Social Security: With You Through Life’s Journey…

1. Social Security: With You Through Life’s Journey… Produced at U.S. taxpayer expense

2. We’re With You Through Life’s Journey

3. Most Popular Baby Names A fun by-product of assigning Social Security numbers at birth is that we know the most popular baby names, which we announce each year. Visit our website to find the top baby names for the last 100 years. SocialSecurity.gov/babynames

5. mySocial Security socialsecurity.gov/myaccount

6. mySocial Security Services • If you do not receive benefits, you can: • Request a replacement Social Security card if you meet certain requirements; • Check the status of your application or appeal; • Get a benefit verification letter as proof that you are not getting benefits; • Get your Social Security Statement to review: • Estimates of your future retirement, disability, and survivor benefits; • Your earnings once a year to verify the amounts that we posted are correct; and • The estimated Social Security and Medicare taxes you’ve paid.

7. mySocial Security Services • If you receive benefits or have Medicare, you can: • Request a replacement Social Security card if you meet certain requirements; • Report your wages if you work and receive Disability Insurance benefits; • Get a benefit verification letter as proof that you are getting benefits; • Check your benefit and payment information and your earnings record; • Change your address and phone number; • Start or change direct deposit of your benefit payment; • Request a replacement Medicare card; and • Get a replacement SSA-1099 or SSA-1042S for tax season.

8. Enhanced Security for your mySocial SecurityAccount • We recently added a second method to check the identification of account holders when you register or sign in. • This is in addition to the first layer of security, your username and password. • You will be able to choose either your cell phone or your email address as your second identification method.

9. Enhanced Security for your mySocial SecurityAccount cont. Each time you sign in to your account, you will complete two steps: • Step 1: Enter your username and password. • Step 2: Enter the security code we send by text message or email, depending on your choice (cell phone provider text message and data rates may apply). If a user does not have a text-enabled cell phone, or does not wish to provide their cell phone number, they will need to use their email address as a second identification method instead.

10. How to Open a mySocial SecurityAccount 1 Visit socialsecurity.gov/myaccount 2 Select: “Sign In or Create anAccount.” Provide some personal information to verify your identity. 3 4 Choose a username and password, then select how you would like to receive a one-time security code to create your account. No matter what type of device you use, the my Social Securityportal will automatically re-adjust to fit the appropriate screen size, providing you full, easy-to-use access to your personal account!

11. mySocial Security You can assist someone in creating a mySocial Securityaccount if they: • are with you; • have their own email address; • can answer the “out of wallet” questions; and • have been appointed a payee. You cannot create a mySocial Securityaccount on behalf of another person by using another person's information or identity, even if you have that person's written permission. For example, you cannot create an account for another person: • with whom you have a business relationship; • for whom you are a representative payee; or • for whom you are an appointed representative.

12. mySocial Security You can visit your local field office to obtain a unique activation code. You will need to bring in proof of identity in one of the following forms (must be current): • State driver's license or identity card; • U.S. passport or passport card; • U.S. military identification; or • U.S. government employee identification card.

13. Social Security Beneficiaries 4.4 million Widows/ Widowers 8.9 million Disabled Workers, 1.9 million Dependents 1.9 million Children 41 million Retired Workers 3 million Dependents 12/2017

14. Other Income Savings & Investments Pension Social Security

15. mymoney.gov or 1-800-FED-INFO

16. We Wouldn’t Miss Your Retirement Party

17. How Do You Qualify for Retirement Benefits? • By earning “credits” when you work and pay Social Security taxes • You need 40 credits (10 years of work) and you must be 62 or older • Each $1,360 in earnings gives you one credit • You can earn a maximum of 4 credits per year Note: To earn 4 credits in 2019, you must earn at least $5,440.00.

18. How Much Will I Receive in Retirement Benefits?

19. How Social Security Determines Your Benefit? • Benefits are based on earnings • Step 1 -Your wages are adjusted for changes in wage levels over time • Step 2 -Find the monthly average of your 35 highest earnings years • Step 3 -Result is “average indexed monthly earnings”

20. 2019 Retirement Benefit Formula If your average monthly earnings are = $5,500 Then your monthly benefit would be = $2,296 Average Monthly Earnings = $5,500 $833 90% of First........................................................ $926 = 32% of Earnings over $926 through $5,583...... $4,574 = $1,463 ($5,500 - $926 = $4,574) 15% of Earnings over $5,583….............................. $0 = $0 $5,500 = $1,833 *Payments rounded to whole dollar amounts

21. Retirement Estimator Gives estimates based on your actual Social Security earnings record You can use the Retirement Estimator if: You have enough Social Security credits at this time to qualify for benefits and You are not: Currently receiving benefits on your own Social Security record; Waiting for a decision about your application for benefits or Medicare; Age 62 or older and receiving benefits on another Social Security record; or Eligible for a Pension Based on Work Not Covered By Social Security. socialsecurity.gov/estimator

22. Online Calculators WEP Online Calculator Life Expectancy Earnings Test Retirement Benefits for Spouses Early or Late Estimator Quick GPO Detailed Age

23. What Is the Best Age to Start Receiving Social Security Retirement Benefits? Age You Choose to Start Receiving Benefits Note: This example assumes a benefit of $1,000 at a full retirement age of 66

25. Working While Receiving Benefits Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement age to take into account those months in which benefits were withheld.

26. What Income Counts Towards the Earnings Test Limits? Income that Counts as Earnings: Gross wages from employment and/or net earnings from self employment Income that Does NOT Count as Earnings: • Inheritance payments • Pensions • Income from investments • Interest and dividends • Capital gains • Other sources

27. Full Retirement Age 100% of Benefit and No Income Limit

28. Your Age Determines the Benefit Amount

29. Windfall Elimination Provision (WEP) If any part of your pension is based on work not covered by Social Security, you may be affected by the Windfall Elimination Provision. • WEP can apply if: • You reached 62 after 1985; or • You became disabled after 1985; and • You first became eligible for a monthly pension based on work where you didn’t pay Social Security taxes after 1985. socialsecurity.gov/planners/retire/wep.html

30. Windfall Elimination Provision (WEP) Max WEP for 2019 is $463/month

31. YearSubstantial Earnings 1937-1954 $900 1955-1958 $1,050 1959-1965 $1,200 1966-1967 $1,650 1968-1971 $1,950 1972 $2,250 1973 $2,700 1974 $3,300 1975 $3,525 1976 $3,825 1977 $4,125 1978 $4,425 1979 $4,725 1980 $5,100 1981 $5,550 1982 $6,075 1983 $6,675 YearSubstantial Earnings 2001 $14,925 2002 $15,750 2003 $16,125 2004 $16,275 2005 $16,725 2006 $17,475 2007 $18,150 2008 $18,975 2009-2011 $19,800 2012 $20,475 2013 $21,075 2014 $21,750 2015-2016 $22,050 2017 $23,625 2018 $23,850 2019 $24,675 YearSubstantial Earnings 1984 $7,050 1985 $7,425 1986 $7,875 1987 $8,175 1988 $8,400 1989 $8,925 1990 $9,525 1991 $9,900 1992 $10,350 1993 $10,725 1994 $11,250 1995 $11,325 1996 $11,625 1997 $12,150 1998 $12,675 1999 $13,425 2000 $14,175 Substantial Earnings for Each Year Note: Our Online WEP calculator allows you to estimate your Social Security benefit.

32. Exception to the WEP

33. Government Pension Offset If any part of your pension is based on work not covered by Social Security, you may be affected by the Government Pension Offset. • If you receive a pension based on work not covered by Social Security, your spouse or widow(er) Social Security benefits may be reduced. socialsecurity.gov/gpo

34. Government Pension Offset Example 2/3 of amount of non-covered pension will be used to reduce the Social Security spouse’s/widow(er)’s benefits. Examples: $1200 Non-covered Pension 2/3 = $800 If Social Security spouse’s benefit = $750, no benefit payable due to offset If Social Security widow(er)’s benefit =$1500, $700 would be payable after offset socialsecurity.gov/gpo

35. Spousal Benefits

36. Spousal Benefits • Benefit is 50% of worker’s unreduced benefit • Reduction for early retirement • If spouse’s own benefit is less than 50% of the worker’s, the benefits are combined • Does not reduce payment to the worker

37. Divorced Spouses Benefits If you are divorced, and your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record if: • You are unmarried; • You are age 62 or older; • Your ex-spouse is entitled to Social Security retirement or disability benefits; and • The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work.

38. Survivor Benefits • When you pass away, your surviving spouse can: • Receive 100% of your full benefit if full retirement age; or • At age 60, receive 71.5% of your full benefit and increases each month you wait up to 100% if you start at full retirement age; or • Claim survivor benefits at any age between 60 and full retirement age.

39. Survivor Eligibility Factors

40. Other Survivor Benefits • Parents’ Benefits – For a parent who is age 62 and was receiving at least one-half of his or her financial support from the son or daughter who died. • Lump Sum Death Payment – A surviving spouse or child may receive a special lump-sum death payment of $255.00 if they meet certain requirements. socialsecurity.gov/survivors

41. We’ll Be Here For Your Family In The Future

42. Who Pays for Social Security?

43. Life Expectancy Statistics • A man reaching age 65 today can expect to live, on average, until age 84.3. • A woman turning age 65 today can expect to live, on average, until age 86.6. • And those are just averages. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95. socialsecurity.gov/planners/lifeexpectancy.html

44. Social Security in the Future • The two Social Security trust funds – Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) will be able to pay all benefits in full and on time until 2034. • The trust funds have reached the brink of asset reserve depletion in the past, but Congress made substantial modifications to avoid this. • If Congress does not act before 2034, the trust funds will still be able to pay 79 percent of each benefit due.

45. Medicare Part A = Hospital Insurance Part B = Medical Insurance Part C = Medicare Advantage Plans Part D = Prescription Drug Plans Visit Medicare.gov for details

47. Medicare Effective Dates for Initial Enrollment

48. The standard Part B premium for 2019 is $135.50 If you’re single and file an individual tax return, or married and file a joint tax return

49. Extra Help Program Medicare beneficiaries may qualify for Extra Help with their Medicare prescription drug plan costs. Find out if you qualify at socialsecurity.gov/extrahelp

50. Medicare Applications If you already have Medicare Part A and wish to add Medicare Part B, simply take or mail forms CMS 40-B and CMS-L564 to your local Social Security office socialsecurity.gov/medicare/apply.html