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Social Security: With You Through Life’s Journey…

Join us for a webinar to learn about Social Security benefits, Medicare filing considerations, online services, the future of Social Security, and more. Get answers to your questions and stay informed about your Social Security benefits.

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Social Security: With You Through Life’s Journey…

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  1. Social Security: With You Through Life’s Journey… Missouri CLAIM Webinar – June 2019 Produced at U.S. taxpayer expense

  2. Our Training Agenda • Social Security Benefit Overview • Medicare Filing Considerations • Online Services and Helpful Resources • The Future of Social Security • Questions and Answers

  3. Did You Know? About 177 million workers will pay Social Security taxes in 2019. About 94 percent of all workers are covered or eligible under Social Security.

  4. Social Security Beneficiaries December 2018

  5. Social Security Insurance Benefits • Disability • Social Security (SSDI) • Supplemental Security Income (SSI) • Retirement / Survivor • Medicare

  6. Other Eligibility Factors

  7. We’re With You If The Unexpected Happens

  8. Disability Benefit Statistics • As of December 2018, Social Security paid an average monthly disability benefit of $1,096.99That’s barely enough to keep a beneficiary above the poverty guidelines ($12,490 annually). • According to the U.S. Census Bureau, 56.7 million peopleliving in the United States - 19% of the population - live with a disability. • 38.3 million people - 13% of the population - live with a severe disability.

  9. Social Security Disability Insurance (SSDI) • What is it? • SSDI is a program to provide income supplements to people who are no longer able to work because of a significant disability. • Who is it for? • People who are no longer able to perform substantial work activity may qualify if they: • have a medical condition that’s expected to last at least one year or result in death, • are younger than full retirement age (FRA) and earn less than the substantial gainful activity (SGA) limit, • are blind and at least age 55 for certain individuals, and have • earned a certain number of work credits.

  10. Supplemental Security Income (SSI) What is it? SSI is a federal program that provides monthly payments to people who have limited income and few resources. Who is it for? People who are 65 or older, as well as for those of any age, including children, who are blind or who have disabilities.

  11. SSDI vs. SSI

  12. We Wouldn’t Miss Your Retirement Party

  13. Did You Know? As of December 2018, 43.7 million retired workerswere receiving 63.9billion dollarsin Social Security benefits per month. At the same time, 3.1 million dependentsof retired workers were receiving 2.3 billion dollarsin monthly Social Security benefits.

  14. How Do You Qualify for Retirement Benefits? • By earning “credits” when you work and pay Social Security taxes • You need 40 credits (10 years of work) and you must be 62 or older • Each $1,360 in earnings gives you one credit • You can earn a maximum of 4 credits per year Note: To earn 4 credits in 2019, you must earn at least $5,440.

  15. 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”

  16. What Is the Best Age to Start Receiving Social Security Retirement Benefits? Age You Choose to Start Receiving Benefits Note: This example assumes a benefit of $1,000 at a full retirement age of 66

  17. Online Calculators WEP Online Calculator Life Expectancy Earnings Test Retirement Benefits for Spouses Early or Late Estimator Quick GPO Detailed Age

  18. Medicare Part A = Hospital Insurance Part B = Medical Insurance Part C = Medicare Advantage Plans Part D = Prescription Drug Plans Visit Medicare.gov for details

  19. Medicare Part B Coverage

  20. Medicare standard Part B premium for 2019 If you’re single and file an individual tax return, or married and file a joint tax return:

  21. Extra Help Program Medicare beneficiaries may qualify for Extra Help with their Medicare prescription drug plan costs. Extra Help is estimated to be worth about $4,900 per year. Find out if you qualify at socialsecurity.gov/extrahelp

  22. Medicare Applications If you already have Medicare Part A and wish to add Medicare Part B, simply take or mail forms CMS-40B and CMS-L564 to your local Social Security office socialsecurity.gov/medicare/apply.html

  23. Medicare Filing Considerations • Automatic enrollment (Parts A & B) for individuals entitled to cash benefits prior to age 65. • Cannot withdraw from Medicare (Part A) but may decline Part B • File for Medicare only at age 65 and start cash benefits at a later time. • Individuals receive bills from CMS (Center for Medicare Services) • Coverage may start prior to filing date (retroactivity)

  24. Medicare Filing Considerations • Medicare entitlement may be established on one record and switch to another • Retirement/disability to survivor benefits on another record • New card (same number) likely issued • Health Savings Accounts (HSAs) – IRS Rules • Cannot make contributions while enrolled in Medicare (any part) • If filing after age 65, coverage may start prior to filing date • Can use HSA monies to pay for Medicare premiums

  25. mySocial Security socialsecurity.gov/myaccount

  26. mySocial Security Services • If you receive benefits or have Medicare, you can: • Request a replacement Social Security card if you meet certain requirements; • Report your wages if you work and receive Disability Insurance (SSDI) and/or Supplemental Security Income (SSI) benefits; • Get a benefit verification letter as proof that you are getting benefits; • Check your benefit and payment information and your earnings record; • Change your address and phone number; • Start or change direct deposit of your benefit payment; • Request a replacement Medicare card; and • Get a replacement SSA-1099 or SSA-1042S for tax season.

  27. mySocial Security Services • If you do not receive benefits, you can: • Request a replacement Social Security card if you meet certain requirements; • Check the status of your application or appeal; • Get a benefit verification letter as proof that you are not getting benefits; • Get your Social Security Statement to review: • Estimates of your future retirement, disability, and survivor benefits; • Your earnings once a year to verify the amounts that we posted are correct; and • The estimated Social Security and Medicare taxes you’ve paid.

  28. Enhanced Security for your mySocial SecurityAccount • We recently added a second method to check the identification of account holders when you register or sign in. • This is in addition to the first layer of security, your username and password. • You will be able to choose either your cell phone or your email address as your second identification method.

  29. Enhanced Security for your mySocial SecurityAccount (cont.) Each time you sign in to your account, you will complete two steps: • Step 1: Enter your username and password. • Step 2: Enter the security code we send by text message or email, depending on your choice (cell phone provider text message and data rates may apply). If a user does not have a text-enabled cell phone, or does not wish to provide their cell phone number, they will need to use their email address as a second identification method instead.

  30. How to Open a mySocial SecurityAccount 1 Visit socialsecurity.gov/myaccount 2 Select: “Sign In or Create anAccount.” Provide some personal information to verify your identity. 3 4 Choose a username and password, then select how you would like to receive a one-time security code to create your account. No matter what type of device you use, the my Social Securityportal will automatically re-adjust to fit the appropriate screen size, providing you full, easy-to-use access to your personal account!

  31. mySocial Security You can assist someone in creating a mySocial Securityaccount if they: • are with you; • have their own email address; • can answer the “out of wallet” questions; and • have been appointed a payee. You cannot create a mySocial Securityaccount on behalf of another person by using another person's information or identity, even if you have that person's written permission. For example, you cannot create an account for another person: • with whom you have a business relationship; • for whom you are a representative payee; or • for whom you are an appointed representative.

  32. mySocial Security You can visit your local field office to obtain a unique activation code. You will need to bring in proof of identity in one of the following forms (must be current): • State driver's license or identity card; • U.S. passport or passport card; • U.S. military identification; or • U.S. government employee identification card.

  33. Applying for Benefits 3 options available to apply: Online By phone 1-800-772-1213 At our office You choose the most convenient option for you! Note: Child and survivor claims can only be done by phone or in a field office (not online) at this time.

  34. Scheduling Appointments • Protective Filing Date: The day we receive notification (written/oral/online) of the intent to file an application • Appointment Date: When we take an application in person or via phone • Estimated Time: 6-8 weeks depending on the office • National 800#, Field Offices: All employees are not Claims Specialists – limited knowledge

  35. Online Application: Checklist & Tips • Review/share the Checklist with clients • Applications are reviewed and processed by a real person – Claims Specialists (FO/PSC) • Remarks Section: provide additional information, indicate uncertainty about particular questions/answers, request callback from a Claims Specialist • Use mySocial Security account to check status

  36. SSA Website Highlights • Online Services:www.socialsecurity.gov/onlineservices • Forms:www.socialsecurity.gov/forms • Publications:www.socialsecurity.gov/pubs • FAQs:https://faq.ssa.gov/en-US

  37. We’ll Be Here For Your Family In The Future

  38. Birth Rates Source: 2017 Trustees Report Table V.A1.

  39. Life Expectancy Statistics • A man reaching age 65 today can expect to live, on average, until age 84.3. • A woman turning age 65 today can expect to live, on average, until age 86.7. • And those are just averages. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95. socialsecurity.gov/planners/lifeexpectancy.html

  40. Social Security in the Future • The two Social Security trust funds – Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) will be able to pay all benefits in full and on time until 2035. • The trust funds have reached the brink of asset reserve depletion in the past, but Congress made substantial modifications to avoid this. • If Congress does not act before 2035, the trust funds will still be able to pay 80 percent of each benefit due.

  41. Q&A session

  42. Social Security: With You Through Life’s Journey… Produced at U.S. taxpayer expense

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