Social Security
2013
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A Supplement to the Skagit Valley Herald and Anacortes American
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contents 3
Understanding Your Benefits- Social Security Online Services Available with a My Social Security Account
4 4 5 6 7 7 8 9 9 10 10
On The Go – SSA Has a New Mobile Site for Smartphone Users
11 12
Can’t Work Due to Disability? Maybe Social Security Can Help.
What Are America’s Most Popular Baby Names? The Right Kind of Fishing (and how not to be the Catch of the Day) Everyone Appreciates Extra Help Social Security’s Online Services Myths About Social Security Social Security Provides Support for Families Social Security Honors All Who Serve Can I Still File for Medicare at Age 65? Women and Social Security Listen and Learn About Social Security. Free Audio Publications for Your Convenience
The Future of Social Security - Social Security Board of Trustees Annual Report.
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June 2013
Understanding Your BenefitsSocial Security Online Services Available with a My Social Security Account By Kirk Larson Social Security Western Washington Public Affairs Specialist
This new Social Security tool is a personalized online account that people can use beginning in their working years and continuing throughout the time they receive Social Security benefits. For many years, the Social Security Administration sent Benefit Statement in the mail to all individuals working and paying into Social Security. SSA will no longer provide those annual mailers. If you have not started benefits you can – get a personalized online Social Security Benefit Statement. The online Statement provides eligible workers with secure and convenient access to their Social Security earnings
and benefit information, and estimates of future benefits they can use to plan for their retirement. You can see year by year how much money you made. In addition, the portal includes links to information about other online services, such as applications for retirement, disability, and Medicare. If you are already receiving benefits you can - access benefit verification letters, payment history, and earnings record instantly using the online account. Social Security beneficiaries also can change their address, phone number, and direct deposit information online. In the future additional services will be available. The Social Security Administration is making it even easier for people to do their business with us from
the comfort of their home, office, or library. We encourage people of all ages to take advantage of our awardwinning online services and check out the new features available through an online my Social Security account. People age 18 and older can sign up
for an account and after completing the secure verification process, create a my Social Security account with a unique user name and password to access their information. For more information, please go to www.socialsecurity.gov/myaccount/
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On The Go – SSA Has a New Mobile Site for Smartphone Users By Kirk Larson Social Security Western Washington Public Affairs Specialist
SSA is leveraging technology to meet customer service expectations and is offering a new mobile optimized website, specifically aimed at smartphone users across the country. People visiting the agency’s website, www.socialsecurity.gov, via smartphone (Android, Blackber-
ry, iPhone, and Windows devices) will be redirected to the agency’s new mobile-friendly site. Once there, visitors can access a mobile version of Social Security’s Frequently Asked Questions, an interactive Social Security number (SSN) decision tree to help people identify documents needed for a new/replacement SSN card, and mobile publications which they can listen to in both English and Spanish right on their phone. In addition, visitors to the new mobile site can learn how to create a personal my Social Security account to get an online Social Security Statement, learn more about Social Security’s award-winning online services, and connect with Social Security on Facebook, Twitter, YouTube, and Pinterest. For people unable to complete their Social Security business online or over the telephone, the agency also unveiled a new mobile field office locator. The new mobile office locator has the capability to provide turn-by-turn directions to the nearest Social Security office based on information entered by the person. “With significant budget cuts of nearly a billion dollars each year over the last few years, we must continue to leverage technology and find more innovative ways to meet the evolving needs of the American public without compromising service,” said Acting Commissioner Colvin. Each year, more than 35 million Social Security web page views come via smartphones. For more information, please go to www.socialsecurity.gov.
What Are America’s Most Popular Baby Names? By Kirk Larson
The TOP FIVE names were -
Social Security Western Washington Public Affairs Specialist
Each year, Social Security announces the top baby names for boys and girls, based on Social Security card applications for babies born in the previous year (2012). If you have children or you’re friends or relatives with those who do, chances are you might know a few babies with the “in” names. This year, the most popular babies in the playpen are Jacob and Sophia. You can visit them in their online “crib” at www.socialsecurity.gov/ babynames.
Boys
Jacob Mason Ethan Noah William
Girls
Sophia Emma Isabella Olivia Ava
The TOP FIVE names for Washington were
Boys
Mason Liam Ethan Alexander Benjamin
Girls
Sophia Emma Olivia Isabella Ava
At the website, you also can see other lists of popular baby names. For example, you can search for the 1,000 most popular names of a decade, the five most popular names of the past century, or search for the most popular names in your state. You can even get popular baby names for twins. Plug in any name — including your own — to see where it comes in on the list. However, Jacob and Sophia’s page isn’t just about baby names. Find out about getting a Social Security number for your baby and what every parent should know about Social Security. Learn about benefits for children and grandchildren, and plan your family’s financial future. When people think about Social Security, they often think of the retirement years. But Social Security is there throughout your life — from the day a child is named. Social Security’s popular Baby Names page has a lot to offer. See for yourself at www.socialsecurity. gov/babynames today.
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The Right Kind of Fishing (and how not to be the Catch of the Day)
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By Kirk Larson Social Security Western Washington Public Affairs Specialist
Over Father’s Day, you may be inclined to spend some quality time with Dad, maybe take him out camping or fishing. But try to make sure that nobody else tries to “phish” with you or your father. These days, all people (including fathers and sons) need to be cautious of scams — Internet, mail, and even phone scams — which can damage your credit score and wallet. Scam artists have become shrewd. Any time someone asks for your personal information, you should be wary. Particularly cruel are swindlers who target Social Security beneficiaries. As a rule of thumb, Social Security will not call or email you for your personal information such as your Social Security number or banking information. If someone contacts you and asks for this kind of information and claims to be from Social Security, do not give out your personal information without first contacting Social Security to verify the validity of the person contacting you. It could be an identity thief on the other end phishing for your personal information. Just call the local Social Security office, or Social Security’s toll-free number at 1-800772-1213 (TTY 1-800-325-0778). If you receive a suspicious call, please report it to the Fraud Hotline. Reports may be made online at www.socialsecurity.gov/fraudreport/ oig/public_fraud_reporting/form.htm or by telephone at 1-800-2690271 from 10:00 a.m. to 4:00 p.m. Eastern Standard Time. Please include the following details: cont. on pg. 6
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FISHING from pg. 5
• The alleged suspect(s) and victim(s) names, addresses, phone numbers, dates of birth, and Social Security numbers; • Description of the fraud and the location where the fraud took place; • When and how the fraud was committed; • Why the person committed the fraud (if known); and • Who else has knowledge of the potential violation. Identity theft is one of the fastest-growing crimes in America. If you, your father, or anyone you know has been the victim of an identity thief, the place to contact is the Federal Trade Commission (FTC) at www.idtheft.gov. Alternatively, call 1-877-IDTHEFT (1-877-438-4338); TTY 1-866-653-4261. Misleading advertisers victimize some people who receive Social Security and Supplemental Security Income (SSI) benefits. Such companies offer Social Security services for a fee, even though the same services are available directly from Social Security free of charge. Especially upsetting are such ads that make it appear as though the ad has come directly from Social Security. By law, such advertisements must indicate that the company is not affiliated with Social Security. If you or your dad see what you believe is misleading advertising for Social Security services from a company that does not admit it is not affiliated with Social Security, send the complete mailing, including the envelope, to: Office of the Inspector General, Fraud Hotline, Social Security Administration, P.O. Box 17768, Baltimore, MD 21235. Also, advise your State’s attorney general or consumer affairs office and the Better Business Bureau. You can visit the Office of the Inspector General online at http://oig.ssa.gov and select the “Fraud, Waste, or Abuse” link. Learn more about identity theft at www.socialsecurity.gov/pubs/10064.html. Read about misleading advertising at www.socialsecurity.gov/pubs/10005.html.
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EVERYONE APPRECIATES EXTRA HELP By Kirk Larson Social Security Western Washington Public Affairs Specialist
Think of all the times and ways that you have been there to help friends, relatives, or even strangers. Lending a hand, at a time of need, is an important part of being human. We can all use a little help at times. Can you use some help today? Social Security can assist you with the Extra Help program — that can reduce or eliminate Medicare prescription drug costs. If you are covered by Medicare and have limited income and resources, you may be eligible for Extra Help — available through Social Security — to pay part of prescription drug monthly premiums, annual deductibles, and prescription co-payments. The Extra Help is estimated to be worth about $4,000 per year. That means putting $4,000 in your pocket without having to spend a dime! To figure out whether if you are eligible, Social Security needs to know your income and the value of your savings, investments and real estate (other than the home she lives in). To qualify for the Extra Help, you must be receiving Medicare and have: •
Income limited to $17,235 for an individual or $23,265 for a married couple living together. Even if your annual income is higher, you still may be able to get some help with monthly premiums, annual deductibles, and prescription co-payments. Some examples where income may be higher include if you and your spouse, support other family members who live with you or if you have earnings from work.
•
Resources limited to $13,300 for an individual or $26,580 for a married couple living together. Resources include such things as bank accounts, stocks, cash, and bonds. We do not count the value of a house or car as a resource.
Social Security has an easy-to-use online application that you can complete quickly. You can find it at www.socialsecurity.gov/prescriptionhelp. To apply by phone or have an application mailed to you, call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and ask for the Application for Help with Medicare Prescription Drug Plan Costs (SSA1020). Or go to the nearest Social Security office. To learn more about the Medicare prescription drug plans and special enrollment periods, visit www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227; TTY 1-877-486-2048).
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SOCIAL SECURITY’S ONLINE SERVICES By Kirk Larson Social Security Western Washington Public Affairs Specialist
There are a number of important tools on the Social Security website www.socialsecurity.gov but just like a sports team, we have our “top players” to help win the big game. The Retirement Estimator is an easy way to get an instant, personalized estimate of your future Social Security retirement benefits. Just key in some basic information and the Estimator will use information on your Social Security record, along with what you input, to give you a benefit estimate on the spot. You even can experiment with different scenarios, such as changing your future earnings and retirement date. Check it out in English at www. socialsecurity.gov/estimator or in Spanish at www.segurosocial. gov/calculador. The Social Security Statement online is an easy way to get an estimate of retirement, disability, and family benefits. It provides a list of your lifetime earnings, along with an estimate of your Social Security and Medicare taxes paid. In addition, it furnishes information regarding filing for SSA programs. Use it today to help you understand your benefits http://www.socialsecurity.gov/ mystatement/. The Benefit Application is the most convenient way to apply for Social Security retirement benefits. You can apply from the comfort of your home — it’s fast, easy, and secure. It’s so easy, in fact, that it can take you as little as 15 minutes to apply online. In most cases, once your application is submitted electronically, you’re done. There are no forms to sign and usually no documentation is required. Social Security will process your application and contact you if any further information is needed. Try it out when you’re ready to retire at www.socialsecurity.gov/applyonline.
The online Income Verification Letter provides information on benefits you are currently receiving. If you need proof that you are receiving income and/or services from Social Security, you can request a “Proof of Income” letter at https://secure.ssa.gov/ apps6z/BEVE/main.html. After requesting the Proof of Income letter, it will arrive by mail in about 10 days.
In the American Customer Satisfaction Index, Social Security received the highest ratings in both the public and private sectors. To learn more about our winning services, visit www.socialsecurity.gov/onlineservices.
MYTHS ABOUT SOCIAL SECURITY Myth
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By Kirk Larson Social Security Western Washington Public Affairs Specialist
Like any other successful and long-standing program or organization, there are a number of myths surrounding Social Security. Some of them are grounded in truth but just slightly misconstrued. Others are completely out of line with the truth. Let’s look at a few.
Social Security is just a retirement program.
Social Security is more than a retirement program. It provides benefits to retirees, survivors, and people with disabilities who can no longer work. In fact, almost seven million disabled workers and nearly two million of their dependents get Social Security disability benefits. Six and a half million dependents of deceased workers (including two million children) get Social Security survivors benefits. Social Security cont. on pg. 8
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MYTH from pg. 7
is a program that touches people at all points of their lives.
Myth
2
I don’t need to save because Social Security will take care of me when I’m retired.
Social Security was never intended to be a person’s sole income in retirement; it should be combined with pension income and personal savings and investments. Your Social Security Statement, available at www. socialsecurity.gov.mystatement, is a great place to get an idea of what to expect during retirement. You can also visit our Retirement Estimator at www.socialsecurity.gov/estimator. For the average worker, Social Security replaces about 40% of their working wage. Today, about one out of every three people receiving retirement benefits, depended on Social Security payment for 90% of their income.
Myth
3
If I work after I retire, I’ll be penalized.
Once you reach your full retirement age, there is no penalty and no limit on the amount you can earn. You can determine your full retirement age by visiting www.socialsecurity.gov/retirecharted.htm. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) is $15,120 in 2013. (We deduct $1 from benefits for each $2 earned over $15,120.) The earnings limit for people turning 66 in 2013 is $40,080. (We deduct $1 from benefits for each $3 earned over $40,080 until the month the worker turns age 66.) Keep in mind that if we withhold some of your benefits due to work, we will re-compute your monthly benefit amount when you reach full retirement age to account for those months that we withheld your benefit. There is no limit on earnings for workers who are full retirement age or older for the entire year.
Myth
4
To apply for benefits or do business with Social Security, I need to go to an office.
Not only is this false, but we encourage you to do business with us the most convenient and fastest way: at www.socialsecurity.gov. At our website, you can apply for benefits, use our Retirement Planner, get an estimate of your benefits, request a replacement Medicare card, and much more. You’ll find it all — along with answers to your questions — at www. socialsecurity.gov.
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Social Security Provides Support For Families
By Kirk Larson Social Security Western Washington Public Affairs Specialist
In the unfortunate event of a family member’s death, we want you to know that Social Security is here to help. In addition to the emotional difficulty family members’ experience, there is often a financial burden as well, especially if the family’s main wage earner dies. In such cases, Social Security survivor benefits will help. Did you know that nearly every child in America could get Social Security survivors benefits if a working parent dies? In addition, Social Security pays more benefits to children than any other federal program. Today, nearly two millions children receive benefits off a deceased parents record each month. Although many people think Social Security is just a retirement program, you should know that Social Security also provides survivors insurance benefits for workers and their families. If you’re like most people, the value of the survivors insurance you have under Social Security is probably more than the value of any individual life insurance you may own. Moreover, you don’t even need to sign up for a separate policy; by working and paying Social Security tax, you are most likely already insured without even knowing it. Family members who may be able to receive survivors benefits based on your work record include a widow or widower, unmarried children up to age 19 and still in high school, and under certain circumstances, stepchildren, grandchildren, step grandchildren, and adopted children. Another special program Social Security uses to support the family is dependent parent benefits. If your child dies and you are dependent on him or her for more than one half of your support, you can collect a Social Security benefit from the adult child’s record. Social Security pays monthly benefits to parents on the record of a deceased worker under the following conditions: • The parent must be at least 62 years old and not have remarried since the worker’s death; • The parent cannot be entitled to his/her own, higher Social Security benefit; • The parent must be able to show that he/she was receiving one-half of his/her financial support from the worker at the time of death; • The proof of support must be submitted within two years of the worker’s death. If you’d like to learn more about survivor benefits, and how to apply, you should read our publication, Survivors Benefits, available at www.socialsecurity.gov/pubs. You can find additional useful information, such as our survivors’ planner and information about how to apply for survivors benefits, at www.socialsecurity.gov/pgm/ survivors.htm.
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SOCIAL SECURITY CAN I STILL FILE FOR MEDICARE AT AGE 65? HONORS ALL WHO SERVE
age 65. This is especially true, if you don’t have insurance from your current employment situation. If you would like to This is a question begin your Medicare covwe get at Social Security erage when you first beall the time. If you’re in come eligible, we suggest your sixties, you probthat you apply within ably know that the age to receive full retirement three months of reaching age 65. You can do it benefits has changed. However, it’s important to online in as little as 10 remember that the age to minutes at www.socialsebegin receiving Medicare curity.gov/medicareonly. Why go online to has not — it is still 65. Even if you have decided apply for Medicare? Beto wait until after you are cause it’s fast, easy, and age 65 to apply for retire- secure. You don’t need an appointment and ment benefits, many you can avoid waiting in people should start getting Medicare coverage at cont. on pg. 10 By Kirk Larson
Social Security Western Washington Public Affairs Specialist
By Kirk Larson Social Security Western Washington Public Affairs Specialist
Every day of the year, Americans across the nation remember friends and family members who have served and sacrificed for their country. At Social Security, we offer a wide range of services for our service members. Families of fallen military heroes may be eligible for Social Security survivor benefits. Learn more about Social Security survivor benefits at www.socialsecurity.gov/pgm/ survivors.htm. For service members who return home with injuries, Social Security is here to help. Visit our Wounded Warriors website. You can find it at www.socialsecurity.gov/woundedwarriors. We use an expedited process for military service members who become disabled while on active military service, regardless of where the disability occurs. The Wounded Warriors website answers a number of commonly asked questions, and shares other useful information about disability benefits, including how veterans can receive expedited processing of disability claims. It is important to note that benefits available through Social Security are different from those paid by the Department of Veterans Affairs and require a separate application. Even active duty military who continue to receive pay while in a hospital or on medical leave should consider applying for disability benefits if they are unable to work due to a disabling condition. Active duty status and receipt of military pay does not necessarily prevent payment of Social Security disability benefits. Receipt of military payments should never stop someone from applying for disability benefits from Social Security. If you’ve served in the Armed Forces and you’re planning your retirement, you’ll want to read our publication, Military Service and Social Security at www.socialsecurity. gov/pubs/10017.html. At Social Security, we honor all those who served in the military and we remember those who died for their country.
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medicare from pg. 9 traffic or in line. As long as you have ten minutes to spare, you have time to complete and submit your online Medicare application. People who started receiving Social Security retirement or disability benefits before age 65 do not need to apply; they will be automatically enrolled in Medicare. There is no additional charge for Medicare hospital insurance (Part A) since you already paid for it by working and paying Medicare tax. However, there is a monthly premium for medical insurance (Part B), for most $104.90 in 2013. If you already have other health insurance when you become eligible for Medicare, you should consider whether you want to apply for Medicare Parts A, B, and D. To learn more about Medicare and some options for choosing coverage, read the online publication, Medicare, at www.socialsecurity.gov/ pubs/10043.html or visit www.Medicare.gov.
WOMEN AND SOCIAL SECURITY By Kirk Larson
Social Security Western Washington Public Affairs Specialist
The Social Security program treats all workers — men and women — exactly the same in terms of the benefits they can receive. But women may want to familiarize themselves with what the program means to them in their particular circumstances. Understanding the benefits may mean the difference between living more comfortably versus just getting by in retirement. Social Security plays a vital role in the lives of women. With longer life expectancies than men, women tend to live more years in retirement and have a greater chance of exhausting other sources of income. With the national average life expectancy for women in the United States rising, many women will have decades to enjoy retirement. Women represent 57 percent of all Social Security beneficiaries age 62 and older and approximately 68 percent of beneficiaries age 85 and older. Today the average life expectancy of a 65 year old woman is age 85. As a result, experts generally agree that if women want to ensure that their retirement years are comfortable, they need to plan early and wisely. In 2010, for unmarried women – including widows – age 65 and older, Social Security comprises 49 percent of their total income. In contrast, Social Security benefits comprise only 37 percent of unmarried elderly men’s income and only 32 percent of elderly couples’ income.
LISTEN AND LEARN ABOUT SOCIAL SECURITY. FREE AUDIO PUBLICATIONS FOR YOUR CONVENIENCE. By Kirk Larson Social Security Public Affairs Specialist
Perhaps you’ve been planning to read that booklet on Social Security benefits for
some time now, but you never seem to find the time to sit down with it. If only you could listen to an audio version, just as you might listen to the latest novel by your favorite author on audio book. Now you can. Social Security offers more than a hundred publications in audio format, in both English and Spanish. You can find them at http://www.socialsecurity. gov/pubs/alt-pubs.html or you can call (800) 772-1213 for assistance. At Social Security, we want to make sure you can get the information you need. That is why we offer our publications in print, online in both Internet and PDF versions, and some in audio format. You
What you can do The best place to begin is by knowing what you can expect to receive from Social Security, and how much more you are likely to need. You can start with a visit to Social Security’s Retirement Estimator. There, in just a few minutes, you can get a personalized, instant estimate of your retirement benefits. You can find it at www.socialsecurity.gov/estimator. You should also visit Social Security’s financial planning website at www.socialsecurity.gov/planners. It provides detailed information about how marriage, widowhood, divorce, self-employment, government service, and other life or career events can affect your Social Security. If you want more information about the role of Social Security in women’s lives today, Social Security also has a booklet that you may find useful. It is called Social Security: What Every Woman Should Know. You can find it online at www.socialsecurity.gov/ pubs/10127.html.
also can get publications in Braille, in enlarged print and even cassette or CD. If you are blind or visually impaired and are having trouble reading a notice we sent you in the mail, you can ask a Social Security representative to read it and explain it to you. You can contact us as many times as you want to get an explanation. Social Security is committed to using technology to improve the customer service experience. Learning about any aspect of Social Security’s programs is easier than ever, in the format that works best for you. These days, you can even get a personalized estimate of your future benefits and apply for those benefits online.
From the comfort of your home, you can access information about Social Security. Take it a step further and use the audio publications in combination with the Frequently Asked Questions (FAQs) section to get answers to over 700 questions. If you were planning to plug in the ear buds and listen to a little music tonight, why not play the Social Security publication you’ve been putting off? It’s never been easier to learn about Social Security. Just visit www.socialsecurity.gov and select the “Forms and Publications” link on the left side of the page. Welcome to our online library. Whatever your preferred format, we’re here for you.
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CAN’T WORK DUE TO DISABILITY? MAYBE SOCIAL SECURITY CAN HELP By Kirk Larson Social Security Western Washington Public Affairs Specialist
Disability is something most people don’t like to discuss. But if you’re not able to work because you have a disabling condition that is expected to last at least one year or result in death, then it’s a subject you may not be able to avoid. You can apply for disability benefits even if you are still working. Generally, your wages would need to be below $1,040 or $1,740 for a blind individual, however, there are some exceptions. You can apply for disability benefits even if you are already receiving Social Security retirement benefits. You may qualify for a higher monthly benefit, if approved for disability coverage. Generally, you would be under your full retirement age, age 66 for most people, to qualify for benefits. You should apply for disability benefits as soon as you become disabled. It may take you months to obtain all your medical records and for us to process an application for disability benefits. The types of information we need include: • medical records or documentation you have; we can make copies of your records and return your originals; • the names, addresses, and phone numbers for any doctors, hospitals, medical facilities, treatment centers, or providers that may have information related to your disabling condition; and • the names, addresses, and phone numbers for recent employers and the dates worked for each employer. If you don’t have all of the information handy, that’s no reason to delay. You should still apply for benefits right away. Social Security can assist you in getting the necessary documents, including obtaining your medical records. Just keep in mind that if you do have the information we need, it will probably speed up the time it takes to make a decision. The fastest and most convenient way to apply for disability is online at www.socialsecurity.gov/ applyfordisability. You can save your application as you go, so you can take a break at any time. If you prefer, you may call our toll-free number, 1-800-772-1213, to make an appointment to apply at your local Social Security office or to set up an appointment for someone to take your application over the phone. If you are approved for disability benefits, that doesn’t mean you’ll never be able to work again. In fact, Social Security has special rules called “work incentives” that allow you to test your ability to work. Learn more about disability benefits and take advantage of the helpful Disability Starter Kit at www. socialsecurity.gov/disability/disability_starter_kits.htm.
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The Future of Social Security Social Security Board of Trustees Annual Report
payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year’s estimate, with 80 percent of benefits still payable. In the 2013 Annual Report to Congress, the Trustees announced: By Kirk Larson Social Security Western Washington Public Affairs Combined trust fund reserves Specialist are still growing and will continue to do so through 2020. Beginning The Social Security Board of with 2021, the cost of the program Trustees today released its annual is projected to exceed income. report on the long-term finanThe projected point at which cial status of the Social Security the combined trust fund reserves Trust Funds. The combined assets will become depleted, if Congress of the Old-Age and Survivors does not act before then, comes Insurance, and Disability Insurin 2033 – the same as projected ance (OASDI) Trust Funds are last year. At that time, there will projected to become depleted in be sufficient income coming in 2033, unchanged from last year, to pay 77 percent of scheduled with 77 percent of benefits still benefits.
The projected actuarial deficit over the 75-year long-range period is 2.72 percent of taxable payroll -- 0.05 percentage point larger than in last year’s report. “Congress needs to act to ensure the long-term solvency of this vital program,” said Carolyn W. Colvin, Acting Commissioner of Social Security. “The projected year for Disability Insurance Trust Fund depletion remains 2016, and legislative action is needed as soon as possible to address this financial imbalance.” Other highlights of the Trustees Report include: Income including interest to the combined OASDI Trust Funds amounted to $840 billion in 2012. ($590 billion in net contributions, $27 billion from taxation of
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benefits, $109 billion in interest, and $114 billion in reimbursements from the General Fund of the Treasury—almost exclusively resulting from the 2012 payroll tax legislation. The asset reserves of the combined OASDI Trust Funds increased by $54 billion in 2012 to a total of $2.73 trillion. During 2012, an estimated 161 million people had earnings covered by Social Security and paid payroll taxes. Social Security paid benefits of $775 billion in calendar year 2012. There were about 57 million beneficiaries at the end of the calendar year. To read the full report go to www.socialsecurity.gov/OACT/ TR/2013/.
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