Understanding Social Security and evaluating the best approach
Understanding Social Security and evaluating the best approach for you! Grow, protect, and enjoy your Orange Money for retirement. CN0910-22286-0917 What is Social Security? A United States federal program of social insurance and benefits developed in 1935 About 158 million Americans pay Social Security taxes
57 million collect monthly benefits in 2013 About one house hold in four receives income from Social Security Social Security Provides A Safety Net 16% Investment income Pension 45%
19% Social Security Other Earned income 17% Social Security safety net *Source: Social Security Administration, Office of Policy, Income of the Aged Chartbook, 2010, issued March 2012. Key sources of retirement income for households with incomes of more than $57,957 per year. This chart is for illustrative purposes only. Qualifying for Retirement Benefits Eligibility: You need 40 credits (10 years of work) 1 credit a quarter Quarters do not need to be consecutive
In 2014, you receive one credit for each $1,200 of earnings, up to the maximum of four credits per year Benefits are calculated based on average of the 35 highest years of earnings $0 used in all years less than 35, which will result in a lower benefit What is Your Full Retirement Age (FRA) Year of Birth 1937 or earlier 1938 1939 1940 1941 1942 1943-1954 1955
1956 1957 1958 1959 1960 and later Full Retirement Age 65 65 and 2 months 65 and 4 months 65 and 6 months 65 and 8 months 65 and 10 months 66 66 and 2 months 66 and 4 months 66 and 6 months
66 and 8 months 66 and 10 months 67 Life Expectancy? Male age 65 Can expect to live on average until Female age 65 Can expect to live on average until
http://www.ssa.gov/planners/lifeexpectancy.htm 84 86 The Longevity Challenge When To Start Receiving Benefits When is the right time for you to receive retirement benefits? The answer: It depends Factors to Consider:
How long do you need or want to work? What is your health status? How long do you anticipate living? Do you have other income sources? Cost of Collecting Early Age 62 63 64 65 66 Full Retirement 66 25% Reduction 20% Reduction
13.3% Reduction 6.7% Reduction Full Benefits Age 62 63 64 65 66 67 Full Retirement 67 30% Reduction 25% Reduction 20% Reduction 13.3% Reduction
6.7% Reduction Full Benefits Under Full Retirement Age (FRA) Give up $1 in benefits for every $2 you earn above a $15,120 limit In the year you reach Full Retirement Age (FRA) Give up $1 in benefits for every $3 you earn above a $40,080 limit Benefits of Collecting After Full Retirement at 66
Full Retirement at 67 Age Age Income Amount Income Amount 66 100% 67
100% 67 108% 68 108% 68 116% 69 116%
69 124% 70 124% 70 132% Benefit Payments Will Differ Age 62: $750
Age 66: $1,000 Age 70: $1,320 Spousal Benefits Spouse is entitled to greater of the benefit based upon his or her own benefits or 50% of the spouses benefit. Example #1: Dawn and Adam both have reached FRA. Adams benefit is $1200 and Dawns benefit is $1400. Both would receive their own benefit amount. Example #2: Jerry and Mary both have reached FRA. Jerrys benefit is $800 and Marys is $1800. Since half of Marys benefits equals $900 that is greater than Jerrys benefit of $800. In this example Jerry would be entitled to $900 instead of his own benefit of $800. Example #3: Steve and Sue have been married for 35 years. Steve never worked and does not qualify for Social Security. Bettys benefits is $1800. At
FRA, Steves spousal benefit would be $900. Steve could begin receiving benefits at age 62, but would be reduced since he is not at FRA. Spousal Benefits Survivor Benefits Widows and widowers can begin taking benefits based on their own earnings history and later switch to survivors benefits or vice versa. Survivor benefits can be taken even if the surviving spouse files before full retirement age. This allows the survivor to take a benefit at age 60 based on the deceaseds earning history and allow their own benefit to grow until age 70. Survivor benefits are equal to full retirement benefit the deceased would have received.
Survivor Benefits Widow or Widowers Earliest to Begin (Reduced) Benefits 60 50, if disabled Maximum Benefit 100% of deceased workers Benefit If Spouse Has Not Reached Full Retirement Age, Takes Benefits And Continues Working Benefits will reduce by $1 for every $2 you earn over that
year's limit If Deceased Worker Started Benefits Prior To Full Retirement Age The maximum benefit is limited to what the deceased was receiving if they were alive Survivor Benefits Widow or Widowers Typical Situations A widow or widower, at full retirement age or older, generally receives 100 percent of with deceased worker's basic benefit amount A widow or widower, age 60 or older, but under full retirement
age, received about 71 - 99 percent of the deceased worker's basic benefit amount If You Re-Marry Must be unmarried when you file for (widow or widower's benefits or your new marriage must be one that Social Security can disregard Can continue to receive benefit if re-marry after age 60 or age 50 if disabled File & Suspend An option that married couples might find valuable is file and suspend Example: Kris and Katie have just turned 66. Katie wants to retire, but Kris wants to continue working until 70. Kris monthly benefit would be $2,000 and Katies would be $900. If Katie can claim spousal-benefits, her monthly benefit would be $1,000.
Taking advantage of the file and suspend option. Kris can file for benefits at age 66 and immediately suspend receipt of those benefits. His monthly benefit as a result will continue to grow until at 70. Katie can then claim spousal benefits of $1,000 a month while letting her own retirement benefits grow until age 70. At age 70 her monthly benefits, because of delayed retirement credits will be $1188. At age she can claim the higher benefits on her own record. Social Security Online Resources Social Security Administration Website: www.ssa.gov SSA Website Resources/Calculators: Earnings Test Calculator Retirement Age Calculator Estimate Your Retirement Benefits Estimate Your Life Expectancy Other Benefit Calculators
Social Security Online Resources What is the Best Approach for Me? It really depends on your situation: Can you afford to delay taking 16%benefits? When do you plan to45% retire? 19% How much income do you need in retirement? 17% 2%
What other sources of income are available to you in retirement? THANK YOU Grow, protect and enjoy your Orange MoneyTM for retirement
Determining the Value of Derivatives To determine the value of foreign currency derivatives, the company needs 3 basic pieces of information: The forward rate when the forward contract was entered into. The current forward rate for a contract that matures...
Indeed, if E is an elementary matrix, then ETis also an elementary matrix: 2.2 Properties of Determinants. Thus, the effects that row or column operations have on the value of the . determinant can be summarized as follows.
HCV Replicons Using the selection marker could select for cells that replicate the replicon HCV Replicons Allowed for robust antiviral drug screening (protease / polymerase inhibitors) 1975 Description of non-A, non-B hepatitis 1989 Identification of HCV 1998 IFN / ribavirin...
Trauma, Non Head, Non Spine By CCM Fellows UBC ... " Hemorrhagic coagulopathy Impaired hemostasis is often caused by dilution and consumption of clotting factors and hyperfibrinolysis. However despite replacing FFP, platelets, and cryoprecipitate, patients may remain coagulopathic. ...
Tabella di marcia e calendario LINGUISTICA E COMUNICAZIONE marzo/aprile martedì giovedì venerdì 2. Statuto delle scienze linguistiche 4. Fondamenti: tipi codici semiotici 5.Fondamenti:proprietà dei codici semiotici 9 Fondamenti :i codici verbali 11. Assiomi della ricerca 12. Fonetica e fonologia 16....
SAS Institute Inc. Other titles Times New Roman Arial Narrow Arial Wingdings Broadway SAS_Presentation_Public_sas9 Microsoft Photo Editor 3.0 Photo Microsoft Visio Drawing Access and Analysis of Worldwide Supply Chain Data Data Architecture (Sample) Architecture Procurement Data - Domestic Procurement Data...
Ready to download the document? Go ahead and hit continue!