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Understanding Social Security Benefits and Eligibility

Discover who gets benefits from Social Security, how retirement benefits are calculated, and how working can affect your benefits. Learn the steps to apply and the necessary evidence required for filing.

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Understanding Social Security Benefits and Eligibility

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  1. Social Security Administration

  2. Who Gets Benefits from Social Security? 48 Million People 5.0 million widows/ Widowers, mothers/ Fathers (11.0%) 6.3 million disabled Workers, 1.7 million dependents 6.8 million survivors 30.2 million Retired workers 3 million dependents 2.9 million wives & Husbands (6.3%)

  3. Who Pays for Social Security? Workers & Employers Payments to Beneficiaries

  4. The Social Security Statement

  5. Earning Social Security “Credits” • $1,050 earnings = one credit in 2008 • Can earn maximum of four per year • 40 credits needed for retirement benefits

  6. Social Security benefits based on earnings: Step 1 - Adjust wages for inflation Step 2 - Average over most of your working lifetime--(Your highest 35 years) Step 3 - Result is “average indexed monthly earnings” How Retirement Benefits Are Figured

  7. Retirement Age • Can take reduced benefits at 62 • To receive unreduced benefit, must wait until “Full Retirement Age”

  8. Full Retirement Age Year of Birth Full Retirement Age 1937 65 1938 65 & 2 months 1939 65 & 4 months 1940 65 & 6 months 1941 65 & 8 months 1942 65 & 10 months 1943-1954 66 1955 66 & 2 months 1956 66 & 4 months 1957 66 & 6 months 1958 66 & 8 months 1959 66 & 10 months 1960 & later 67

  9. Born between 1943-1954 Full Retirement Age 66 Percent of full benefit payable 62 75% of Age 66 Amount

  10. How Does Work Affect Benefits?

  11. You Can Work & Still Receive Benefits If You AreYou Can If You Make More, Make Up To Some Benefits Will Be Withheld Under FRA $13,560/yr. $1 for ($1130/mo.) every $2 Year of FRA $36,120/yr. $1 for ($3,010/mo.) every $3 Month of FRA No Limit No Limit and Above

  12. What do we count as “earnings” Wages or business income--not pensions or investments

  13. Age 63 - Retirement Date June 2008 Salary $53,920/12*6=$26,960 Report to SSA $26,960 -$13,560 (Allowable Amount) $13,400 / 2 = $6,700 $6700 excess/$670 (Monthly SSA benefit) = 10 checks withheld Hold Jan to Oct ~ Pay Nov to Dec

  14. Full Retirement Age 66 October 2008 Retirement Date June 2008 Salary $95,280/12 * 6 = $47,640 Report to SSA $47,640 -$36,120 (Allowable Amount) $11,520 / 3 = $3,840 $3,840 excess/$1,280 (monthly SSA Benefit) = 3 checks withheld Hold January to March 2008 ~ Pay April to December 2008

  15. Necessary Evidence for Filing • Social Security Number, each applicant • Birth certificate • W-2 or self-employment tax return • Future earnings estimate • Bank information for direct deposit • Information re marriages, divorces, etc. • Information about military, railroad service

  16. Starting the Application Process Call toll-free 1-800-772-1213 Available business days, 7:00 a.m. to 7:00 p.m. Set up telephone or in-office appointment

  17. http://www.socialsecurity.gov

  18. Who to Contact • For help with application: - Call SSA at 1-800-772-1213, or www.socialsecurity.gov • For information on the PDP - Call CMS at 1-800-MEDICARE, or www.medicare.gov

  19. Local Offices • 1234 Market Street • 3901 Market Street • 3336 S Broad Street • 2929 North Broad Street • 2373 Welsh Road • 3400 Aramingo Avenue • 6120 Woodland Avenue • 1514 W Cecil B Moore Avenue • 5000 Wissahickon Avenue

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