1 Social Security 101

2  It is a personal decision  Decide what is the “right” age  Working after retirement?  Medicare considerations  Use tools on SSA’s website to help you make an informed decision Thinking of Retiring?

3 Your Online Account... Your Control... my Social Security is an easy-to-access, easy-to-use portal to view and update some of your own Social Security information. my Social Security my

4 If you don’t get benefits, you can—  View, save, and print your online Social 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. my Social Security Services

5 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 paid;  Information about qualifying and signing up for Medicare; and  A printable version of your Social Security Statement.

6 How Do You Qualify for Retirement Benefits?  You need to work to earn Social Security “credits”  Each $ 1,260 in earnings gives you one credit  Max. of 4 credits per year  Must have 40 Credits (10 years of work) to receive a monthly benefit  Based on Highest 35 years of work  To earn 4 credits in 2016, you must earn at least $ 5,040 Gross at any point in the year..

7 Full Retirement Age Year of BirthFull Retirement Age 1937 or earlier & 2 months & 4 months & 6 months & 8 months & 10 months 1943 – & 2 months & 4 months & 6 months & 8 months & 10 months 1960 or later67

8 Your Age At The Time You Elect Retirement Benefits Affects the Amount  Age 6275% of benefit  Age 66100% of benefit  Age 70132% of benefit For example, if you were born from 1943 through 1954:

9 Use the Retirement Estimator  Convenient, secure, and quick financial planning tool  Immediate and accurate benefit estimates  Lets you create “What if” scenarios based on different ages and earnings

10 In Addition to the Retiree, Who Else Can Get Benefits? Your Child  Biological or Adopted Child not married and under 18 or under 19 if in high school  Not married and disabled before the age of 22 Your Spouse  Age 62 or older with little or no work history  At any age, if caring for a child under age 16 or disabled

11 Spouse’s Benefit Computation  Benefit is up to 50% of worker’s benefit Receive 50% if spouse is full retirement age  Reduction for early retirement Example: Age 62-35%  The worker must be receiving benefits  Does not reduce payment to worker  If spouse’s own benefit is less than 50% of the worker’s, the benefits are combined

12 In Addition to the Retiree, Who Else Can Get Benefits? Divorced Spouse Criteria  Marriage lasted at least 10 years  Age 62 or older and unmarried  Divorced at least two years.  Ex-spouse must be at least age 62  Ex-spouse does not have to receive benefits.  Ex-spouse’s benefit amount has no effect on the amount you or your current spouse can get  If own benefit is less than 50% of the worker’s, the benefits are combined

13  Ricky receives $1200 a mo. Lucy files for benefits, she is entitled to $1000 a mo. Lucy would not qualify for spousal benefits because her amount is more than half of his. She can provide for her needs through her benefit amount. Lucy is not dependent on Ricky’s benefit.  Edith receives $1800 a mo. Her husband, Archie files for benefits, he is entitled to $ a mo. Archie will receive $ from his record and an additional $ from Edith’s record. (Remember: Archie cannot receive the extra $300 until Edith files for benefits) Examples of Spouse’s Benefits

14 Who Can Get Survivors Benefits? Your Child if:  Not married under age 18 or 19 if in high school  Not married and disabled before age 22 Widow or Widower:  Reduced benefits at age 60  Full benefits at full retirement age  At any age if caring for child under 16 or disabled  Divorced widows/widowers may qualify

15 Widow or Widower Benefit Computation  At age 60, 71.5% of deceased worker’s unreduced benefit  At Full Retirement Age, 100% of deceased worker’s benefit  Reduced widow/widower benefits at age 60, then switch to another record at age 62 or older  Full benefits to both widow or widower and divorced widow or widower

16 You Can Work & Still Receive Benefits You CanIf You Make More, If You AreMake Up ToSome Benefits Will Be Withheld Under Full Retirement Age $ 15,720/yr. ( $ 1,310/mo.) $ 1 for every $ 2 The Year Full Retirement Age is Reached $ 41,880/yr. ( $ 3,490/mo.) $ 1 for every $ 3 Month of Full Retirement Age and AboveNo LimitNo 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.

17  Earliest point to contact SSA is 3 months.  Apply online at Why Online? – Safe, Secure and Fast Why Online? – Safe, Secure and Fast It is the most convenient way to apply! If you are not online, you are waiting in line.  Call Social Security to schedule an appointment ; or  Apply at your local Social Security office. How Do I Apply for Retirement Benefits?

18 Applying for Retirement Benefits

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20 What Will You Need When Applying for Your Social Security Benefits?  Social Security number for each applicant  Proof of age (only if date of birth allegation doesn't match Social Security records)  Latest W-2 or self-employment tax return  Earnings estimate (Working and under FRA)  Bank information for direct deposit  Information about marriages/divorces  Information about military or railroad service

21 Payment Delivery Day  No partial month benefits (for age 62 must be born 1st or 2nd day of the month)  Benefits paid the month following the month they are due. (June’s payment issued in July)  Pay date based on day of workers birth: 1 st through 10th - 2nd Wednesday 11th through 20th - 3rd Wednesday 21st through 31st - 4th Wednesday  If drawing benefits before June 1, 1997 paid on 3rd day of the month.

22 Social Security Embraces Social Media Discover us on Facebook, Twitter, YouTube, and Pinterest View popular agency webinar videos at Sign-up to get s and SMS/Texting when we update popular web pages

23 Medicare

24 65 & older -or- 24 months after entitlement to Social Security disability benefits -or- Amyotrophic Lateral Sclerosis -or- Permanent kidney failure and receive maintenance dialysis or a kidney transplant -or- Exposure to Environmental Health Hazards (New Legislation) When Can I Get Medicare?

25 Don’t Forget about Medicare  Medicare Part A: Inpatient- No Premium  Medicare Part B: Outpatient- $ a mo. (2016)  Medicare Part D: Prescription Drugs (Avg. $34)  Note: SSA is not involved with Part C plans: HMOs, Advantage Plans, etc.  Contact Georgia Cares for assistance: or mygeorgiacares.org

26 Don’t Forget about Medicare  If receiving cash benefits before age 65, automatically enrolled into Medicare Part A and Part B. Premiums are deducted from benefit.  If still working at age 65 and covered by health insurance from current employer or spouse’s employer, apply for the Medicare Part A only. Once you or spouse, stop working, have 8 months to contact Social Security to enroll into Medicare Part B. Failure to do so could result in a 10% penalty for each year you fail to enroll into Part B.  If not working and not covered under spouse’s employer’s health insurance and waiting to start cash benefits after age 65, contact Social Security 3 months before 65 to apply for Medicare only. Will pay Medicare directly on a quarterly basis until cash benefits are started.

27 Example of a Medicare Card

28 For More Medicare Information MEDICARE ( ) TTY

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