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Social Security Administration

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.

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Social Security Administration

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  1. Social Security Administration

  2. 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 2.9 million wives & Husbands (6.3%)

  3. Who Pays for Social Security? Workers & Employers Payments to Beneficiaries

  4. The Social Security Statement

  5. Earning Social Security “Credits” • $1,050 earnings = one credit in 2008 • Can earn maximum of four per year • 40 credits needed for retirement benefits

  6. 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

  7. Retirement Age • Can take reduced benefits at 62 • To receive unreduced benefit, must wait until “Full Retirement Age”

  8. 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

  9. Born between 1943-1954 Full Retirement Age 66 Percent of full benefit payable 62 75% of Age 66 Amount

  10. How Does Work Affect Benefits?

  11. You Can Work & Still Receive Benefits If You AreYou 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

  12. What do we count as “earnings” Wages or business income--not pensions or investments

  13. 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

  14. 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

  15. 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

  16. 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

  17. http://www.socialsecurity.gov

  18. 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

  19. 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

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