Home >Documents >Retirement Planning Today for Tomorrow’s Future · Retirement Planning Today for Tomorrow’s...

Retirement Planning Today for Tomorrow’s Future · Retirement Planning Today for Tomorrow’s...

Date post:29-May-2020
Category:
View:0 times
Download:0 times
Share this document with a friend
Transcript:
  • Retirement Planning Today for Tomorrow’s Future2019

    Presented by: Jessica SrinivasanClaim Specialist Social Security Administration4990 S Clyde Morris Blvd Port Orange, Fl 32127866-210-8089

  • RETIREMENT BENEFITS

    How You Qualify For Social Security RetirementFactors To Consider When Deciding When To File

    2www.socialsecurity.gov

  • 3www.socialsecurity.gov

    • You need to work to earn Social Security “credits”

    • Each $1,360 in earningsgives you one credit

    • You can earn a maximumof 4 credits per year

    Example: To earn 4 credits in 2019, you must earn at least $5,440. Earning 40 credits (10 years of work) throughout your working life will qualify you for a retirement benefit.

    How You Qualify for Benefits

  • 4www.socialsecurity.gov

    How You Know if You are Insured –The Online Social Security Statement will tell you www.socialsecurity.gov/myaccount

    As part of cost-saving measures due to the continuing resolution, an agency decision was made to mail fewer paper Social Security Statements.

    We will only mail Statements to people age 60 and over, who are not getting benefits, and don’t have a my Social Security account.

    Individuals unable to create a my Social Security account can request a mailed Statement by visitingwww.SocialSecurity.gov/myaccount

    http://www.socialsecurity.gov/myaccount

  • 5

    Your Age at the Time You Elect Retirement Benefits Affects the Amount

    If You’re a Worker and Retire• At age 62, you get a lower monthly

    payment

    • At your full retirement age,

    you get your full benefit

    • Between your full retirement age and

    age 70, you earn Delayed Retirement

    Credits (DRC 8% per year), which

    increases your monthly payment.

    www.socialsecurity.gov

  • 6

    File Early or Delay Filing? https://www.ssa.gov/OACT/quickcalc/early_late.html

    www.socialsecurity.gov

  • 7

    Percentages Based on Year of Birth

    Year of Birth

    Full Retirement

    Age%

    at age 62%

    at age 70

    1943-1954 66 75.0% 132.00%

    1955 66 + 2 months 74.2% 130.67%

    1956 66 + 4 months 73.3% 129.33%

    1957 66 + 6 months 72.5% 128.00%

    1958 66 + 8 months 71.7% 126.67%

    1959 66 + 10 months 70.8% 125.33%

    1960 or later 67 70.0% 124.00%

  • 8

    How Social Security Determines Your Benefithttps://www.ssa.gov/pubs/EN-05-10070.pdf

    Social Security benefits are based on your lifetime earnings• Step 1 –We adjust or “index” your actual earnings to account for changes in

    average wages over time

    • Step 2 –We find your average indexed monthly earnings using the 35 years in which you earned the most (do not need to be consecutive, do not need to be most recent, does not even have to a full 35 years)

    • Step 3 –We apply a formula to your “average indexed monthly earnings” and arrive at your basic benefit or primary insurance amount

    www.socialsecurity.gov

  • http://www.socialsecurity.gov/pubs/EN-05-10070.pdf

    FAQs related to benefit computation -www.socialsecurity.gov/faq

    2019 Maximum Social Security Benefit Paid At Full

    Retirement Age

    $2,861

    2019 Maximum Taxable Earnings

    $132,900

  • 10

    Retirement Estimatorwww.socialsecurity.gov/estimator

    www.socialsecurity.gov

    • Convenient, secure, and quick financial planning tool

    • Immediate and accurate benefit estimates

    • Lets you create “What if” scenarios based on different ages and earnings

  • 11

    Example of the Results

    www.socialsecurity.gov

  • 12

    Social Security Benefits and Taxationhttp://www.socialsecurity.gov/planners/taxes.htm

    www.socialsecurity.gov

    ** Combined income is: Your adjusted gross income+ Nontaxable interest

    + ½ of your Social Security = Your “Combined Income”

    If you file as an “individual” and your combined income is:

    • Between $25,000 and $34,000, you have to pay income tax on up to 50% of your benefits.

    • More than $34,000, up to 85% of your benefits may be taxable.

    If you file a “joint return” and your combined income is:

    • Between $32,000 and $44,000, you have to pay income tax on up to 50% of your benefits.

    • More than $44,000, up to 85% of your benefits may be taxable.

  • AUXILIARY AND SURVIVOR BENEFITS

    Other People Could Be Entitled On Your RecordWhen You File Affects The Survivor Benefit

    13www.socialsecurity.gov

  • 14

    Other Benefits on the Retiree’s Record

    Your Child• Not married-under 18 (under 19 if still in high

    school)

    • Not married and disabled before age 22

    Your Spouse • Age 62 or older

    • At any age, if caring for a child under age 16 or disabled

    www.socialsecurity.gov

  • 15

    Divorced Spouse’s Benefits

    • Marriage lasted at least 10 years• Be unmarried at the time of filing• Ex-spouse 62 or older • Divorced at least two years and you

    and your ex-spouse are at least 62, he or she can get benefits even if you are not retired

    • Ex-spouse’s benefit amount has no effect on the amount you or your current spouse can get

    www.socialsecurity.gov

  • 16

    Survivor Benefits

    Widow or Widower:• Full benefits at full retirement

    age

    • Reduced benefits at age 60

    • If disabled as early as age 50

    • At any age if caring for child under 16 or disabled

    • Remarriage after age 60 (50 if disabled)

    • Divorced widow/widowers may

    qualify

    Your Child if:

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

    • Not married and disabled before age 22

    www.socialsecurity.gov

  • 17

    Computations

    • Benefit is 50% of worker’s unreduced full retirement amount (not age 70)

    • Reduction for early retirement

    • If spouse’s own benefit is less than 50% of the worker’s, the benefits are combined

    • Does not reduce payment to worker

    50% -Spousal Benefits

    You could be entitled up to half of your spouse's benefit.

    www.socialsecurity.gov

    100% -Survivor BenefitYou could be entitled up to 100% of your deceased spouse’s (divorced

    spouse’s) benefit• You will be entitled up to 100% of a deceased

    spouse's (divorced spouse’s) benefit or your own, whichever benefit is higher

    • At full retirement age, 100% of deceased worker’s unreduced benefit

    • At age 60, 71.5% of deceased worker’s unreduced benefit

    • Reduced benefits on one record at age 60, reduced or unreduced benefit on other record at age 62 or older

  • 18

    How to Work and Receive Benefits

    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.

    If You Are You Can Make Up ToIf You Make More,

    Some Benefits Will Be Withheld

    Under FRA* in 2018Under FRA* in 2019

    $17,040/yr. ($1,420/mo.)$17,640/yr. ($1,470/mo.)

    $1 for every $2

    Turning FRA* in 2018Turning FRA* in 2019

    $45,360/yr. ($3,780/mo.)$46,920/yr. ($3,910/mo.) $1 for every $3

    Month You Attain Full Retirement Age &

    ContinuingNo Limit No Limit

    www.socialsecurity.gov

    *FRA = Full Retirement Age

  • 19

    How to apply for benefits

    www.socialsecurity.gov

    • You can apply for benefits three months before you want your payments to start.

    • Benefits are paid the month after they are due. (Go to https://www.ssa.gov/pubs/EN-05-10031.pdf for a payment calendar)

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

    • Call Social Security to schedule an appointment 1-800-772-1213 (TTY 1-800-325-0778)

    https://www.ssa.gov/pubs/EN-05-10031.pdf

  • STRATEGIES

    If You Change Your MindFile And SuspendDeemed Filing Rules

    20www.socialsecurity.gov

  • 21

    If you change your mindhttp://www.socialsecurity.gov/retire2/withdrawal.htm

    www.socialsecurity.gov

    Unexpected changes may occur after you makeyour decision about when to start your SocialSecurity Retirement benefits.

    You may be able to withdraw your SocialSecurity claim and re-apply at a future date.

    • The withdrawal must be within 12 months of when you became entitled to retirement benefits.

    • You are limited to one withdrawal per lifetime.

    • You must repay all the benefits you and your family received.

    • If you’re also entitled to Medicare, you will need to decide whether or not you’re also withdrawing Medicare.

  • 22

    File and Suspendhttps://www.ssa.gov/planners/retire/suspend.html

    www.socialsecurity.gov

    Effective April 30, 2016 If you suspend your benefits, everyone else collecting on your record is suspended as well with the exception of divorced spouses. Also, if you do suspend your benefits, we will only permit reinstatement beginning with the month after the month of the request.

    • If you have reached full retirement age, not receiving a reduced benefit, but are not yet age 70, you can ask to suspend your retirement benefit payments.

    • If you suspend your benefits, they will start automatically the month you reach age 70.

  • 23

    New Deemed Filing Rules https://www.ssa.gov/planners/retire/applying6.html

    For those born BEFORE

    January 2, 1954

    www.socialsecurity.gov

    At your full retirement age, you can choose to receive only spouse’s benefits and delay receiving your retirement benefit until a later date.

    For those born on January 2, 1954 or

    LATER

    You do not have the option of filing for just spouse’s benefits. If you file for spouse’s benefits, you must also file for retirement benefits.

    Basically, you file for one benefit and you will be effectively filing for all retirement or spousal benefits.

  • MEDICARE

    Who Gets ItFour PartsWho Can Help

    24www.socialsecurity.gov

  • 25

    Medicare Eligibility

    www.socialsecurity.gov

    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

  • 26

    The Four Parts of Medicare

    www.socialsecurity.gov

    Part A - Hospital Insurance• Covers most inpatient hospital

    expenses

    • 2019 deductible $1,364

    Part C – Medicare Supplement Insuance

    • Health plan options offered by Medicare-approved private insurance companies- Additional premium is required

    • Can help pay some of the health care costs that original Medicare doesn’t cover, like copayments, coinsurance and deductibles

    Part B - Medical Insurance• Covers 80% doctor bills & other

    outpatient medical expenses after 1st$185 in approved charges

    • 2019 standard monthly premium $135.50

    Part D –Prescription Drug Coverage• Covers a major portion of your

    prescription drug costs

    • Your out-of-pocket costs—monthly premiums, annual deductible and prescription co-payments—will vary by plan

    • You enroll with a Medicare-approved prescription drug provider not Social Security

  • 27

    For More Information on Medicare

    www.socialsecurity.gov

    Center for Medicare and Medicaid Services (CMS):

    www.medicare.gov1-800-633-4227

    FloridaMedicare/Medicaid Assistance Program

    (MMAP):www.floridashine.org

    1-888-242-4464

  • MY SOCIAL SECURITY

    Creating An AccountSocial Security StatementReplacement DocumentsBenefit And Payment Details

    28www.socialsecurity.gov

  • 29

    www.socialsecurity.gov

    PresenterPresentation Notesmy Social Security is a convenient way to access valuable personalized Social Security information, whether you’ve been working and paying Social Security taxes or now are receiving Social Security benefits. And you can check your online account just about whenever you want at www.socialsecurity.gov/myaccount.

  • 30

    PresenterPresentation Notesmy Social Security is a convenient way to access valuable personalized Social Security information, whether you’ve been working and paying Social Security taxes or now are receiving Social Security benefits. And you can check your online account just about whenever you want at www.socialsecurity.gov/myaccount.

  • 31

    my Social Security – What You Can Do in Your Account

    www.socialsecurity.gov

  • 32

    Social Security Statement

    www.socialsecurity.gov

  • Earnings Record

    www.socialsecurity.gov

  • 34

    What else can you do in mySocialSecurity?

    www.socialsecurity.gov

    Replace Documents:

    • Social Security Card• SSA-1099• Medicare Card

    Get a Benefit Verification Letter:If you need proof that you are receiving Social Security benefits, Supplemental Security Income (SSI), and/or Medicare, or that you are not getting benefits, you can request a benefit verification letter online. This letter is sometimes called a "budget letter," a "benefits letter," a "proof of income letter," or a "proof of award letter."

    Check the Status of your application or appeal:The service provides detailed information about retirement, disability, Medicare, and Supplemental Security Income applications and appeals, filed either online at SocialSecurity.gov or with a Social Security employee.

    View or Update your Contact Information:People receiving Social Security (Retirement, Survivors and Disability) benefits and those enrolled in Medicare can use my Social Security to change their address and other contact information.

  • 35 35

    Benefit and Payment Details

  • 36 36

  • 37

    Frequently Asked Questions at Your Fingertips

    www.socialsecurity.gov

  • 38

    Contacting Social Securitywww.socialsecurity.gov/agency/contact/

    www.socialsecurity.gov

    Visit the website

    www.socialsecurity.gov

    Call the toll-free number

    1-800-772-1213Specific questions can be answered from 7 a.m. to 7 p.m., Monday through Friday. Information is provided by automated phone service 24 hours a day.

    If deaf or hard of hearing, call Social Security’s TTY number, 1-800-325-0778.

    Visit a local office

    Most offices are open to the public Monday, Tuesday, Thursday and Friday from 9 a.m. to 4:00 p.m. and Wednesdays from 9 a.m. to 12:00 p.m., except Federal holidays.

    Retirement Planning Today for Tomorrow’s FutureRetirement benefitsSlide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Auxiliary and Survivor benefitsSlide Number 14Slide Number 15Slide Number 16Slide Number 17Slide Number 18Slide Number 19STRATEGIESSlide Number 21Slide Number 22Slide Number 23medicareSlide Number 25Slide Number 26Slide Number 27My social securitySlide Number 29Slide Number 30Slide Number 31Slide Number 32Slide Number 33Slide Number 34Slide Number 35Slide Number 36Slide Number 37Slide Number 38

of 38/38
Retirement Planning Today for Tomorrow’s Future 2019 Presented by: Jessica Srinivasan Claim Specialist Social Security Administration 4990 S Clyde Morris Blvd Port Orange, Fl 32127 866-210-8089
Embed Size (px)
Recommended