SUNDAY, NOVEMBER 24, 2013
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Perfect recipe for retirement HEIDI ADAMSON-MANAHL
Waterloo Social Security Office Succulent turkey. Savory stuffing. Green bean casserole. Sweet potato and pumpkin pie. Every family has its Thanksgiving dinner traditions. With a carefully followed recipe, everyone around the table can enjoy their favorite dishes. If you plan poorly and wait to throw the bird in the oven at the last minute, you will end up with a turkey of a dish. The same can be said for financial planning and preparing for retirement. Follow the perfect recipe and you’ll be rewarded with a juicy retirement. Ingredients: one part Social Security earnings, one part savings, a pinch of planning. First, start your retirement casserole with a visit to the Retirement Estimator. As useful as a food processor, the Estimator gives you an instant projection of what you can expect to receive in retirement benefits. Just plug 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. Like an experienced cook, you can experiment with the recipe and plug in different future earnings and retirement dates until it’s just the way you want it. Next, fold in the savings. The earlier you begin, the better off you will be. Social Security replaces about 40 percent of the average worker’s pre-retirement earnings. Most financial advisors say you will need 70 percent or more of pre-retirement earnings to live comfortably. To supplement Social Security you also will need savings, investments, pensions, or retirement accounts to make sure you have enough money to enjoy
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Sidelined by disability? Social Security may be able to help LAURA HOMEWOOD Supervisor, Waterloo Social Security Office
Social Security pays benefits to people with disabilities through the Social Security disability insurance program, which is financed by Social Security taxes. If you qualify, you can receive a monthly disability benefit from Social Security for as long as your disability keeps you from working. The amount of your benefit is based on your average lifetime earnings. Potential Medicare coverage is dependent on several factors and usually starts after you receive disability cash benefits for 24 months. When you work and pay Social Security taxes, you earn credits.
The number of credits you need to qualify for disability benefits depends on your age, and some of the work must be recent. For example, if you become disabled after age 31, you need to have worked at least a total of 10 years, including five of those having been worked within the past 10 years. But if you become disabled before age 24, you need only one and a half years of work in the past three years. If you have a disability that keeps you from working, the time to get started with your application is now. That’s because it takes time to determine whether you qualify for benefits. It usually takes about three to five months for a medi-
cal decision from the state agency that evaluates your condition. If your application is approved, your first Social Security disability payment will be made for the sixth full month after the date we determine that your disability began. The best first step is for you to read our online publication, “Disability Benefits,” at www.socialsecurity.gov/pubs. Take advantage of online disability starter kits at www.socialsecurity.gov/disability. Select the option to apply for benefits online and find the disability starter kits. Once you complete an online disability starter kit, the most convenient way to apply is at www. socialsecurity.gov/disability.
Go online for Social Security business JERRY NELSON Manager, Waterloo Social Security Office
You can take care of most necessary business online, including Social Security. Just go to www.socialsecurity. gov. You can: create a my Social Security account; get instant, personalized estimate of future Social Security benefits; apply for retirement, disability, spouse’s and Medicare benefits;
recipe
Mix right ingredients for retirement plan
From page 1 retirement. Visit the Ballpark Estimator for tips to help you save. www.choosetosave.org/ ballpark. If you have a pension from your employer or a 401k, IRA or similar retirement fund, be sure to add that into the mix. Like to taste as you cook? Then you’ll want to set up a my
check the status of your benefit application; change your address and phone number, if you receive monthly Social Security benefits; sign-up for direct deposit of Social Security benefits; use our benefit planners to help you better understand your Social Security options for future planning; request a replacement Medicare card; and apply for Extra Help with your Medicare prescription drug costs.
Or call us toll-free at 1-800772-1213. We can answer specific questions from 7 a.m. to 7 p.m., Monday through Friday. Generally, you’ll have a shorter wait time if you call during the week after Tuesday. We can provide information by automated phone service 24 hours a day. (You can use our automated response system to tell us a new address or request a replacement Medicare card.) If you are deaf or hard of hearing, you may call our TTY number, 1-800-325-0778.
Social Security account so you can log in anytime to check your reported earnings and projected benefit estimates. If something doesn’t taste just right — if your earnings are reported incorrectly or you find you need to save more to meet your retirement goals — there’s still time to make corrections before your retirement casserole is done. Once you’ve added the ingredients of Social Security earnings, personal savings, and any pensions you may have, it’s time to let the retirement casserole
bake. If you pull the retirement casserole out to find it a little underdone, just put it back in for a bit longer. Delaying retirement can increase your benefits and give you more time to build up your savings. To learn more, read our publication, “When To Start Receiving Retirement Benefits.” You will find it, along with our other useful publications, at www.socialsecurity.gov/pubs. When the retirement casserole is ready, enjoy it! Learn more at www.socialsecurity.gov.
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Sunday, November 24, 2013
Resolve to create better retirement financial plan HEIDI ADAMSON-MANAHL Assistant Manager Waterloo Social Security Office
Another New Year is just around the corner, offering a new opportunity to improve your life in any number of ways with a wise New Year’s resolution or two. But one good idea for many might be creating (or updating) a longterm financial plan. If you are among those with lower financial confidence and you haven’t started to save for retirement already, now is the time to begin — no matter what your age. If retirement is near, you’ll want to jump into the fast lane right away. If you’re younger and retirement seems a lifetime away, it’s still in your best interest to begin saving now, as compound interest will work to your advantage. A great place to start figuring out how much you will need for retirement is to learn how much you could expect
from Social Security. You can do that in minutes with Social Security’s online Retirement Estimator. The Retirement Estimator offers an instant and personalized estimate of your future Social Security retirement benefits based on your earnings record. Try it out at www. socialsecurity.gov/estimator. There are reasons to save for every stage of life. A great place to go for help is www. mymoney.gov, to learn the basics about financial education. Another excellent resource is the Ballpark E$timator at www.choosetosave.org/ballpark. This online tool takes complicated issues, like projected Social Security benefits and earnings assumptions on savings, and turns them into language and numbers that are easy to understand. So turn over a new financial page in your life with the start of a new year, and get started at www.socialsecurity.gov.
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Sunday, November 24, 2013
social security www.wcfcourier.com Page 3
Social Security serves those who have served JERRY NELSON
Social Security Manager Waterloo Office
Members of the armed forces receive expedited processing of their Social Security disability applications. The expedited process is available for any military service member who
became disabled during active duty on or after October 1, 2001, regardless of where the disability occurs. Some dependent children and spouses of military personnel may also be eligible to receive benefits. Visit www.socialsecurity. gov/woundedwarriors. You will find answers to commonly
asked questions and information about disability benefits available under Social Security and Supplemental Security Income (SSI) programs. Pay special attention to the fact sheet available on that website, Disability Benefits for Wounded Warriors. You’ll also find a webinar that
explains the faster disability process available to wounded warriors. It covers general information about Social Security disability benefits and topics unique to wounded service members. You’ll also find links to useful Veterans Affairs and Department of Defense websites.
Requirements for disability benefits available through Social Security are different than those from the Department of Veterans Affairs and require a separate application. To learn more, read Military Service and Social Security available at www.socialsecurity. gov/pubs.
Q&A: Your questions answered about Social Security Q: I got an email that says it’s from Social Security, but I’m not so sure. They want me to reply with my Social Security number, date of birth, and mother’s maiden name for “verification.” Did it really come from Social Security? A: No. Social Security will not send you an email asking you to share your personal information, such as your Social Security number, date of birth, or other private information. Beware of such scams. When in doubt, or if you have questions about correspondence you receive from Social Security, contact your local Social Security office or call us at 1-800772-1213 (TTY 1-800-325-0778). Q: I’m getting married soon. How can I get my name changed on my Social Security card? A: After the wedding, gather your marriage document and other papers proving your: identity and U.S. citizenship (if you have not yet established your citizenship with us) or immigration status (including Department of Homeland Security permission to work in the U.S.). Then, complete an application for a Social Security card at www. socialsecurity.gov. Mil your completed application and documents or take this information to your local Social Security office. Locate your nearest Social Security office at www.socialsecurity.gov/locator. Your documents must be either originals or copies certified by the
issuing agency. We cannot accept photocopies or notarized copies of documents. Any documents you mail to us will be returned to you along with a receipt. Q: I have a 38-year-old son who has been disabled by cerebral palsy since birth. I plan to apply for retirement benefits. Will he be eligible for benefits as my disabled child? A: Yes. In general, an adult disabled before age 22 may be eligible for child’s benefits if a parent is deceased or starts receiving retirement or disability benefits. We consider this a “child’s” benefit because we pay it on the parent’s Social Security earnings record. The “adult child”—including an adopted child, or, in some cases, a stepchild, grandchild, or step grandchild—must be unmarried, age 18 or older, and have a disability that started before age 22.
socialsecurity.gov/i1020 to learn whether you’re eligible for Extra Help — and to complete and submit the application.
Supplemental Security Income
Q: How do I apply for Supplemental Security Income (SSI) disability benefits? A: The best first step is to start at www.socialsecurity.gov/disability. Then take a look at the Adult Disability Starter Kit. This kit answers common questions about applying for benefits. It includes a worksheet that will help you gather the information you need. Fill out the online Adult Disability Report at www.socialsecurity.gov/adultdisabilityreport. We will ask you to sign a form that gives your doctor permission to send us information about your disability. We need this informaMedicare tion so we can make a decision on Q: How do I obtain a copy of your claim. the form, Application for Help Finally, complete your applicawith Medicare Prescription Drug tion for SSI disability benefits Plan Costs? by calling our toll free number A: Use our online application (1-800-772-1213) between 7 a.m. at www.socialsecurity.gov/i1020. and 7 p.m. Monday through This application does not enroll Friday. You may apply either by you in a Medicare prescription phone or in person at a local Social drug plan; you’ll need to enroll Security office. Have your Social directly with an approved MediSecurity number handy. If you are care prescription drug provider deaf or hard of hearing, you may for coverage, which you can learn call our TTY number, 1-800-325more about at www.medicare.gov 0778. You also may visit an office or by calling 1-800-MEDICARE without an appointment, but your wait to speak to a representative (TTY 1-877-486-2048). If you will be longer. are already enrolled, visit www.
Northeast Iowa Area Agency on Aging
Creating and providing services to empower individuals to remain independent.
Case Management Healthy Lifestyles Centers Meal Programs Caregiver Support Respite Support
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For more information call the LifeLong Links-Aging & Disability Resource Center toll-free at 1-877-538-0508