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Social Security. www.socialsecurity.gov. A Foundation for Planning Your Future. OTHER INCOME. SAVINGS & INVESTMENTS. PENSION. SOCIAL SECURITY. Who Gets Benefits from Social Security?. 57 million people. How Do You Qualify for Retirement Benefits?. You need to work to earn

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Social Security

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Social security

Social Security

www.socialsecurity.gov


Social security

A Foundation for Planning Your Future

OTHER INCOME

SAVINGS & INVESTMENTS

PENSION

SOCIAL SECURITY


Social security

Who Gets Benefits from Social Security?

57 million people


Social security

How Do You Qualify for Retirement Benefits?

  • You need to work to earn

  • Social Security “credits”

  • Each $1,200 in earnings

  • gives you one credit

  • You can earn a maximum of 4 credits per year

  • Example: To earn 4 credits in 2014, you must earn at least $4,800. Earning 40 credits (10 years of work) throughout your working life will qualify you for a retirement benefit.


Social security

Thinking of Retiring?

  • 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


Social security

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


Social security

Your Age at the Time You Elect Retirement Benefits Affects the Amount

For example, if you were born from 1943 through 1954:

  • Age 6275% of benefit

  • Age 66100% of benefit

  • Age 70132% of benefit


Social security

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 disabledbefore age 22

  • Your Spouse

  • Age 62 or older

  • At any age, if caring for a child under age 16 or disabled


Social security

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


Social security

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

Spouse’s Benefit Computation


Social security

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 highestearnings years

  • Step 3 -Result is “average indexed monthly earnings”

25


Social security

2014 Retirement Benefit Computation Example

If your average monthly earnings are=$5,200

Then your monthly benefit would be=$2,088

Average Monthly Earnings$5,200

90% of First$816=$734

32% of Earnings over $816 through $4,917$4,101=$1,312

($4,917-$816=$4,101)

15% of Earnings over $4,917$283=$42

$5,200$2,088


Social security

What You Can Expect at Full Retirement Age

55%

41%

34%


Social security

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.


Social security

Your Benefits Can Be Taxable

  • About 1/3 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.


My social security

mySocial Security

  • Your Online Account ... Your Control ... www.socialsecurity.gov/myaccount

my

  • mySocial Security is an easy-to-access, easy-to-use portal to view and update some of your own Social Security information.


Social security

Who Can Create a mySocial Security Account?

You must be at least 18 years old and have:

  • A valid E-mail address;

  • A Social Security number; and

  • A U.S. mailing address.


My social security services

mySocial Security Services

If you don’t get benefits, you can—

  • View, save, and print your onlineSocial Security Statement.

    If you do get benefits you can—

  • Get your benefit verification letter;

  • Check your benefit and payment information and your earnings record;

  • Change your address and phone number; and

  • Start or change your direct deposit.


Your online social security statement provides

Your Online Social Security Statement Provides

  • Estimates of the retirement and disability benefits you may receive;

  • Estimates of benefits your family may get when you receive Social Security or die;

  • A list of your lifetime earnings according to Social Security’s records;

  • The estimated Social Security and Medicare taxes you’ve paid;

  • Information about qualifying and signing up forMedicare; and

  • A printable version of your Social Security Statement.


Social security

Social Security’s Online Services

www.socialsecurity.gov

  • Online Services for before or after you receive benefits

  • Social Security Statement

  • Change of Address and Phone Number

  • Get a Benefit Verification Letter

  • Start or Change Direct Deposit

  • Retirement Estimator

  • Retirement & Disability Applications

  • Medicare Online

  • Apply for Extra Help With Medicare Drug Plan Costs

  • Retirement/Survivors/Disability Planner

  • Medicare Card Replacements


Social security publications

Social Security Publications

  • Online Retirement Estimator http://www.socialsecurity.gov/pubs/EN-05-10510.pdf

  • Retirement Benefits

    http://www.socialsecurity.gov/pubs/EN-05-10035.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.pdf

  • How to Create An Online Account http://www.socialsecurity.gov/pubs/


Social security publications cont d

Social Security Publicationscont’d

  • Retire Online – It’s So Easy! http://www.socialsecurity.gov/pubs/10522.pdf

  • 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


Social security

Questions?


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