Transcript 55 million people Who Gets Benefits from Social Security? 34.9

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A Foundation for Planning Your Future
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
If you were born between 1943 and 1954
Your full retirement age is 66
If You Work AND Receive Benefits
…
IF YOU ARE
YOU CAN
IF YOU MAKE
MAKE UP TO
MORE, SOME
BENEFITS WILL BE
WITHHELD
UNDER FULL
RETIREMENT AGE
$15,120/YR
($1,260/MO)
$1 FOR EVERY $2
THE YEAR FULL
RETIREMENT AGE IS
REACHED
$40,080/YR
($3,340/MO)
$1 FOR EVERY $3
MONTH OF FULL
RETIREMENT AGE
AND BEYOND
NO LIMIT
NO LIMIT
earnings limit calculator…8
In Addition to the Retiree,
Who Else Can Get Benefits?
Your Spouse
At age 62
At any age if caring for child under 16
or disabled
Divorced spouses may qualify
Your Child
Not married under 18
(under 19 if still in high school)
Not married and disabled before age 22
Who Can Get Survivors Benefits?
Widow or Widower:
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
If Your Child Is:
Not married under age 18 (under 19 if still in high school)
Not married and disabled before age 22
Medicare Coverage and Premiums
PART
DESCRIPTION
PREMIUM
A
HOSPITAL INSURANCE
FREE for most workers
B
MEDICAL INSURANCE
2013: $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
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my Social Security
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www.socialsecurity.gov/myaccount
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