Social Security: With You Through Lifes Journey SocialSecurity.gov - PowerPoint PPT Presentation

Social Security: With You Through Life’s Journey… SocialSecurity.gov Produced at U.S. taxpayer expense

We’re With You From Day One SocialSecurity.gov

We’re With You When You Start Work SocialSecurity.gov

We’re There For Your Wedding SocialSecurity.gov

We’re With You If The Unexpected Happens SocialSecurity.gov

We’re There If You Lose A Loved One SocialSecurity.gov

We Wouldn’t Miss Your Retirement Party SocialSecurity.gov

We’ll Be Here For Your Family In The Future SocialSecurity.gov

We’re With You Through Life’s Journey SocialSecurity.gov

We’re With You From Day One SocialSecurity.gov

Most Popular Baby Names A fun by-product of assigning Social Security numbers at birth is that we know the most popular baby names, which we announce each year. Visit our website to find the top baby names for the last 100 years . SocialSecurity.gov/babynames SocialSecurity.gov

Social Security Cards for Immigrants You can apply for a Social Security card: • In your home country before you come to the United States - when filing an application for an immigrant visa • On the same application form (I-765) that you fill out for a work permit - If you are lawfully present in the U.S. and plan to work • In person at a Social Security office Social Security offers information available in 17 languages plus American Sign Language through our Multilanguage Gateway. socialsecurity.gov/multilanguage SocialSecurity.gov

We’re With You When You Start W ork… SocialSecurity.gov

What’s FICA? • A U.S. federal payroll tax deducted from each paycheck • Stands for the Federal Insurance Contributions Act • Total deducted is 7.65%, your employer matches this for a total of 15.3% • Helps fund both Social Security and Medicare programs, which provide benefits for: – Retirees – The Disabled – Children SocialSecurity.gov

Did You Know? About 174 million workers will pay Social Security taxes in 2018. About 94 percent of all workers are covered or eligible under Social Security. SocialSecurity.gov

Social Security Beneficiaries SSI 5.5 million Both 2.7 million Social Security 58.8 million SocialSecurity.gov

Who Pays for Social Security? SocialSecurity.gov

mymoney.gov or 1-800-FED-INFO SocialSecurity.gov

We’re There For Your Wedding SocialSecurity.gov

Did You Know? As of December 2017, 3.1 million dependents of retired workers were receiving 2.2 billion dollars in Social Security benefits each month. At the same time, 1.7 million dependents of disabled workers were receiving 620 million dollars in monthly Social Security benefits. socialsecurity.gov/planners SocialSecurity.gov

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 a child under age 16 or disabled SocialSecurity.gov

Year of Full A $1000 retirement A $500 spouse benefit taken at benefit taken at Birth Retirement age 62 would be age 62 would Age reduced by be reduced by 1943-1954 66 25% 30% 1955 66 and 2 months 25.83% 30.83% 1956 66 and 4 months 26.67% 31.67% 1957 66 and 6 months 27.5% 32.5% 1958 66 and 8 months 28.33% 33.33% 1959 66 and 10 months 29.17% 34.17% 1960 + 67 30% 35% SocialSecurity.gov

Benefits for Divorced Spouses You may receive benefits on your ex-spouse's record (even if he or she has remarried) if: • You are unmarried; • You are age 62 or older; • Your ex-spouse is entitled to Social Security retirement or disability benefits; and • The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work. Note: Marriage must have lasted 10 years or longer SocialSecurity.gov

Deemed Filing • If you become eligible for Social Security benefits both as a retiree and as a spouse (or divorced spouse), and you want to go ahead and claim your benefits, you must file for both benefits. • Applies at any age for people who turned age 62 after January 1, 2016. Note: There are two exceptions. socialsecurity.gov/planners/retire/deemedfaq.html SocialSecurity.gov

Voluntary Suspension If you take your retirement benefit and then ask to suspend it to earn delayed retirement credits, your spouse or dependents (excluding divorced spouses) generally will not be able to receive benefits on your Social Security record while your own benefits are suspended. socialsecurity.gov/planners/retire/suspendfaq.html SocialSecurity.gov

Government Pension Offset • A type of benefit reduction that may affect some spouses and widows or widowers • If you receive a government pension based on work not covered by Social Security, your SS spouse’s or widow(er )’s benefits may be reduced. socialsecurity.gov/gpo SocialSecurity.gov

Government Pension Offset 2/3 of amount of non-covered pension will be used to reduce the Social Security spouse’s/widow( er )’s benefits. Examples: $1200 Non-covered Pension 2/3 = $800 If Social Security spouse’s or widow( er )’s benefit = $750, no benefit payable due to offset If Social Security spouse’s or widow( er )’s benefit =$1000, $200 would be payable after offset socialsecurity.gov/gpo SocialSecurity.gov

We’re With You If The Unexpected Happens SocialSecurity.gov

Disability Benefit Statistics As of December 2017, Social Security paid an average monthly disability benefit of $1,059.63 . That’s barely enough to keep a beneficiary above the poverty level ($12,140 annually). According to the U.S. Census Bureau, 56.7 million people living in the United States - 19% of the population - live with a disability . 38.3 million people - 13% of the population - live with a severe disability. SocialSecurity.gov

Social Security Disability Insurance (SSDI) What is it? SSDI is a social insurance program under which workers earn coverage for benefits by working and paying Social Security taxes on their earnings. Who is it for? • Disabled people who have not attained full retirement age (FRA) or age 55 for certain blind cases, • with an inability to perform substantial work activity because they have a medical condition that’s expected to last at least one year or result in death, • and have earned a certain number of work credits. SocialSecurity.gov

Supplemental Security Income (SSI) What is it? SSI is a federal program that provides monthly payments to people 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 disabilities. SocialSecurity.gov

SSDI vs. SSI Social Security Disability Insurance Supplemental Security Income Payments come from the Social Payments come from the general Security trust funds and are based on treasury fund, NOT the Social Security a person’s earnings. trust funds. SSI payments are not based on a person’s earnings. An insurance that workers earn by A needs-based public assistance paying Social Security taxes on their program that does not require a person wages. to have work history. Pays benefits to disabled individuals Pays disabled individuals who are who are unable to work, regardless of unable to work AND have limited their income and resources. income and resources. Benefits for workers and for adults Benefits for children and adults in disabled since childhood. Must meet financial need. Must have limited insured status requirements. income and limited resources. SocialSecurity.gov

Disability Evaluation Under Social Security Also known as “The Social Security Blue Book” • Provides physicians and other health professionals with an understanding of the disability programs administered by the Social Security Administration • Explains how each program works, and provides information to help health professionals make sound and prompt determinations and decisions on disability claims • Lists specific criteria under which claimants who suffer from a disabling condition can qualify for Social Security disability benefits. socialsecurity.gov/disability/professionals/bluebook SocialSecurity.gov

Compassionate Allowances (CAL) • A way of quickly identifying diseases and other medical conditions that invariably qualify under the Listing of Impairments based on minimal objective medical information • Allows Social Security to target the most obviously disabled individuals for allowances based on objective medical information that we can obtain quickly • Is not a separate program from the Social Security Disability Insurance or Supplemental Security Income programs socialsecurity.gov/compassionateallowances SocialSecurity.gov

Wounded Warriors & Veterans Wounded warriors and veterans with 100% Permanent & Total disability ratings from the VA may be able to get expedited medical decisions on SSDI and SSI applications. socialsecurity.gov/veterans SocialSecurity.gov