1 / 17

Social Security Benefits Planning & Asset Building

Rich Sanders. Social Security Benefits Planning & Asset Building. Biggest questions and concerns. Will I lose my benefits? Cash payments Health care How do I get the skills and experience I need? What if I have to stop working?. Ticket to Work. Employment Counselors

feivel
Télécharger la présentation

Social Security Benefits Planning & Asset Building

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Rich Sanders Social Security Benefits Planning& Asset Building

  2. Biggest questions and concerns • Will I lose my benefits? • Cash payments • Health care • How do I get the skills and experience I need? • What if I have to stop working?

  3. Ticket to Work • Employment Counselors • Answers your questions about returning to work • Community Work Incentive Coordinators (CWICs) • Answers your questions about how work will impact your Social Security disability benefits

  4. Social Security Disability Benefit Programs • Social Security Disability Insurance (SSDI) • Supplemental Security Income (SSI) • Both SSDI and SSI – “concurrent” benefits • *These programs should not be confused with non-disability benefits, which are called Social Security Retirement Benefits

  5. What are Social Security Work Incentives? Think of them as lifejackets. They help keep an individual “afloat” as you make your way towards self-sufficiency.

  6. SSDI Work Incentives • 9 month Trial Work Period (TWP) • You get to keep SSDI check • $750 (2013)

  7. SSDI Work Incentives • 9 month Trial Work Period (TWP) • You get to keep SSDI check • $750 (2013) • Extended Period of Eligibility (EPE) • the 1st month you earn over Substantial Gainful Activity (SGA) level you get to keep SSDI check for that month and the next 2 months regardless of your earnings • After 3 months, you get SSDI check if earnings are less than SGA • $1,040 (2013 SGA non-blind) • $1,740 (2013 SGA blind)

  8. SSDI Work Incentives • 9 month Trial Work Period (TWP) • You get to keep SSDI check • $750 (2013) • Extended Period of Eligibility (EPE) • the 1st month you earn over Substantial Gainful Activity (SGA) level you get to keep SSDI check for that month and the next 2 months regardless of your earnings • After 3 months, you get SSDI check if earnings are less than SGA • $1,040 (2013 SGA non-blind) • $1,740 (2013 SGA blind) • 5 year Reinstatement Period • SSDI check is terminated • 5 years after the date check is terminated to reinstate previous claim

  9. SSDI Work Incentives • 9 month Trial Work Period (TWP) • They get to keep SSDI check regardless of their earnings level • $750 (2013) • Extended Period of Eligibility (EPE) • 36 months automatic reinstatement of benefits • Get to keep 3 months of SSDI check the 1st month they earn over Substantial Gainful Activity (SGA) level • After 3 months, they get SSDI check if earnings are less than SGA • $1,040 (2013 SGA non-blind) • $1,740 (2013 SGA blind) • 5 year Reinstatement Period • SSDI check is terminated • 5 years after the date check is terminated to reinstate previous claim

  10. Other SSDI Work Incentives available after completing TWP • Impairment related work expense (IRWE) • Subsidy • Special Conditions

  11. SSI Work Incentives • SSA counts less than half of your earned income • $85 exclusions • After the first $85 are excluded, SSA counts half of your earnings against your SSI rate • You’re SSI will be reduced to zero if your earnings are high enough to reach the break-even point

  12. SSI Work Incentives • Total Financial Outcome: • $ 885 wages • + 310 SSI check • $1,195 Example: $885 in wages - 85 exclusions $800 Half of $800 is $400 $400 counts against SSI $710 your SSI rate - 400 $310 adjusted SSI • You actually have more income when you go to work

  13. SSI Work Incentives • Impairment related work expense • Blind work expense • Plan to Achieve Self-Support (PASS) • If earnings are so high that your SSI stops

  14. Concurrent Benefits Work Incentives If you get both SSDI and SSI • All of the work incentives plus more that are not mentioned here apply to you

  15. Asset Building Helping individuals build assets and in turn escape the cycle of poverty.

  16. What is Asset Building??? • Financial Literacy • Banking the “unbanked” • Acquiring Assets • Individual Development Accounts • Education • Homeownership • Economic Development (Small Businesses) • Equipment needed for Education and Small Businesses • Earned Income Tax Credit • Other?

  17. Anch0rage Financial Partnerships Network • Primary Strategies: • Free tax preparation • Financial “fitness” • Individual Development Accounts

More Related