social security administration
DESCRIPTION
Social Security Administration. Who Gets Benefits from Social Security?. 48 Million People. 5.0 million widows/ Widowers, mothers/ Fathers (11.0%). 6.3 million disabled Workers, 1.7 million dependents. 6.8 million survivors. 30.2 million Retired workers 3 million dependents. - PowerPoint PPT PresentationTRANSCRIPT
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Social Security Administration
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48 Million People48 Million People
30.2 millionRetired workers
3 milliondependents
30.2 millionRetired workers
3 milliondependents
6.3 million disabledWorkers, 1.7 million
dependents
5.0 million widows/Widowers, mothers/
Fathers (11.0%)
6.8 millionsurvivors
2.9 million wives &Husbands (6.3%)
Who Gets Benefits from Social Security?Who Gets Benefits from Social Security?
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Payments to
Beneficiaries
Workers&
Employers
Who Pays for Social Security?Who Pays for Social Security?
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The Social Security StatementThe Social Security Statement
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Earning Social Security “Credits”
$1,050 earnings = one credit in 2008
Can earn maximum of four per year
40 credits needed for retirement benefits
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Social Security benefits based on earnings: Step 1 - Adjust wages for inflation
Step 2 - Average over most of your working lifetime--(Your highest 35 years)
Step 3 - Result is “average indexed monthly earnings”
How Retirement Benefits Are Figured
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Retirement Age
Can take reduced benefits at 62
To receive unreduced benefit,
must wait until
“Full Retirement Age”
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Full Retirement Age
Year of Birth Full Retirement Age 1937 65 1938 65 & 2 months 1939 65 & 4 months 1940 65 & 6 months 1941 65 & 8 months 1942 65 & 10 months 1943-1954 66 1955 66 & 2 months 1956 66 & 4 months 1957 66 & 6 months 1958 66 & 8 months 1959 66 & 10 months 1960 & later 67
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Born between 1943-1954
Full Retirement Age
66
Percent of full benefit payable 62
75% of Age 66 Amount
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How Does Work Affect Benefits?
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You Can Work & Still Receive Benefits
If You Are You Can If You Make More,
Make Up To Some Benefits Will
Be Withheld
Under FRA $13,560/yr. $1 for ($1130/mo.)
every $2
Year of FRA $36,120/yr. $1 for ($3,010/mo.) every $3
Month of FRA No Limit No Limit
and Above
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What do we count as “earnings”
Wages or business income--not pensions or investments
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Age 63 - Retirement Date June 2008
Salary $53,920/12*6=$26,960
Report to SSA $26,960-$13,560 (Allowable
Amount) $13,400 / 2 = $6,700
$6700 excess/$670 (Monthly SSA benefit)
= 10 checks withheld
Hold Jan to Oct ~ Pay Nov to Dec
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Full Retirement Age 66 October 2008 Retirement Date June 2008
Salary $95,280/12 * 6 = $47,640
Report to SSA $47,640-$36,120 (Allowable Amount) $11,520 / 3 = $3,840
$3,840 excess/$1,280 (monthly SSA Benefit) = 3 checks withheld
Hold January to March 2008 ~ Pay April to December 2008
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Necessary Evidence for Filing
Social Security Number, each applicant Birth certificate W-2 or self-employment tax return Future earnings estimate Bank information for direct deposit Information re marriages, divorces, etc. Information about military, railroad service
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Starting the Application Process
Call toll-free 1-800-772-1213
Available business days, 7:00 a.m. to 7:00 p.m.
Set up telephone or in-office appointment
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http://www.socialsecurity.gov
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Who to Contact
For help with application:
- Call SSA at 1-800-772-1213, or www.socialsecurity.gov
For information on the PDP- Call CMS at 1-800-
MEDICARE, or www.medicare.gov
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Local Offices
1234 Market Street 3901 Market Street 3336 S Broad Street 2929 North Broad Street 2373 Welsh Road 3400 Aramingo Avenue 6120 Woodland Avenue 1514 W Cecil B Moore Avenue 5000 Wissahickon Avenue