1. Social Security: With You Through Life’s Journey…
Notes to speaker:
Please remember to test the video on Slide 2 and adjust the computer’s volume in the room where you will be speaking BEFORE you are introduced and begin your presentation. If you are using a CD-R or thumb-drive with a non-SSA computer provided by the organization that requested the speech, the captions may not work if the STAMP add-in is not already installed on their computer. If audio will not be available, you can hide the next slide – in PowerPoint, so that they will be skipped as you click through the presentation.
You will need to install STAMP to every SSA presentation laptop on which you want to display captioned videos. Here are your installation instructions:
Download STAMP:
Install STAMP Setup to the presentation laptop PowerPoint. (STAMP is a PowerPoint Add-in that allows for the addition and manipulation of captions, and caption files to videos)
Click Run
Click Next
Accept the terms of the License Agreement and click Next
Click Install, then click Finish and restart the PowerPoint program on your laptop.
You may want to add the name of the organization or event (seminar, conference, workshop, etc.) and the date of the event to this slide by clicking Insert, then clicking Text Box, and typing in the details.
DO NOT remove the taxpayer expense disclaimer from this slide, as it is now required by law.
Be sure to thank the person who invited you to speak, thank the organization for making SSA a part of today’s event, and make a few introductory comments (such as how long you have worked at SSA, your job title, and why you feel Social Security is relevant to this event/organization).
BEGINNING OF SPEAKER’S FORMAL SCRIPT:
For more than 80 years, Social Security has helped secure today and tomorrow by providing benefits and financial protection for millions of people throughout their life’s journey.
Social Security touches the lives of every American, both directly and indirectly. As you consider the information that you are about to receive , I encourage you to think about all the ways Social Security has been linked to your life – and the lives of your loved ones.
Produced at U.S. taxpayer expense

2. Social Security Beneficiaries
This image illustrates the number of beneficiaries we pay. Currently, more than one in every six people in America is receiving a Social Security benefit. The majority of our beneficiaries are retired.
But Social Security is more than retirement...it is a family protection plan (almost 1/3 of the beneficiaries are disabled, dependents of disabled, or survivors).
Social Security is an intergenerational transfer system: today’s workers help pay for current retirees’ and other beneficiaries’ benefits, not their own future benefits.
There’s no account set aside with your name and contributions on it.
Source: (Table 1)
December 2017
67 Million

4. Year of Birth Full Retirement Age
1937 or earlier 65
& 2 months
& 4 months
& 6 months
& 8 months
& 10 months
1943 –
& 2 months
& 4 months
& 6 months
& 8 months
& 10 months
1960 or later 67
The increase in full retirement age was the result of the 1983 Amendments. Full retirement age increases apply to all Retirement Benefits and to Survivors Benefits. Although, we at Social Security have always used the term “full” retirement age, you may find that some people now refer to “full retirement age” as “Normal Retirement Age”.
Regardless of your full retirement age, reduced benefits can still be paid as early as age 62.
In addition, the Medicare eligibility age of 65 has not changed. You should apply for Medicare 3 months before your 65th birthday, even when you plan to apply for your retirement or spouse’s benefits later.

5. How Social Security Determines Your Benefit?
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”
We base your benefit payment on how much you earned during your working career.
We are looking for the highest 35 years during a worker's lifetime of earnings, regardless of when earned.
Using this formula means that a worker who qualifies for a retirement benefit with just 10 years of work would have a lower benefit payment than someone who worked longer.  That’s because we are looking at the highest 35 years of earnings.  In this example, there would be 25 years with zero earnings.

6. If you were born between 1943 and 1954
Your full retirement age is 66
(fill in year of birth)

7. Percentages based on year of birth
Social Security presentation for 2017 National Rural Electric Cooperative Association (NRECA) Preretirement Seminars
Percentages based on year of birth
Year of Birth
Full Retirement Age %
at age 62
at age 70 66
75.0%
132.00%
1955
months
74.2%
130.67%
1956
months
73.3%
129.33%
1957
months
72.5%
128.00%
1958
months
71.7%
126.67%
1959
months
70.8%
125.33%
1960 or later 67
70.0%
124.00%
Choosing when to retire is an important and personal decision. Financial experts say you’ll need 70-80% of your preretirement income to have a comfortable retirement. You’ll want to choose a retirement age based on your circumstances so you’ll have enough income when you need it.
As you can see on this chart, your monthly retirement benefit will be higher if you delay starting it. We calculate your basic Social Security benefit — the amount you would receive at your full retirement age — based on your lifetime earnings.
However, the actual amount you receive each month depends on when you start receiving benefits. You can start your retirement benefit at any point from age 62 up until age 70, and your benefit will be higher the longer you delay starting it. This adjustment is usually permanent: it sets the base for the benefits you’ll get for the rest of your life.
You may receive an annual cost-of-living adjustments and, depending on your work history, may receive higher benefits if you continue to work.
Let’s say your full retirement age is 66 and your monthly benefit starting at that age is $1,000. If you choose to start getting benefits at age 62, we’ll reduce your monthly benefit 25 percent to $750 to account for the longer period of time you receive benefits. If you choose to delay getting benefits until age 70, you would increase your monthly benefit to $1,320. This increase is from delayed retirement credits you earn for your decision to postpone receiving benefits past your full retirement age. The benefit at age 70 in this example is 32 percent more than you would receive each month if you had chosen to start getting benefits at full retirement age.
I encourage you to read our When To Start Receiving Retirement Benefits fact sheet in its entirety. You can find it by searching our Publications page at SocialSecurity.gov/pubs.

8. socialsecurity.gov/myaccount
Social Security presentation for 2017 National Rural Electric Cooperative Association (NRECA) Preretirement Seminars
my Social Security
my Social Security is a convenient and secure suite of services designed to put you in control of your personal Social Security information, as well as help you manage your benefits when you are ready.  Your account gives you the information you need whenever you want.  All without calling or visiting a field office.
You can only open a my Social Security account for yourself. You cannot open an account for another person, even if you have his or her written consent. You may be unable to open a my Social Security account if you:
•     Blocked electronic access to your personal Social Security information; •     Recently moved or changed your name; or •     Placed a freeze on your credit report.
Your online my Social Security account provides a variety of information to help you and your family. If you need help setting up your account, we have a 4-minute walkthrough video on our YouTube page.
socialsecurity.gov/myaccount

9. my Social Security – What You Can Do in Your Account

10. Social Security Administration
Social Security Administration Presentation 2009 Boomertirement Road Show
For example, if you want to stop working at age 50, under Scenario 2, select 50 from the drop-down and enter the annual earnings estimate;
Or if you want to work until age 65, you can make the appropriate entries under Scenario 3.
And then click on the ‘Create Scenarios’ button again to see your results at the bottom of this page.
You can repeat this process on this page for a different age and /or future earnings estimate.
When you’re done, you should exit this personal page by clicking on the ‘Logout’ button and close out your web browser.
Produced by
Social Security Administration
Office of Communications/ Office of External Affairs

11. A Foundation for Planning Your Future
Social Security provides a foundation on which to build retirement security. However, it was never meant to be one’s sole income at retirement. Unfortunately, for many, it does end up being their only income at retirement. Key factors with Social Security retirement: You can’t outlive your benefits, the value does not erode with time and will raise with the cost-of-living.

12. Working While Receiving Benefits – 2019
If you are
You can make up to
If you earn more, some benefits will be withheld
Under Full Retirement Age (FRA)
$17,640/yr.
($1,470/month)
$1 for every $2
The Year Full Retirement Age is Reached
$46,920/yr.
($3,910/month)
You can earn this much in ALL months prior to the month of FRA (2019 – $46,920)
$1 for every $3
(Example: If you turn FRA in June of 2018, you can earn $45,360 from Jan. ‘18 thru May ‘18 and receive benefits. However, you will have a 5-month reduction.)
Month of Full Retirement Age and Above
No Limit
From the month of FRA and continuing there is no limit.
The first thing we recommend is that you visit SocialSecurity.gov/pubs and search for the publication entitled, How Work Affects Your Benefits. It explains the rules you must follow in order to avoid an overpayment, and it gives some great examples for different scenarios that could apply to your individual situation.
You can get Social Security retirement or survivors benefits and work at the same time. However, if you’re younger than full retirement age, and earn more than certain amounts, your monthly benefit remains the same but the total amount of benefits you receive for the year will be reduced. The amount that your annual benefits are reduced, however, isn’t truly lost. Your monthly benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings.
Note that spouses and survivors, who receive benefits because they have minor or disabled children in their care, don’t receive increased benefits at full retirement age if benefits were withheld because of work. I should also mention that different rules apply if you work outside the United States. Contact us if you’re working (or plan to work) outside the country.
But for most of you, here’s how this works. If you work, and are full retirement age or older, you may keep all of your benefits, no matter how much you earn.
If you’re younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you’re younger than full retirement age, we must deduct $1 from your benefits for each $2 you earn above the annual limit. For 2017, that limit is $16,920.
If you reach full retirement age during 2017, we must deduct $1 from your benefits for each $3 you earn above $44,880 until the month you reach full retirement age.
Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive all of your Social Security 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.

13. In Addition to the Retiree, Who Else Can Get Benefits?
Your Spouse
At age 62
At any age if caring for child under 16 or disabled
Divorced spouses may qualify
Your Child
If a spouse is caring for a child under age 16, of the worker, the spouse could qualify regardless of their age. When the youngest child turns 16, the spouse’s benefit will stop, even though the child’s benefit will continue.
A divorced spouse could receive a benefit as long as they were married at least 10 years. It is possible that more than one spouse could receive a benefit, without penalty or reduction, as if they were the only spouse.
Not married under 18
(under 19 if still in high school)‏
Not married and disabled before age 22
** Earnings Limit

14. Spouse’s Benefit Computation
Benefit is between 35% (age 62) and 50% (age 66) of primary worker’s full benefit.
Amount depends on age of spouse, lower percentage for early retirement
If spouse’s own benefit is less than 50% of the primary worker’s, the benefits are combined
If spouse’s own benefit is more than 50% of primary worker’s, eliminates spouse’s benefit
Primary worker’s benefit is not reduced if someone is receiving a dependent benefit from his/her record.
(fill in year of birth)
A spouse who has not worked or who has low earnings can be entitled to as much as one-half of the retired worker’s full benefit. If you are eligible for both your own retirement benefits and for benefits as a spouse, we always pay your own benefits first. If your benefits as a spouse are higher than your retirement benefits, you will get a combination of benefits equaling the higher spouse benefit. If spouses want to get Social Security retirement benefits before they reach full retirement age, the amount of the benefit is reduced. The amount of reduction depends on when the person reaches full retirement age.
For example:
If full retirement age is 65, a spouse can get 37.5 percent of the worker’s unreduced benefit at age 62;
If full retirement age is 66, a spouse can get 35 percent of the worker’s unreduced benefit at age 62;
If full retirement age is 67, a spouse can get 32.5 percent of the worker’s unreduced benefit at age 62.
The amount of the benefit increases at later ages up to the maximum of 50 percent at full retirement age. If full retirement age is other than those shown in our example, the amount of the benefit will fall between 32.5 percent and 37.5 percent at age 62.
However, if a spouse is caring for a child under age 16 or disabled, who gets Social Security benefits on the worker’s record, the spouse gets full benefits, regardless of age.

15. Benefits for Divorced Spouses
If you are divorced, and your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has remarried) if:
You are unmarried;
You are age 62 or older; and
The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work.
If you have been divorced at least two years and your ex-spouse is at least 62, you can file on ex’s record even if he/she is not retired and has not filed.
You filing on ex-spouse’s record has no effect on the amount they receive or their current spouse/children receive.
If you are divorced, and your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has remarried) if:
You are unmarried;
You are age 62 or older;
Your ex-spouse is entitled to Social Security retirement or disability benefits; and
The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work.
Your benefit as a divorced spouse is equal to one-half of your ex-spouse's full retirement amount (or disability benefit) if you start receiving benefits at your full retirement age. The benefits do not include any delayed retirement credits your ex-spouse may receive.
If you remarry, you generally cannot collect benefits on your former spouse's record unless your later marriage ends (whether by death, divorce or annulment).
If your ex-spouse has not applied for retirement benefits, but can qualify for them, you can receive benefits on his or her record if you have been divorced for at least two years.
If you are eligible for retirement benefits on your own record and divorced spouse’s benefits, we will pay the retirement benefit first. If the benefit on your ex-spouse’s record is higher, you will get an additional amount on your ex-spouse’s record so that the combination of benefits equals that higher amount.
If you were born before January 2, 1954 and have already reached full retirement age, you can choose to receive only the divorced spouse’s benefit and delay receiving your retirement benefit until a later date. If your birthday is January 2, 1954 or later, the option to take only one benefit at full retirement age no longer exists.  If you file for one benefit, you will be effectively filing for all retirement or spousal benefits.

16. File and Restrict strategy For those born 1953 or EARLIER
At your full retirement age, you can choose to receive only spouse’s benefits and delay receiving your retirement benefit until a later date.
*requires other spouse to have started their own benefit
For those born 1953 or EARLIER
For those born
1954 or LATER
You do not have the option to File and Restrict
You may have heard or read about the various filing strategies available to married couples, when it comes to Social Security retirement and spousal benefits. Due to a change in the law, some of those options are changing.
The first change in the law says that now, if you become eligible for Social Security benefits both as a retiree and as a spouse (or divorced spouse), and you want to go ahead and claim your benefits, you must file for both benefits.
This is called “deemed filing,” and it used to apply only prior to Full Retirement Age. Based on the law change, deemed filing now applies at any age for people who turned age 62 after January 1, 2016.
However, there are two exceptions to the deemed filing provision:
Child-in-Care Benefits: When a beneficiary is entitled to spousal benefits based on the child-in-care requirements and is eligible for retirement benefits, he or she may delay filing for the retirement benefit.
Receiving Both Disability And Spouse’s Benefits: When a beneficiary is entitled to disability and spouse’s benefits, he or she may delay filing for retirement benefits. If the disability benefits terminate before converting to retirement benefits, deemed filing applies in the month of termination of the disability benefit.
You can find more details about this at ssa.gov/planners/retire/deemedfaq.html.
socialsecurity.gov/planners/retire/deemedfaq.html

17. Who Can Get Survivors Benefits?
Who Can Get Survivors Benefits?
Widow or Widower:
Reduced benefits at age 60
If disabled as early as age 50
At any age if caring for child under 16 or disabled
Divorced widows/widowers may qualify
If Your Child Is:
You may wish to explain how a widow or widower can receive a survivors benefit at age 60 and then switch to a benefit on their own work record at age 62. Or, how a widow or widower could receive a reduced survivors benefit at age 60 and then file for an unreduced benefit on their own work record at their full retirement age.
Regardless of the change in full retirement age, a widow(er) can still receive 71-1/2% at age 60.
Not married under age 18 (under 19 if still in high school)‏
Not married and disabled before age 22
**Earnings Limit

18. Who Can Get Medicare? 65 & older OR
Who Can Get Medicare?
65 & older OR
Receiving Social Security disability
benefits at least 24 months
Permanent Kidney failure
Amyotrophic Lateral Sclerosis (ALS)‏
You may wish to remind your audience that although the full retirement age has been increased above age 65, Medicare eligibility is still at age 65.

19. Medicare Coverage and Premiums
PART
DESCRIPTION
PREMIUM A
HOSPITAL INSURANCE
FREE for most workers
($1364) deductible) B
MEDICAL INSURANCE
2019: $135.50* base premium;
Covers 80% doctor bills & other outpatient medical expenses C
ADVANTAGE PLANS
or a 20% supplemental plan
Varies depending on coverage needs D
PRESCRIPTION DRUG COVERAGE
Varies depending on state and coverage needs
Senior Linkage Line
* May be more for higher income individuals – only affects 4% of total Medicare beneficiaries

20. Special Enrollment Period (SEP)
If you are covered under a Group Health Plan based on current employment, you have a SEP to sign up for Part A and/or Part B anytime after age 65 as long as:
- You or your spouse is working
- You (or spouse) are covered by a group health plan (GHP) through the employer based on current employment
- You have an 8-month SEP window to sign up for Part A and/or Part B at no penalty
You do not pay a late enrollment penalty if you sign up during a SEP
CMS- L564 (employer form) and CMS - 40B (employee form)

21. Automatic Enrollment for Medicare? Part A and Part B
- Automatic enrollment for those receiving Social Security benefits at early retirement (under age 65)
- Initial Enrollment Package - Includes your Medicare card mailed 3 months before age 65
- If you are not receiving early retirement SS benefits, you are not automatically enrolled. Take action to enroll.
If you’re already getting Social Security benefits (for example, getting early retirement at least 4 months before you turn 65), you’ll be automatically enrolled in Medicare Part A and Part B without an additional application. You’ll get your Initial Enrollment package, which includes your Medicare card and other information, about 3 months before you turn 65 (coverage begins the first day of the month you turn 65), or 3 months before your 25th month of disability benefits (coverage begins your 25th month of disability benefits).
If you’re not getting retirement benefits from Social Security or the Railroad Retirement Board (RRB), you must sign up to get Medicare (see page 8).
NOTE: If you live in Puerto Rico and get benefits from Social Security or the RRB, you’ll automatically get Part A the first day of the month you turn 65, or after you get disability benefits for 24 months. However, if you want Part B, you’ll need to sign up for it. If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have Part B. Contact your local Social Security office or the RRB for more information.
“Welcome to Medicare,” CMS Product No , is pictured on this page. It's part of the Initial Enrollment Period package. Visit Medicare.gov/Pubs/pdf/11095.pdf.

22. Applying for Benefits 3 options available to apply:
Online
By phone
At our office (appointment is best)
You choose the most convenient option for you!
You have three options, once you are ready to put in your application and start up your monthly benefits.
You can apply within 4 months of when you want your benefits to begin.
You have three options, when it comes time.
Your first option is to apply online at This is the most convenient way to apply.
Your second option is to call Social Security to schedule an appointment to apply over the telephone on a day and time that is convenient for you.
Your third option is to call Social Security to schedule an appointment to apply in-person at your local Social Security office with a face-to-face appointment.
Applying online is still the most convenient way to apply for benefits.  You can apply for retirement benefits in as little as 15 minutes.

23. What Will You Need When Applying for Your Social Security Benefits?
Social Security number for each applicant
Proof of age (only if date of birth doesn't match Social Security records
Latest W-2 or self-employment tax return
Earnings estimate
Bank information for direct deposit
Information about marriages/divorces
Information about military or railroad service
We need to see the appropriate proofs when you file your claim.

24. Social Security presentation for 2017 National Rural Electric Cooperative Association (NRECA) Preretirement Seminars
The Social Security website is a valuable resource of information about all of Social Security’s programs and is accessible from a computer, tablet and smartphone.
We encourage you to use our online retirement planning tools to plan for a secure financial future.
Produced by the Social Security Administration Office of Communications/ Office of External Affairs

25. Medicare Card
In April 2018, the Center for Medicare and Medicaid Services started mailing new Medicare cards.
Your new card will have a new Medicare Number that's unique to you, instead of your Social Security number. This will help to protect your identity.

26. Do I Need to Sign up for Part A?
Consider
- It’s free for most people
- If you/your spouse is actively working and covered by employer plan, Part A Hospital can be secondary insurance
Health Savings Account
Are you contributing to a Health Savings Account (HSA)
If you are, you need to decide between Part A or HSA
Stop contributions to Health Savings Account (HSA)
6 months prior to Medicare enrollment or benefits enrollment
If you contribute to your HSA after you have Medicare, you could be subject to a tax penalty by the IRS
Publication 969
You can withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses
(deductibles, premiums, copays)
If you're receiving Social Security or Railroad Retirement Benefits at least 4 months before you turn 65, you’ll be automatically enrolled in free Part A.
If you don't get Part A automatically, you should consider signing up for Part A when you're first eligible (during your IEP). Most people don’t pay a monthly premium for Part A coverage because they or their spouse paid Medicare taxes while working.
If you aren’t eligible for free Part A, and you don’t buy it when you’re first eligible, your monthly premium may go up 10% for every 12 months you didn’t have the coverage. You’ll have to pay the higher premium for twice the number of years you could have had Part A, but didn’t sign up. The 10% premium surcharge will apply only after 12 months have elapsed from the last day of the IEP to the last date of the enrollment period you used to enroll. In other words, if it's less than 12 months, the penalty won’t apply. This penalty, also won’t apply to you if you're eligible for a Special Enrollment Period (SEP). Remember, you’re only eligible for an SEP if you or your spouse (or family member if you’re disabled) is actively working, and covered by a group health plan through the employer or union based on that work, or during the 8-month period that begins the month after the employment ends or the group health plan coverage ends, whichever happens first.
If you're still working or have coverage through a spouse, talk to your employer benefits coordinator to learn how enrolling in Medicare (or delaying enrollment) will affect your employer coverage. You can no longer contribute to a Health Savings Account (HSA) if you have Medicare. Talk to your company’s benefits administrator about when you should stop contributing to an HSA if you plan to sign up for Medicare. You may have to stop contributing to your HSA up to 6 months before your Medicare starts. You can withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses (like deductibles, premiums, copayments). If you contribute to your HSA after you have Medicare, you could be subject to a tax penalty by the IRS. See IRS Publication 969 for more information: IRS.gov/pub/irs-pdf/p969.pdf.