58 million people who gets benefits from social security? 37.9 million retired workers 2.9 million...
TRANSCRIPT
58 million people58 million people
Who Gets Benefits from Social Security?Who Gets Benefits from Social Security?
37.9 million Retired Workers2.9 million Dependents
8.9 million Disabled Workers, 2.1 million Dependents
4.3 millionWidows/ Widowers
1.9 millionDependent Children of
Workers
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 $15,720/yr
($1310/mo)
$1 FOR EVERY $2
THE YEAR FULL RETIREMENT AGE IS
REACHED
$41,880/yr($3490/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 2015: $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
What if I am age 65 and still Working…..
If you are age 65 or older, and you or your spouse are still working and you are covered under a group health plan based on current employment, you may not need to apply for Medicare Medical Insurance (Part B) at age 65.
You may qualify for a "Special Enrollment Period" (SEP) that will let you sign up for Part B at at a later date with No Penalty. (page 12 Medicare booklet)
SEP offers you an eight-month period to sign up that begins with the month after your group health plan ends or the current employment it is based on ends, whichever comes first.
CMS – L564 employer verification SSA - 40B application for Medicare