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Social Security: 2020With You Through Life’s Journey Takeya L. Haugabook, Public Affairs SpecialistProduced at U.S. taxpayer expense

History of Social Security Programs 1935 - Retirement Insurance 1939 - Survivors Insurance 1956 - Disability Insurance 1965 - Medicare Insurance 1972 – Supplemental Security Income 2003 – Medicare Prescription Drug Coverage

We Wouldn’t Miss YourRetirement Party

How Do You Qualify for Retirement Benefits? By earning “credits” when you work and paySocial Security taxes You need 40 credits (10 years of work) and youmust be 62 or older Each 1,410 in earnings gives you one credit You can earn a maximum of 4 credits per yearNote: To earn 4 credits in 2020, you must earn at least 5,

How Social Security Determines Your Benefit?Benefits are based on earnings Step 1 -Your wages are adjusted for changes inwage levels over time Step 2 -Find the monthly average of your 35 highestearnings years Step 3 -Result is “average indexed monthlyearnings”

Year ofBirthFullRetirementAgeA 1000 retirementbenefit taken atage 62 would bereduced byA 500 spousebenefit taken atage 62 wouldbe reduced by1943-19546625%30%195566 and 2 months25.83%30.83%195666 and 4 months26.67%31.67%195766 and 6 months27.5%32.5%195866 and 8 months28.33%33.33%195966 and 10 months29.17%34.17%1960 6730%35%

What Is the Best Age to Retire?Age You Choose to Start Receiving BenefitsNote: This example assumes a benefit of 1,000 at a full retirement age of 66

Working While Receiving BenefitsIf you areYou can make up toIf you earn more, somebenefits will be withheldUnder FullRetirement Age 18,240/yr. 1 for every 2The Year FullRetirement Age isReached 48,600/yr. 1 for every 3before month offull retirement ageMonth of FullRetirement Ageand AboveNo LimitNo LimitNote: If some of your retirement benefits are withheld because of yourearnings, your benefits will be increased starting at your full retirementage to take into account those months in which benefits were

Spousal Benefits Benefit is 50% of worker’s unreduced benefit 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 the worker Benefit is 100% regardless of age if spouse is caring for achild under age 16 or

Benefits for Divorced SpousesYou can receive benefits on your ex-spouse's record (even ifhe or she has remarried) if: You are unmarried; You are age 62 or older; Your ex-spouse is entitled to Social Security retirementor disability benefits; and The benefit you are entitled to receive based on yourown work is less than the benefit you would receivebased on your ex-spouse's work.Note: Marriage must have lasted 10 years or

Auxiliary Benefits for Children under 18A child must have: A parent who’s disabledor retired and entitled toSocial Security benefits;or A parent who died afterhaving worked longenough in a job wherethey paid Social Securitytaxes.The child must also be: Unmarried; Younger than age 18; 18-19 years old and a fulltime student (no higher thangrade 12); or 18 or older and disabled.(The disability must havestarted before age 22.)

Deemed Filing If you become eligible for Social Security benefitsboth as a retiree and as a spouse (or divorcedspouse), and you want to go ahead and claimyour benefits, you must file for both benefits. Applies at any age for people who turned age 62after January 1, 2016.Note: There are two

Voluntary SuspensionIf you take your retirement benefit and then ask tosuspend it to earn delayed retirement credits, yourspouse or dependents (excluding divorced spouses)generally will not be able to receive benefits on yourSocial Security record while your own benefits

We’re There If YouLose Your Soulmate

Survivor BenefitsIf you pass away, your surviving spouse can: Receive 100% of your full benefit if full retirementage; or At age 60, receive 71.5% of your full benefit andincreases each month you wait up to 100% if youstart at full retirement age; or Claim survivor benefits at any age between 60 andfull retirement age.

You can switch to retirement as early asage 62 if that benefit is higher than yourwidows benefit.

Other Survivor Benefits Parents’ Benefits – For a parent who is age 62 and wasreceiving at least one-half of his or her financial supportfrom the son or daughter who died. Lump Sum Death Payment – A surviving spouse or childmay receive a one-time lump-sum death payment of 255.00 if they meet certain

Survivor Eligibility FactorsChildCan receive benefit if not married andis under age 18 (or under age 19 if stillin high school)Disabled ChildCan receive benefits beyond age 18 ifnot married and was disabled beforeage 22Widow / Widower Can get full benefits at full retirementage – or reduced benefits at age 60 –or as early as age 50 if disabled – orat any age if caring for child under 16or a disabled child

Spouse and Survivor BenefitsSpouse (living) benefitsSurvivor (death) benefits Can start from age 62 toFull Retirement Age (FRA) Can start from age 60 toFull Retirement Age (FRA) 50% at FRA or less if youstart prior to FRA (reductionfor each month you take itearly) 71.5% at age 60 andincreases each month youwait, up to 100% if you startat FRA, or as early as age50 if disabledDivorced spouses qualify if marriage lasted at least10 years and other conditions are metDivorced spouses qualify if marriage lasted at least10 years and other conditions are

We’re With You IfThe Unexpected Happens

Social Security Disability Insurance (SSDI)What is it?SSDI is a program to provide income supplements to people who are nolonger able to work because of a significant disability.Who is it for?People who are no longer able to perform substantial work activity mayqualify if they: have a medical condition that’s expected to last at least one year orresult in death, are younger than full retirement age (FRA) and earn less than thesubstantial gainful activity (SGA) limit, are blind and at least age 55 for certain individuals, and haveearned a certain number of work

Supplemental Security Income (SSI)What is it?SSI is a federal program that provides monthly payments topeople who have limited income and few resources.Who is it for?People who are 65 or older, as well as for those of any age,including children, who are blind or who have

MedicarePart A Hospital InsurancePart B Medical InsurancePart C Medicare Advantage PlansPart D Prescription Drug PlansVisit for details

After 24monthsof SSDIAge65ALSMedicareEligibilityEnvironmentalhealth hazardexposureKidneyfailure

Initial Enrollment PeriodBegins 3 months before your 65thbirthday and ends 3 months afterthat birthdayGeneral EnrollmentPeriodJanuary 1 – March 31MedicareEnrollmentSpecial EnrollmentPeriodIf 65 or older and coveredunder a group health planbased on your – or yourspouse’s – current work.

Medicare ApplicationsIf you already haveMedicare Part A and wishto add Medicare Part B,simply take or mail formsCMS 40-B and CMS-L564to your local SocialSecurity

Medicare standard Part B premium for 2020If you’re single and file an individual tax return, or married and file a joint tax return:Modified Adjusted Gross Income(MAGI)Part B monthlypremium amountPrescription drugcoverage monthlypremium amountIndividuals with a MAGI of 87,000 or lessYour plan premiumMarried couples with a MAGI of 174,000 or less2020 standard premium 144.60Individuals with a MAGI above 87,000 up to 109,000 202.40Your plan premium 12.20 289.20Your plan premium 31.50 376.00Your plan premium 50.70 462.70Your plan premium 70.00Married couples with a MAGI above 174,000 up to 218,000Individuals with a MAGI above 109,000 up to 136,000Married couples with a MAGI above 218,000 up to 272,000Individuals with a MAGI above 136,000 up to 163,000Married couples with a MAGI above 272,000 up to 326,000Individuals with a MAGI above 163,000Married couples with a MAGI above 326,000 and lessthan 750,

We’ll Be Here For Your Family In The Future

Social Security in the Future The two Social Security trust funds – Old-Age and SurvivorsInsurance (OASI) and Disability Insurance (DI) will be able topay all benefits in full and on time until 2035. The trust funds have reached the brink of asset reservedepletion in the past, but Congress made substantialmodifications to avoid this. If Congress does not act before 2035, the trust funds will stillbe able to pay 80 percent of each benefit

Applying for Benefits3 options available to apply:OnlineBy phone 1-800-772-1213At our officeYou choose the most convenient option for you!Note: Supplemental Security Income (SSI), child and survivor claims can only be done by phoneor in a field office (not online) at this time. We are developing an online SSI application.

my Social .gov

my Social Security ServicesIf you receive benefits or have Medicare, you can: Request a replacement Social Security card if you meet certainrequirements; Report your wages if you work and receive Disability Insurance (SSDI)and/or Supplemental Security Income (SSI) benefits; Get a benefit verification letter as proof that you are getting benefits; Check your benefit and payment information and your earnings record; Change your address and phone number; Start or change direct deposit of your benefit payment; Request a replacement Medicare card; and Get a replacement SSA-1099 or SSA-1042S for tax

my Social Security ServicesIf you do not receive benefits, you can: Request a replacement Social Security card if you meet certainrequirements; Check the status of your application or appeal; Get a benefit verification letter as proof that you are not getting benefits; Get your Social Security Statement to review:o Estimates of your future retirement, disability, and survivor benefits;o Your earnings once a year to verify the amounts that we posted arecorrect; ando The estimated Social Security and Medicare taxes you’ve

Enhanced Security for yourmy Social Security Account We recently added a second method to check theidentification of account holders when you registeror sign in. This is in addition to the first layer of security, yourusername and password. You will be able to choose either your cell phone oryour email address as your second

Enhanced Security for yourmy Social Security Account cont.Each time you sign in to your account, you will complete twosteps: Step 1: Enter your username and password. Step 2: Enter the security code we send by text message oremail, depending on your choice (cell phone provider textmessage and data rates may apply).If a user does not have a text-enabled cell phone, or does not wish toprovide their cell phone number, they will need to use their email address asa second identification method

How to Open a my Social Security Account1Visit “Sign In or Create an Account.”3Provide some personal information toverify your identity.4 Choose a username and password, then select howyou would like to receive a one-time security code tocreate your account.No matter what type of device you use, the my Social Security portal willautomatically re-adjust to fit the appropriate screen size, providing you full,easy-to-use access to your personal account!

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We’re With You Through Life’s Journey

Retirement Age 18,240/yr. 1 for every 2 The Year Full Retirement Age is Reached 48,600/yr. before month of full retirement age 1 for every 3 Month of Full Retirement Age and Above No Limit No Limit. Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement

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