SUNDAY, APRIL 24, 2016
UNDERSTANDING
SOCIAL SECURITY
& YOUR RETIREMENT
Make retirement planning as stress-free as possible SOCIAL SECURITY ADMINISTRATION
Recognizing the sources of stress is the best way to understand how you can start eliminating factors in your life that put unnecessary strain on your body and mind. Did you know that stress, also called the “silent killer,” could cause heart disease and high blood pressure? Social Security wants to make your retirement planning as stress-free as possible, which is why we have a number of online tools available for you. You can create your own secure, personal my Social Security account from the comfort of your living room and avoid unpleasant traffic and a possible wait in one of our local offices. Once you have a my Social Security account, you can view your Social Security Statement,
verify your earnings record, and find out what to expect in monthly benefits if you retire at ages 62, full retirement age, or 70. Once you begin receiving Social Security benefits, you can use my Social Security to check your benefit information, change your address and phone number, change your electronic payment method, and obtain an instant benefit verification letter and replacement SSA-1099/1042S. In Iowa, you can even request a replacement Social Security card using your my Social Security account. If you’re thinking about retiring at an age not shown on your Statement, reduce the stress of the unknown by using our Retirement Estimator. The Retirement Estimator allows you to calculate your potential
future Social Security benefits by changing variables such as retirement dates and future earnings. You may discover that you’d rather wait another year or two before you retire to earn a higher benefit. Or, you might see that this is the season for you to kiss that work stress goodbye and retire right now. To get instant, personalized estimates of your future benefits, go to www. socialsecurity.gov/estimator. When you decide it’s time to start receiving your retirement benefits, the application process is far less stressful now that you’re prepared. You can securely apply online without picking up the phone or leaving your house. Simply go to www. retirement application. socialsecurity.gov/applyonline, You can enjoy Social Security’s and, in as little as 15 minutes, you stress-free retirement planning can breeze through our online tools any time of the year, giv-
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ing you more time to enjoy these warmer months. Now is the time to spring into action and start planning for retirement.
2 | Sunday, April 24, 2016
SOCIAL SECURITY
myRA and Social Security can help secure retirement JERRY NELSON Manager Waterloo Social Security Office
Achieving financial security is an important part of enjoying a satisfying retirement. Social Security has many tools to help you plan for your future. A great first step is to visit www.socialsecurity.gov/myaccount. With a my Social Security account, you’ll get immediate access to your personal Social Security Statement, your earnings record, and an estimate of your retirement benefits at age 62, at your full retirement age, and at age 70. You can also verify your earnings are correct, since we base your future benefits on your earnings record. When you open a my Social Security account, we protect your information by using strict
identity verification and security features. The application process has built-in features to detect fraud and confirm your identity. Your personal my Social Security account can help you figure out how much more you might want to save for your future, but it can do a whole lot more. For example, in the District of Columbia and several states, you can request a replacement Social Security card online — find out if you can at www.socialsecurity. gov/ssnumber. In addition to using your personal my Social Security account, you can prepare for a secure, comfortable retirement by visiting www.myra.gov. There, you’ll find myRA, a new retirement savings option from the Department of the Treasury for the millions of Americans who
Check statement annually
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face barriers to saving for retirement. myRA is a simple and secure way to help you take control of your future. myRA makes it easy and affordable to start saving for retirement, even if you can save only a little bit right now. It’s designed for people who don’t have a retirement savings plan through work, or lack other options for saving. If you already have access to a retirement savings plan, such as a 401(k), learn more about that plan because it might offer matching contribu-
Take stock of future SS benefits CARRIE WEBBER Assistant manager Waterloo Social Security Office
April is Financial Literacy Month, which is a perfect time to take stock (pun intended) of your retirement savings. Social Security is there to help secure your future, but savings should be the foundation of a bigger retirement plan. Have you ever done business online? The convenience and safety of doing business online is another way we’re meeting the changing needs and lifestyles of our customers. You can open your own personal my Social Security account within a matter of minutes and have access to your information at any time of day, from the comfort of your home or office.
With a my Social Security account, you can: Keep track of your earnings and verify them every year, which is important because we use your earnings, along with other information, to help determine your benefit amount and eligibility; Get an estimate of your future benefits, if you are still working; Get a letter with proof of your benefits, if you currently receive them; and Manage your benefits: <ol>Change your address; Start or change your direct deposit; Get a replacement Medicare card; and Get a replacement SSA1099 or SSA-1042S for tax sea-
son. If you’re an Iowan, you may be able to replace your Social Security card online using my Social Security. It’s an easy, convenient, and secure way to request a replacement card online. To take advantage of this new service option, you must: Have or create a my Social Security account; Have a valid driver’s license in a participating state or the District of Columbia (or a state-issued identification card in some states); Be age 18 or older and a United States citizen with a domestic U.S. mailing address (this includes APO, FPO, and DPO addresses); and not be requesting a name change or any other changes to your card.
tions or other benefits. myRA helps workers grow their money faster than they can with most traditional savings accounts, and there’s no risk. Since it’s not tied to a particular employer, workers can hold on to their myRA account when they move from one job to another. With your personal my Social Security and myRA accounts in place, you too can prepare to reap the joys of a financially secure retirement. Learn more about all of your choices at www.socialsecurity.gov.
In April, Social Security celebrates National my Social Security Week. The biggest day in that week is “Check Your Statement Day.” It’s important that you check your Social Security Statement every year since we base your future benefits on your earnings record. Your Statement can help you plan for your financial future. We encourage you to go online to my Social Security to access your Statement whenever you wish to verify your earnings history or check your estimated future benefits. One sure way to stay on top of your financial future: you can join the more than 23 million people who have opened their own my Social Security account at www.socialsecurity.gov/ myaccount.
STEVE KNAPP, Lockard Realty Steve, a lifelong resident, has been a real estate broker and professional manager since 1973. He uses his expertise to assist clients in real estate transactions in residential homes, commercial and investment properties, development, or property management.
Steve is managing broker of the leading residential and commercial brokerage firm and is consistently a leading buyer and seller agent. He has served on several local boards of directors in the last 25 years, and as a WaterlooCedar Falls Board of Realtors officer and director. sknapp@lockardonline.com
“Producing Successful Results” “Steve would call with regular updates and would return our calls quickly. We called him because our son was so happy with him when he bought his home years ago. He’s the best!” - C.D.
493-4000 Steve Knapp Managing Broker
4501 Prairie Parkway, Cedar Falls 50613
Sunday, April 24, 2016 | 3
SOCIAL SECURITY
Social Security plays vital role for women Ida May Fuller, born on September 6, 1874, was the first American to receive a monthly Social Security benefit check. Along with Secretary of Labor Frances Perkins — who was instrumental in the creation of the Social Security Act — Ida May Fuller was one of the first famous women of Social Security. She received the check, amounting to $22.54, on January 31, 1940. Back then, people understood that she would be one of millions that would be positively affected by retirement benefits. Seventy-six years after that first check, Social Security continues to play 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. According to the U.S. Census Bureau, a girl born today can expect to live more than 80 years. As a result, experts generally agree that if women want to ensure that their retirement years are com-
events can affect your Social Security. Your benefits are based on your earnings, so you should create your personal my Social Security account to verify that your earnings were reported correctly. If you want more information
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fortable, they need to plan early minutes, you can get a personand wisely. alized, instant estimate of your retirement benefits. Plug in different scenarios, such as retireWhat you can do “The best place to begin is by ment ages or projected earnings, knowing what you can expect to to get an idea of how such things receive from Social Security, and might change your future benefit how much more you are likely amounts. You can find it at www. to need to enjoy a comfortable socialsecurity.gov/estimator. retirement,” said Carolyn W. You should also visit Social Colvin, Social Security’s Act- Security’s financial planning ing Commissioner and a Social website at www.socialsecurity. Security pioneer woman in her gov/planners. It provides detailed information about how own right. You can start with a visit to marriage, widowhood, divorce, Social Security’s Retirement self-employment, government Estimator. There, in just a few service, and other life or career
Ex-spouse benefits, taxes and you id you observe Ex-Spouse D Day in mid April? If you are an ex-spouse, you should know that Social Security pays benefits to eligible former spouses. And, you may need to claim this income on your tax forms. If you are age 62, unmarried, and divorced from someone entitled to Social Security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. To be eligible, you must have been married to your ex-spouse for 10 years or more. If you have since remarried, you can’t collect benefits on your former spouse’s record unless your later marriage ended by annulment, divorce, or death.
about the role of Social Security in women’s lives today, Social Security 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, if you’re entitled to benefits on your own record, your benefit amount must be less than you would receive based on your ex-spouse’s work. In other words, we’ll pay the higher of the two benefits for which you’re eligible, but not both. You can apply for benefits on your ex-spouse’s record even if he or she hasn’t retired, as long as you divorced at least two years before applying. The same rules apply for a deceased former spouse. The amount of benefits you get has no effect on the benefits of your ex-spouse and his or her current spouse. Visit Retirement Planner: If You Are Divorced at www.socialsecu-
rity.gov/retire2/divspouse.htm to find all the eligibility requirements you must meet to apply as a divorced spouse. Our benefits planner gives you an idea of your monthly benefit amount. If your ex-spouse died after you divorced, you can still quality for widow’s benefits. You’ll find information about that in a note at the bottom of the website. Visit www.socialsecurity.gov/ retire2/divspouse.htm today to learn whether you’re eligible for benefits on your ex-spouse’s record. That could mean a considerable amount of monthly income. What you learn may bring a smile to your face … even on tax day!
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4 | Sunday, April 24, 2016
SOCIAL SECURITY
Four winning services from Social Security 1. The online services you can put into play with a my Social Security account are quick and easy. My Social Security is an online account that allows you quick and secure access to your personal Social Security information. During your working years, once you create your online account, you can use my Social Security to obtain a copy of your Social Security Statement; verify your earnings record; and see estimates of the future retirement, disability, and survivor benefits you and your family may receive. If you already receive Social Security benefits, you can sign into your account to view, save, and print your benefit verification letter; check your benefit payment information; request a replacement Medicare card; get a replacement SSA-1099/1042S for tax season; and even change your address and phone number
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in our records. You can also start or change your direct deposit information. In some states and the District of Columbia, you may also be able to request a replacement Social Security card online. Check it out at www. socialsecurity.gov/myaccount.
2. One of the most important fouls you might want to avoid is not signing up for Medicare Part B. Enrollment begins January 1 and ends March 31. Medicare Part B covers two types of services: medically necessary services — services or supplies
that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practices. Medicare Part B also covers preventive services — healthcare to prevent illness (like the flu) or detect it at an early stage when treatment is most likely to work best. You can avoid that foul (as well as the penalty you must pay for not signing up during the enrollment period) and sign up for Medicare Part B when you turn 65 at www. socialsecurity.gov/medicare. 3. From a quick pass aimed at a well-positioned three-point shooter to an alley-oop that ends in a game-winning score, assists are one of the main ways a team wins. Two of the primary ways we assist people are with disability benefits and survivors benefits. Disability is something most people don’t like to think about, but the chances that you’ll become
disabled are probably greater than you realize. Studies show that a 20-year-old worker has a 1-in-4 chance of becoming disabled before reaching full retirement age. The loss of a key family wage earner is another event that can be devastating both emotionally and financially. You can learn more about how we assist millions of people each year at www.socialsecurity.gov/disabilityssi and www. socialsecurity.gov/survivors. 4. A winning retirement plan is your slam dunk! At www.socialsecurity.gov/retire you’ll find retirement planners, ways to estimate your potential benefits and your full retirement age, as well as other helpful resources. When you are ready to retire, apply for benefits online in as little as 15 minutes. At www.socialsecurity.gov, you’ll be hitting slam dunk after slam dunk and ensure your championship retirement.
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