Social Security: A guide to your benefits

SUNDAY, NOVEMBER 22, 2015

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SOCIAL SECURITY A guide to your benefits Sunday, November 22, 2015

THE COURIER

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SOCIAL SECURITY

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Sunday, November 22, 2015

Survivor’s insurance can help secure family’s future if you die As we reflect over the past year and think about the loved ones not with us over the holiday season, let’s honor and celebrate their accomplishments. As relatives gather and reminisce about the departed, also remember the importance of Social Security survivors insurance.

The loss of a family wage earner can be emotionally and financially devastating. However, Social Security survivor benefits, one of the lesser known of our benefit programs, can help secure your family’s financial future if you

die. Did you know the value of the survivors benefits you have under Social Security is probably more than the value of your individual life insurance policy? In fact, 98 of every 100 children could get survivor benefits if a working parent dies. Additionally, Social Security pays more benefits to children than any other federal program.

By working and paying Social Security taxes, you’re actually earning credits for survivor benefits. Those credits could provide financial assistance to your surviving spouse, surviving divorced

spouse, and unmarried children up to age 19, or at any age if your child became disabled before age 22 and remains disabled. We could also pay benefits to your stepchildren, grandchildren, step-grandchildren, adopted children, and dependent parents. The amount that your survivors receive will depend on your average lifetime earnings.

By creating a secure online my Social Security account, at www.socialsecurity.gov/myaccount, you can access your Social Security Statement to check your

earnings and obtain a survivors benefit estimate. Keep in mind, this service is only offered in English.

In the unfortunate event of a family member’s death, please notify Social Security as soon as possible. In most cases, the funeral director will report the death to Social Security. You’ll need to furnish the funeral director with the deceased’s Social Security number so he or she can make the report. If you need to apply for survivor benefits, call 1-800772-1213 (TTY 1-800-325-0778).

You can speak to a Social Security representative between 7 a.m. and 7 p.m. Monday through Friday.

You can also contact your local Social Security office. You don’t need an appointment to file for survivor benefits, but if you call ahead and schedule one, it may reduce the time you spend waiting to speak to someone.

For more information and publications about survivor benefits, visit our website at www. socialsecurity.gov or visit our Spanish language websites at www.socialsecurity.gov/espanol.

Try this savory recipe for retirement success JERRY NELSON

earnings and projected benefit estimates. If something doesn’t seem just right, there’s still time to make corrections. So, if your earnings are reported incorrectly, or if you find you need to save more to meet your retirement goals, there’s still time to make corrections before your retirement pie is done. You can visit my Social Security online anytime, even on holidays, at www.

Waterloo Office Manager‌

The gravy is steaming next to the savory stuffing and sweet potatoes. There are four types of pie for dessert — pumpkin, apple, sweet potato, and pecan.

Every family has its own unique Thanksgiving dinner traditions but, as we all know, a carefully followed recipe is key to creating a perfect holiday meal.

If you fail to plan, or measure your ingredients poorly, your pie could be a real flop. The same can be said for financial planning and preparing for your future.

Follow this perfect recipe, and you’ll be rewarded with a delightful retirement: First, start your retirement pie with a visit to the Retirement Estimator. Just drop in some simple information and the Estimator uses your past earnings and estimated future earnings to project about how much you’ll get when you retire. You can experiment with the recipe and drop in different future earnings and retirement dates until your financial security in retirement is just the way you want it. Visit our Retirement Estimator at www.socialsecurity.gov/retire/ estimator.html.

Next, stir in the savings. Social Security replaces about 40 percent of the average worker’s

LifeLong Links works to give you access to a variety of local services and resources:

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pre-retirement earnings. Most financial advisors say you will need 70 percent or more of preretirement earnings to live comfortably. To supplement Social Security you’ll also need savings, investments, pensions, or retirement accounts to make sure you have enough money to enjoy

retirement. If you have a pension from your employer, or a 401(k), IRA, or similar retirement fund, be sure to add that into the mix.

You like to taste while you bake, don’t you? Then you’ll want to set up an online secure my Social Security account so you can log in anytime to check your reported

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socialsecurity.gov/myaccount.

After you’ve added the ingredients of Social Security earnings, personal savings, and any pensions you may have, let the retirement pie bake. When the retirement pie is ready, enjoy it!

You deserve a comfortable retirement. If you need more recipes for a long and healthy retirement, visit us at www.socialsecurity. gov.

The first step in making the right decisions for you and your family is having the information you need.

LifeLong Links™ is Iowa’s network of Aging and Disability Resource Centers, designed to link older Iowans, people with disabilities, veterans and their caregivers with the information and resources they need to plan for long-term independent living.

Administered by the Iowa Department on Aging, LifeLong Links is available to all Iowans who need home and community-based services and is accessible through physical locations across Iowa, a toll-free call center and a website.

Visit www.lifelonglinks.org, call 1.866.468.7887 or stop by a local coordination center to start planning today!

Sunday, November 22, 2015

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Social Security Disability most misunderstood program, helps people who work People with disabilities are challenged with both overcoming barriers and with convincing others that those barriers do not define them. That’s why we wanted to remind you that Social Security is an earned benefit for millions of disabled individuals, and we can assist them in going back to work. The Social Security disability insurance program, or SSDI, is perhaps the most misunderstood program of Social Security. Some people may think that SSDI recipients have never worked and are taking advantage of the system by receiving money for minor impairments.

Nothing could be further from the truth. First, anyone who qualifies for SSDI must have worked enough to pay into the system and be “insured.” Second, Social Security has some of the strictest requirements in the world for disability benefits. To qualify, a person must not only have an impairment that will last one year or more, or result in death, but they must be unable to perform any substantial work.

Consequently, Social Security disability beneficiaries are some of the most severely impaired people in the country, and they greatly depend on their benefits.

Social Security also offers the Ticket to Work program, which gives participants a “ticket” to go back to work while keeping their disability benefits. This program is free and voluntary. Ticket to Work gives access to an employment network, which offers assistance with job searches and placement, and vocational rehabilitation and training. Those

Grandkids welcome!

Waterloo Operations Supervisor‌

Social Security honors veterans and active duty members of the military every day by giving them the respect they deserve.

A vital part of that is administering the Social Security disability program.

For those who return home with injuries, Social Security is a resource they can turn to. If you know any wounded veterans, let them know about Social Security’s Wounded Warriors website at www.socialsecurity.gov/ woundedwarriors.

You will see family of all ages when you visit any of the Friendship Village campuses. You’ll also see these qualities:

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You can learn more by visiting the Faces and Facts website at www. socialsecurity.gov/disabilityfacts.

We also have incentives that give beneficiaries with disabilities — who are able — the opportunity to return to work. These work incentives include continued cash benefits for a period of time while you work, continued Medicare or Medicaid coverage and help with education, train-

ing and rehabilitation to start a new line of work. In some cases, we may even be able to deduct certain impairment-related work expenses from your countable income, making it possible to earn more and also remain eligible to receive benefits. Examples of these expenses are wheelchairs, transportation costs and specialized equipment needed for work.

Social Security helps veterans, active-duty military members LAURA HOMEWOOD

who enroll find program makes it easier to explore whether going back to work is right for them.

Some even find that they are able to eventually get back to work and earn far more than the disability payments they once received. Visit www.socialsecurity.gov/work for more information or call (866) 968-7842 (TDD 866-833-2967).

The website answers many commonly asked questions and shares useful information about disability benefits, including how veterans can receive expedited processing of disability claims.

Benefits available through Social Security are different than those from the Department of Veterans Affairs and require a separate application.

The expedited process is used for military service members who become disabled while on active military service on or after October 1, 2001, regardless of where the disability occurs.

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’re unable to work due to a disabling condition. Active-duty status and receipt of military pay doesn’t necessarily prevent payment of Social Security disability benefits. Although a person can’t receive Social Security disability benefits while engaging in substantial work for pay or profit, receipt of military payments should never stop someone from applying for disability benefits.

Learn more at www.socialsecurity.gov/woundedwarriors.

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Sunday, November 22, 2015

Keep Social Security updated to prevent unwanted surprises If you receive Social Security benefits, we want to hear about your changes. Keeping us informed minimizes the chance that we learn about something later that could negatively affect your benefits. That’s the surprise no one wants, because it creates overpayments that you must repay, disrupts payments and can even jeopardize your entitlement to Social Security benefits.

Here are the most common forms of information needed by Social Security: ‌ Your address and direct deposit information.

We need to know your current mailing address and phone number so we can reach you if needed. This is especially important if you receive Supplemental Security Income (SSI) since where you live can change the amount of your SSI benefits.

When your direct deposit information is not current, it can cause headaches with missing or delayed payments. Update your address or direct deposit information when you register for a Social Security account at www.socialsecurity.gov/myaccount. ‌Your work. When you receive Social Security disability benefits or SSI for a disability, we have found you unable to work because of your condition. That’s why we need to know if you take a job or are selfemployed, or if you stop work or have any changes

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in work hours, or pay. If your work is substantial enough, it may affect your benefits. You may also need to report if you begin receiving or have a change in any worker’s compensation or public disability benefits.

If you are receiving retirement or survivors benefits, be mindful of the yearly earnings limit before you reach Full Retirement Age (FRA), which is currently 67 years old if you were born in 1960 or later.

For 2015, the earnings limit is $15,720. When you earn

over this amount, we deduct $1 in benefits for every $2 you earn. That means if you earn $30,000, we will have to reduce your benefits by roughly $7,000. It’s very important to give us a work estimate at the start of the year so that we can withhold what’s needed. If we find out you had excess earnings at a later date, you could end up with a large overpayment that you will have to repay. ‌Your living arrangements for SSI. To receive SSI you must demonstrate financial need, in addition to meeting other requirements. Living arrangements may change how much money you receive. Social Security needs to know how many people are in your household and how expenses are shared. We also need to know if you receive any payments from other sources, and if you have savings that go over the SSI resource limit ($2,000 for an individual or $3,000 for a couple).

You can learn more about reporting responsibilities for people working and receiving disability or SSI benefits by reading our online publication “Working While Disabled — How We Can Help and How Work Affects Your Benefits” at www.socialsecurity.gov/ pubs. Some changes can be reported online at www. socialsecurity.gov. You can also notify us 1-800-7721213 or contact your local Social Security office.

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