Social Security With You Through Lifes Journey Produced
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Social Security: With You Through Life’s Journey Produced at U. S. taxpayer expense
Presentation Overview – 2020 • • Program Introduction Retirement Benefits Disability Benefits Spouse Benefits Survivor Benefits Medicare Coverage Q&A Information contained in this presentation is subject to changes in legislation, policies, or procedures SSA. gov
my Social Security ssa. gov/myaccount SSA. gov
my Social Security Services • Review your Social Security Statement annually • In some states, request a replacement Social Security (SSN) card • Check the status of your application or appeal • Get a benefit verification letter for proof of income • Change your address, phone #, or direct deposit info • Get a replacement SSA-1099 for taxes • Get a replacement Medicare Card • Submit your advance designation of representative payee request SSA. gov
Advance Designation of Representative Payees What is it? • Effective March 2020, Advance Designation of Representative Payees allows you to designate in advance up to three individuals who could serve as a representative payee for you, should the need arise. Who is it for? • Adult and emancipated minor applicants and beneficiaries of Social Security or Supplemental Security Income, who do not have a representative payee SSA. gov
Retirement Estimator Gives estimates based on your actual Social Security earnings record • You can use the Retirement Estimator if: • You have enough Social Security credits at this time to qualify for benefits and • You are not: • Currently receiving benefits on your own Social Security record; • Waiting for a decision about your application for benefits or Medicare; • Age 62 or older and receiving benefits on another Social Security record; or • Eligible for a Pension Based on Work Not Covered By Social Security. socialsecurity. gov/estimator SSA. gov
Report scams/fraud: oig. ssa. gov Need Help? Identity. Theft. gov SSA. gov
Over 63 Million Receiving Benefits (Over $940 Billion Per Year) *Based on 2020 annual Social Security Trustees Report led nts b sa nde i D pe M e ses u 7 D. o 8 Sp M r o 7 v 1. urvi S 6 M 2 M Survivor Children 42. 5 M Retired Workers 3 M Dependents SSA. gov
00 0: 00 00 : 90 5 07. 1 27. 0: 00 00 : 90 5 07. 1 25. 0: 00 00 : 90 5 07. 1 23. 0: 00 00 : 07. 1 90 5 0: 00 00 : 90 5 21. 0: 19. 07. 1 90 5 07. 1 17. 0: 00 00 00 : 07. 1 90 5 0: : 0 0 15. 13. 07. 1 90 5 5 0: 00 00 00 : 19 0 11. 07. 90 5 0: 07. 1 90 5 09. 07. 1 07. 0: 00 *Based on 2020 annual Social Security Trustees Report $3, 00 $2, 50 $2, 00 $1, 50 $1, 00 Social Security Trust Funds Will Be Able To Pay About 79 $0, 50 Cents for Each Dollar of $0, 00 Scheduled Benefits after 2035 ($0, 50) 00 : Trillions of CPI-Indexed Dollars Social Security in the Future SSA. gov
We Wouldn’t Miss Your Retirement Party SSA. gov
How Do You Qualify? • 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, 410 in earnings gives you one credit • You can earn a maximum of 4 credits per year Note: To earn 4 credits in 2020, you must earn at least $5, 640. 00. SSA. gov
How Social Security Determines Your 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” Consult your my Social Security account or the online Estimator SSA. gov
2020 Retirement Benefit Formula If your average monthly earnings are = $6, 000 Then your monthly benefit would be = $2, 440 90% of First. . . . $960 is $864 32% of Earnings over $960 through $5, 785. . . $4, 825 is $1, 544 ($5, 785 -$960=$4, 825) 15% of Earnings over $5, 785. . . $215 is $32 $6, 000 is $2, 440 *Payments rounded to whole dollar amounts SSA. gov
Year of Birth Full Retirement Age (FRA) 1943 -1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 + 67 SSA. gov
Working While Receiving Benefits If you are You can make up to If you earn more, some benefits will be withheld Under Full Retirement Age $18, 240/yr. $1 for every $2 The Year Full Retirement Age is Reached $48, 600/yr. before month of full retirement age $1 for every $3 Month of Full Retirement Age and Above No Limit 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. SSA. gov
Taxation of Social Security Benefits Your adjusted gross income + Nontaxable interest + ½ of your Social Security benefits = Your "combined income” Federal Tax Filing Status “Combined Income” Taxable Percentage Individual $25, 000 - $34, 000 50% Individual Over $34, 000 85% Married Jointly $32, 000 - $44, 000 50% Married Jointly Over $44, 000 85% SSA. gov
We’re There If The Unexpected Happens SSA. gov
Disability Definition • Must have a physical or mental impairment (or combination of conditions) • Inability to perform substantial work activity (SGA, 2020): Disability ($1, 260/month) Blind ($2, 110/month) • Disability expected to last 12 consecutive months or result in death • We consider age, education and past work activity SSA. gov
We’ll Be Here For Your Family SSA. gov
Social Security Spouse’s Benefits • Born after 1/1/1954? Must apply for your own benefit first • Earliest Age: 62 (reduced payment) • Spouse payment rate: up to 50% of worker’s full benefit amount (does not reduce payments to worker) • Divorced Spouse: 10 -year marriage and single (former spouse not required to apply for own benefit, at least 62) • Calculation: If own full benefit is less than 50% of the worker’s full benefit, then benefits are combined SSA. gov
Spouse Benefit Computation Kelly’s own Full Retirement Age (FRA) benefit = $800 Kelly’s spouse/Ex-spouse FRA amount = $2, 000 $1, 000 Kelly’s max spouse benefit (50% of $2, 000) - $800 Kelly’s own FRA benefit $200 Kelly’s spousal payment Kelly's spousal benefit ($200) is added to Kelly’s own FRA benefit ($800) for a total benefit of $1, 000 SSA. gov
Survivor Benefits • Full survivor benefit at Full Retirement Age – (payments reduced if deceased worker received early retirement); or • At age 60, receive 71. 5% of deceased’s Full Retirement Age benefit; waiting increases payment amount; or • If disabled, receive as early as age 50; or • Caring for minor child of the deceased who is under age 16 • Surviving Divorced Spouse: 10 -year marriage required • Must be unmarried unless remarriage after age 60 (50 if disabled) SSA. gov
Survivors Benefits - Notes • If Worker is deceased before surviving spouse reaches retirement age, spouse can draw reduced survivors benefits and then switch to own retirement later • Earnings limits apply to both survivors and spouses benefits SSA. gov
Benefits for Children SSA. gov
Age 65 After 24 months of SSDI Medicare Eligibility ALS Kidney failure SSA. gov
Initial Enrollment Period Begins 3 months before your 65 th birthday and ends 3 months after that birthday General Enrollment Period January 1 – March 31 Medicare Enrollment Special Enrollment Period If 65 or older and covered under a group health plan based on your – or your spouse’s – current work. SSA. gov
Medicare Coverages Part A – Hospital Insurance Ø Covers most inpatient hospital expenses Ø 2020 Deductible $1, 408 Part B – Medical Insurance Ø Covers 80% doctor bills & other outpatient medical expenses after first $198 in approved charges Ø 2020 standard monthly premium $144. 60 Some current beneficiaries may pay less Part D- Medicare Prescription Drug Plan Ø Covers major portion of prescription drug costs Ø Annual Enrollment Period: October 15 – December 7 Ø Extra Help Program – Helps pay drug costs for those with low income/resources. Visit website for details. SSA. gov
Medicare Resources 1 -800 -MEDICARE www. medicare. gov SSA. gov
Applying for Benefits 3 options available: Online at Social. Security. gov By phone 1 -800 -772 -1213 At our office (call for appointment) SSA. gov
SSA. gov
www. ssa. gov/locator SSA. gov
Protect Yourself from Social Security Scams Be on the lookout for fake calls and emails If you receive a suspicious call… • HANG UP • DO NOT GIVE MONEY OR PERSONAL INFORMATION • REPORT THE SCAM AT OIG. SSA. GOV SSA. gov
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