57 million people57 million people

Who Gets Benefits from Social Security?Who Gets Benefits from Social Security?

36.7 million Retired Workers2.9 million Dependents

8.8 million Disabled Workers, 2.1 million Dependents

4.3 millionWidows/ Widowers

1.9 millionDependent Children of

Workers

A Foundation for Planning Your Future

Your Age When You Retire Affects Your Benefits

If You’re A Worker and Retire:

At age 62, you get less money permanently

At your full retirement age, you get your full benefit

You get even more money if you wait past your full retirement age

Full Retirement Age Full Retirement Age If you were born between 1943 and 1954

Your full retirement age is 66If you were born between 1943 and 1954

Your full retirement age is 66

How Social Security Determines Your Benefit

Social Security benefits are based on earnings

Step 1 Your wages are adjusted for inflation

Step 2 Find the average of your 35 highest earnings years

Step 3 Result is “average indexed monthly earnings”

If You Work AND Receive Benefits …

8

IF YOU ARE YOU CANMAKE UP TO

IF YOU MAKE MORE, SOME

BENEFITS WILL BE WITHHELD

UNDER FULL RETIREMENT AGE $15,480/yr

($1290/mo)

$1 FOR EVERY $2

THE YEAR FULL RETIREMENT AGE IS

REACHED

$41,400/yr($3450/mo)

$1 FOR EVERY $3

MONTH OF FULL RETIREMENT AGE

AND BEYOND

NO LIMIT NO LIMIT

earnings limit calculator…go online

In Addition to the Retiree,Who Else Can Get Benefits?

Your Spouse

Your Child

At age 62

At any age if caring for child under 16 or disabled

Divorced spouses may qualify

Not married under 18(under 19 if still in high school)

Not married and disabled before age 22

Who Can Get Survivors Benefits?

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

Not married under age 18 (under 19 if still in high school)

Not married and disabled before age 22

If Your Child Is:

Widow or Widower:

65 & olderOR

Receiving Social Security disability benefits at least 24 months

ORPermanent Kidney failure

ORAmyotrophic Lateral Sclerosis (ALS)

Who Can Get Medicare?

Medicare Coverage and Premiums

13

PART DESCRIPTION PREMIUM

A HOSPITAL INSURANCE FREE for most workers

B MEDICAL INSURANCE 2014: $104.90* 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 1-800-333-2433

* May be more for higher income individuals – only affects 4% of total Medicare beneficiaries

When Can I Sign Up for Medicare Part B?

Initial – at age 65 Special – if still working General – January-March

Medicare Enrollment Periods:

62

www.healthcare.gov

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

  

my Social Security

my

Apply online at www.socialsecurity.govIt is the most convenient way to apply

Call Social Security to schedule an appointment

1-800-772-1213 Apply at your local Social Security office

How Do I Apply for Retirement Benefits?