. 55 million people Who Gets Benefits from Social Security? 34.9 million Retired Workers 2.9 million Dependents 8.3.
Social Security 2 A Foundation for Planning Your Future OTHER INCOME SAVINGS & INVESTMENTS PENSION SOCIAL SECURITY.
Social Security 2 Who Gets Benefits from Social Security? 1/ million people.
Social Security Administration Online Services and Program Resources for Agencies Online Services and Program Resources for Agencies.
1 Social Security 2 Today’s Beneficiaries Today’s Workers & Employers Who Pays for Social Security?
Social Security
Social Security 2  You need to work to earn Social Security “credits”  Each $ 1,220 in earnings gives you one credit  You can.
Retirement Insurance 1935 Retirement Insurance History - Social Security’s Programs 1956 Disability Insurance 1956 Disability Insurance.
A Foundation for Planning Your Future 2 2.
Retirement Insurance 1935 Retirement Insurance History - Social Security’s Programs 1956 Disability Insurance 1956 Disability Insurance.
Social Security Administration
Retirement Insurance 1935 Retirement Insurance History - Social Security’s Programs 1956 Disability Insurance 1956 Disability Insurance.
Social Security  1935 – Retirement Insurance  1939 – Survivors Insurance  1956 – Disability Insurance History of Social Security.
Legged Stool of Retirement Security 3 3 The Social Security Statement  The Statement provides you with estimates of monthly Social Security.
Social Security 2 Social Security is the foundation for a secure retirement, but you will also need other savings and investments.
Social Security and MA Public Pensions What You and Your Members Need to Know MACRS, August 25, 2015 Middlesex County Retirement System.
FREDERICK H. NESBITT, CONSULTANT FLORIDA PUBLIC PENSION TRUSTEES ASSOCIATION THIS PRESENTATION ON SOCIAL SECURITY IS FOR INFORMATIONAL PURPOSES ONLY. NO.
1 Social Security Jeffrey C. Rodriguez Public Affairs Specialist Social Security & Medicare: 2015 CMS National Training Program.
Social Security. n Retirement benefit n Spouse's benefit n Your pension and Social Security n Work in retirement n Cost-of-living adjustments n Taxation.
Understanding the A, B, C and D’s of Medicare 2013 A, B, C and D’s of Medicare 2013 Lisa Lettenmaier.
Social Security Daniel Bowman Public Affairs Specialist.
What Every Financial Educator Should Know About Social Security Benefits.
A Social Innovator for Healthcare, Economic Security, and Personal Dignity. Update on Medicare for Youth & Adults with Disabilities Health & Disability.
Social Security 2  1935 – Retirement Insurance  1939 – Survivors Insurance  1956 – Disability Insurance History of Social Security.
Retirement Insurance 1935 Survivors Insurance 1939 History - Social Security’s Programs Disability Insurance 1956.
1. 2 How Do You Qualify for Retirement Benefits?  You need to work to earn Social Security “credits”  Each $ 1,260 in earnings gives you one credit.
Social Security Social Security Retirement Benefits Pensions Savings & Investments Other Income 2016.
2013. Over 56 Million People Who Receives Benefits from Social Security? 36.4 million Retired Workers 2.9 million Dependents 8.4 million Disabled Workers,
Social Security This presentation produced at U.S. taxpayer expense.
What is Medicare? Medicare is our government’s health insurance program for people over age 65 or with disabilitiesMedicare is our government’s.
Understanding Social Security To Better Assist Your Clients Presenter: Stephanie Holland Social Security Public Affairs Specialists.
Social Security
Social Security Social Security Programs Retirement Insurance Survivors Insurance Disability Insurance.
IT’S YOUR FUTURE, IT’S YOUR BENEFIT IT’S YOUR FUTURE, IT’S YOUR BENEFIT 1
1 Social Security  It is a personal decision  Decide what is the “right” age  Working after retirement?  Medicare considerations  Use tools.
The benefits received from Social Security are based on the earnings your employer (or you if self-employed) reported, using your Social Security number.
Presented by Jim Czechowicz, Office of Public Affairs, U. S. Social Security Administration 332 Minnesota Street, N650 St Paul MN
1 1 IT’S YOUR FUTURE, IT’S YOUR BENEFIT IT’S YOUR FUTURE, IT’S YOUR BENEFIT.
Social Security Benefits Overview Objectives Explain the benefits What to expect When to file Presenters Ron Niesing, ADRC of Brown County Susan Kupsky,
1 Social Security 2 How Do You Qualify for Retirement Benefits?  You need to work to earn Social Security “credits”  Each $
11.
Social Security
Nancy Voltero Retiree Consultant
Social Security
SOCIAL SECURITY Your Life-long Partner.
Social Security: With You Through Life’s Journey…
Social Security and Retirement Planning: A Hit or Myth Proposition
Social Security: With You Through Life’s Journey…
Presentation transcript:

Social Security

 1935 – Retirement Insurance  1939 – Survivors Insurance  1956 – Disability Insurance History of Social Security 2

 1965 – Medicare Program  2003 – Medicare Part D  Patient Protection & Affordable Care Act – History of Social Security

4

ABOUT 59 MILLION PEOPLE Who Gets Benefits from Social Security? 39 million Retired Workers 3 million Dependents 9 million Disabled Workers, 2 million Dependents 4.2 million Widows/ Widowers 1.9 million Children of Deceased Workers 5

Social Security Trust Funds will be Exhausted in 2034 At exhaustion in 2037, only about 76% of benefits could be paid. Calendar Year At exhaustion in 2034, only about 79% of benefits could be paid.

How Do You Qualify for Retirement Benefits? Example: To earn 4 credits in 2016, you must earn at least $5,040. Earning 40 credits throughout your working life will qualify you for a retirement benefit. 7  You need to work to earn Social Security “credits”  Each $ 1,260 in earnings gives you one credit  You can earn a maximum of 4 credits per year

What You Can Expect at Full Retirement Age 56% 41% 34% 56% 42% 35% 8

How Are Benefits Determined? Social Security benefits are based on earnings Step 1 – Your wages are adjusted for inflation Step 2 – Find the average of your highest 35 years Step 3 – Result Average Indexed Monthly Earnings 9

Full Retirement Age Year of BirthFull Retirement Age 1937 or earlier & 2 months & 4 months & 6 months & 8 months & 10 months 1943 – & 2 months & 4 months & 6 months & 8 months & 10 months 1960 or later67 Year of BirthFull Retirement Age 1937 or earlier & 2 months & 4 months & 6 months & 8 months & 10 months 1943 – & 2 months & 4 months & 6 months & 8 months & 10 months 1960 or later67 10

Deciding When To Retire  As early as age 62, (benefit will be permanently reduced)  As early as age 62, (benefit will be permanently reduced)  At Full Retirement Age (FRA) (no benefit reduction—100%)  At Full Retirement Age (FRA) (no benefit reduction—100%)  Delayed retirement (benefit increased by 8% per year between FRA and age 70)  Delayed retirement (benefit increased by 8% per year between FRA and age 70) 11

12

The Social Security Statement – Online! 13

Apply Online for Retirement Benefits

Apply Online for Retirement Benefits

You Can If You Make More, If You Are Earn Up To Some Benefits Will Be Withheld Under Full Retirement Age $ 15,720/yr. ( $ 1,310/mo.) $ 1 for $ 2 The Year Full Retirement Age $ 41,880/yr. ( $ 3,490/mo.) $ 1 for $ 3 Month of Full Retirement Age & Above No Limit No Limit 16

Your Family Can Receive Benefits Your Spouse Your Children  At age 62  At any age if caring for child under 16 or disabled  At age 62  At any age if caring for child under 16 or disabled  Not married under 18 (under 19 if still in high school)  Not married and disabled before age 22  Not married under 18 (under 19 if still in high school)  Not married and disabled before age 22 17

Who Else Can Get Benefits on a Living Worker’s Record? on a Living Worker’s Record? Your Ex-Spouse  Marriage lasted at least 10 years  Ex-spouse 62 or older  Divorced at least two years and you and your ex-spouse are at least 62, he or she can get benefits even if you are not retired  Ex-spouse’s benefit amount has no effect on the amount you or your current spouse can get

Spouse’s Benefit Computation  At FRA: 50% of worker’s unreduced benefit  Reduction for early retirement  If spouse’s own benefit is less than 50% of the worker’s, the benefits are combined  Does not reduce payment to worker

Bipartisan Budget Act of 2015 (Nov. 2, 2015) “Deemed Filing” Affects people who qualify for their own retirement and spousal benefits “File and Suspend” Affects people who voluntarily suspend their retirement benefits and their dependents

Deemed Filing FAQ If you are eligible for benefits both as a retiree and as a spouse (or divorced spouse), And You turn age 62 after January 1, 2016 You must file for both benefits (Now applies at any age)

Voluntary Suspension FAQ Effective after April 30, 2016: If you apply & suspend payment of your own retirement benefit, You will still earn delayed retirement credits Your spouse and dependents (except divorced spouses) will not receive benefits from you during the suspension You will not receive benefits from others during the suspension

Who Can Get Survivors Benefits?  Reduced benefits at age 60  Full benefit at age 50 if disabled  At any age if caring for child under 16 or disabled  Reduced benefits at age 60  Full benefit at age 50 if disabled  At any age if caring for child under 16 or disabled  Divorced spouses may qualify as long as the marriage lasted 10 years & if remarried after age 60 (50 if disabled)  Divorced spouses may qualify as long as the marriage lasted 10 years & if remarried after age 60 (50 if disabled)  Not married under age 18 (under 19 if still in high school)  Not married and disabled before age 22 Your Child Widow or Widower 23

Social Security’s Disability Definition: A medical condition preventing substantial work for at least 12 months, or expected to result in death. The determination also considers age, education & work experience. A medical condition preventing substantial work for at least 12 months, or expected to result in death. The determination also considers age, education & work experience. Fully & Currently Insured Tests  Must have paid into Social Security five out of last 10 years  For workers under age 31, less work is required 24

Who Can Get SSI?  Age 65 or older  Blind—any age  Disabled—any age  Limited income  Limited resources Supplemental Security Income (SSI) Noncitizens must meet special requirements to qualify 25

26 65 & older -or- 24 months after entitlement to Social Security disability benefits -or- Amyotrophic Lateral Sclerosis -or- Permanent kidney failure and receive maintenance dialysis or a kidney transplant -or- Exposure to Environmental Health Hazards Who Can Get Medicare ?

27 Medicare Has Four Parts Part A - Hospital Insurance  Covers most inpatient hospital expenses  2016 deductible $ 1,288 Part B - Medical Insurance  Covers 80% doctor bills & other outpatient medical expenses after 1 st $ 166 in approved charges  2016 standard monthly premium $121.80, but some will still pay $ , or a higher rate (based on income)

28 Medicare Has Four Parts Part C – Medicare Advantage Plans  Health plan options offered by Medicare-approved private insurance companies  When you join a Medicare advantage plan, you can get the benefits and services covered under Part A, Part B, and in most plans, Part D Part D – Medicare Prescription Drug Coverage  Covers a major portion of your prescription drug costs  Your out-of-pocket costs—monthly premiums, annual deductible and prescription co-payments—will vary by plan  You enroll with a Medicare-approved prescription drug provider not Social Security

29 When Can I Sign Up for Medicare? Medicare Enrollment Periods:  Initial –after 24 months Social Security DIB or at age 65  Special - if still working  General - January-March

30 “Extra Help” for Medicare Prescription Drug Costs Extra Help is available for beneficiaries with limited resources and income to help pay for the costs— monthly premiums, annual deductibles and prescription co-payments—related to a Medicare prescription drug plan. The Extra Help could be worth an average of $ 4,000 per year.

31 For More Medicare Information MEDICARE ( ) TTY

 Estimate future benefits  Apply for Retirement & Disability  Apply for Extra Help  Request and view your Statement  Change Address  Replace Medicare Card  Request a Benefit Verification Letter  Start or Change Direct Deposit  Estimate future benefits  Apply for Retirement & Disability  Apply for Extra Help  Request and view your Statement  Change Address  Replace Medicare Card  Request a Benefit Verification Letter  Start or Change Direct Deposit