1. Social Security www.socialsecurity.gov This presentation produced at U.S. taxpayer expense.

2. 2 A Foundation for Planning Your Future OTHER INCOME SAVINGS & INVESTMENTS PENSION SOCIAL SECURITY

3. 3 What is myRA?  A new retirement savings account developed by the U.S. Department of the Treasury  Designed for people who don’t have access to a retirement savings plan at work, or who lack options to save  It is a Roth IRA that invests in new U.S. Treasury retirement savings bonds  Open an account, build up savings to $15,000, then transfer or roll over savings to a private-sector Roth IRA www.myRA.gov

4. 4 Who Gets Benefits from Social Security? 60 million people

5. 5  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 Example: To earn 4 credits in 2016, you must earn at least $ 5,040. Earning 40 credits (10 years of work) throughout your working life will qualify you for a retirement benefit. How Do You Qualify for Retirement Benefits?

6. 6  Deciding what is the ‘right’ age to retire  Check online Social Security Statement  How working after retirement can affect benefits  Medicare considerations  Online retirement estimator  How to apply online for benefits Thinking of Retiring?

7. 7 Full Retirement Age Year of BirthFull Retirement Age 1937 or earlier65 193865 & 2 months 193965 & 4 months 194065 & 6 months 194165 & 8 months 194265 & 10 months 1943 – 195466 195566 & 2 months 195666 & 4 months 195766 & 6 months 195866 & 8 months 195966 & 10 months 1960 or later67

8. 8 Your Age at the Time You Elect Retirement Benefits Affects the Amount  Age 6275% of benefit  Age 66100% of benefit  Age 70132% of benefit For example, if you were born from 1943 through 1954:

9. 9 In Addition to the Retiree, Who Else Can Get Benefits? Your Child  Not married under 18 (under 19 if still in high school)  Not married and disabled before age 22 Your Spouse  Age 62 or older  At any age, if caring for a child under age 16 or disabled

10. 10 In Addition to the Retiree, Who Else Can Get Benefits? 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

11. 11 Deemed Filing FAQ www.ssa.gov/planners/retire/deemedfaq.html  What is the change in the law for people who qualify for both Social Security retirement and spouses benefits? If you are eligible for benefits both as a retiree and as a spouse (or divorced spouse), you must file for both benefits. This “deemed filing” used to apply only before the full retirement age, which is currently 66. Now, deemed filing will apply at any age, if you reach age 62 after January 1, 2016.

12. 12 Voluntary Suspension FAQ www.ssa.gov/planners/retire/suspendfaq.html  What is the change in the law for voluntarily suspending Social Security retirement benefits? If you take your retirement benefit and then ask (on or after April 30, 2016) to suspend it to earn delayed credits, your spouse or dependents (excluding divorced spouses) generally won’t be able to receive benefits on your Social Security record during the suspension. You also won’t be able to receive benefits on anyone else’s record during that time.

13. 13 Spouse’s Benefit Computation  Benefit is 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

14. 14 How Social Security Determines Your Benefit Social Security benefits are based on earnings  Step 1 -Your wages are adjusted for changes in wage levels over time  Step 2 -Find the monthly average of your 35 highest earnings years  Step 3 -Result is “average indexed monthly earnings” 14

15. 15 If your average monthly earnings are= $ 5,500 Then your monthly benefit would be= $ 2,197 Average Monthly Earnings $ 5,500 90% of First $ 856= $ 770 32% of Earnings over $ 856 through $ 5,157 $ 4,301= $ 1,376 ( $ 5,157- $ 856= $ 4,301) 15% of Earnings over $ 5,157 $ 343= $ 51 $ 5,500 $ 2,197 2016 Retirement Benefit Computation Example

16. 16 Use the Retirement Estimator www.socialsecurity.gov/estimator  Convenient, secure, and quick financial planning tool  Immediate and accurate benefit estimates  Lets you create “What if” scenarios based on different ages and earnings

17. 17 What You Can Expect at Full Retirement Age 55% 41% 34%

18. 18 Your Online Account... Your Control... socialsecurity.gov/myaccount my Social Security is an easy-to-access, easy-to-use portal to view and update some of your own Social Security information. my Social Security

19. 19 Valid E-mail address; Social Security number; and U.S. mailing address. Who Can Open a my Social Security Account? You must be at least 18 years old and have a:

20. 20 my Social Security Services If you don’t get benefits, you can— Request a replacement Social Security card (available in some states and the District of Columbia); Review estimates of your future retirement and disability benefits; Review estimates of the benefits your family may get when you receive Social Security or die; Verify your lifetime earnings according to Social Security’s records; Review the estimated Social Security and Medicare taxes you’ve paid; Learn about qualifying and signing up for Medicare; and View, save, and print your Social Security Statement.

21. 21 If you do get benefits you can— Request a replacement Social Security card (in some states and the District of Columbia); Check your benefit and payment information and verify your earnings record; Change your address and phone number; Start or change your direct deposit; Request a replacement Medicare card; and Get a replacement SSA-1099 or SSA-1042S. my Social Security Services

22. 22 my Social Security You May Choose to Add Extra Security You will need to enter a unique code we will send to your text-enabled cell phone each time you want to sign in, in addition to your username and password. Your text message rates still apply. To add this feature, you will first have to provide us with one of the following to verify your identity: The last eight digits of your Visa, MasterCard, or Discover credit card; Information from your W-2 tax form; Information from your 1040 Schedule SE (self-employment) tax form; or Your direct deposit amount, if you receive Social Security benefits.

23. 23 You Can Work & Still Receive Benefits Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement age to take into account those months in which benefits were withheld. If You AreYou Can Make Up To If You Make More, Some Benefits Will Be Withheld Under Full Retirement Age $ 15,720/yr. ( $ 1,310/mo.) $ 1 for every $ 2 The Year Full Retirement Age is Reached $ 41,880/yr. ( $ 3,490/mo.) $ 1 for every $ 3 Month of Full Retirement Age and Above No Limit

24. 24  About 40 percent of people who get Social Security pay income taxes on their benefits.  At the end of each year, you’ll receive a Social Security Benefit Statement (Form SSA-1099). Use this statement to complete your Federal income tax return to find out if you have to pay taxes on your benefit.  To get a replacement SSA-1099, go to my Social Security at www.socialsecurity.gov/myaccount. Your Benefits Can Be Taxable

25. 25 Social Security’s Online Services www.socialsecurity.gov  Apply for Retirement & Disability  Apply for Medicare  Apply for Extra Help With Medicare Drug Plan Costs  Review your Social Security Statement  Retirement Estimator  Retirement/Survivors/Disability Planner

26. 26 Social Security’s Online Services www.socialsecurity.gov  Request a replacement Social Security card (available in some states and the District of Columbia)  Get a Benefit Verification Letter  Change address and phone number  Start or change direct deposit  Medicare card replacement  Get a replacement SSA-1099/SSA-1042S

27. 27 Discover us on Facebook, Twitter, YouTube, and our blog, Social Security Matters View popular agency webinar videos at www.socialsecurity.gov/webinars Sign-up to get emails and SMS/Texting when we update popular www.socialsecurity.gov web pages Social Security Engages on Social Media

28. 28 www.healthcare.gov You may call the following toll free number to get your Marketplace questions answered by a customer service representative available 24/7: 1-800-318-2596 (TTY:1-855-889-4325).

29. 29 Anti-Fraud We take fraud seriously! If you suspect fraud, waste, or abuse, report it to SSA’s Office of the Inspector General (OIG) by:  Submitting a report online at oig.ssa.gov. and using the e-8551 (Fraud Reporting Form);  Calling the OIG Hotline at 1-800-269-0271 from 10:00 a.m. to 4:00 p.m. (EST) (TTY 1-866-501-2101 for the deaf or hard of hearing);  Faxing your statement to 410-597-0118; or  Mailing your statement to Social Security Fraud Hotline, P.O. Box 17785, Baltimore, MD 21235 www.socialsecurity.gov/antifraudfacts

30. 30 Social Security Publications  Online Retirement Estimator http://www.socialsecurity.gov/pubs/EN-05-10510.pdf  Retirement Benefits http://www.socialsecurity.gov/pubs/EN-05-10070- 1953.pdf  When to Start Receiving Retirement Benefits http://www.socialsecurity.gov/pubs/EN-05-10147.pdf  Your Retirement Benefit: How It is Figured http://www.socialsecurity.gov/pubs/EN-05- 10070.pdfp:// www.socialsecurity.gov/pubs/10070.pdfp:// www.socialsecurity.gov/pubs/10070.pdf

31. 31 Social Security Publications cont’d  Understanding the Benefits http://www.socialsecurity.gov/pubs/EN-05-10024.pdf  How Work Affects Your Benefits http://www.socialsecurity.gov/pubs/EN-05-10069.pdf  What You Need To Know When You Get Retirement or Survivors Benefits http://www.socialsecurity.gov/pubs/EN-05-10077.pdf  How to Create An Online Account http://www.socialsecurity.gov/pubs/EN-05-10540.pdf

32. 32 Questions?