EFTA00597519.pdf

IIII IIII 11111 Ell HI III IIIII III VIII 111111 IIII III IIIIIII 11111 IIIII 11111111111 I p ZMN=111 Your payment would be about $2,669 a month at full retirement age 000044357 14"."" "in 12 *15 •4131' AV • M4 JEFFREY E. ursTEIN 6101) REDIIOOK QTR APT NO B3 ST THOMAS VI 00802 September 01, 2015 Your Social Security Statement Are you thinking about retirement? Are you ready for retirement? We have tools that can help yowl • Estimate your future retirement benefits at www. socialsecurity.govlestinsator • Apply for retirement, spouse's, Medicare or disability benefits at www.socialsecurity.govlapplyforbenefits • And once you receive benefits, manage your benefits at www.socialsecurity.gov/myaccount Your Social Security Statement tells you about how much you or your family would receive in disability, survivor or retirement benefits. It also includes our record of your lifetime earnings. Check out your earnings history, and let us know right away if you find an error. This is important because we base your benefits on our record of your lifetime earnings. Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security will replace about 40 percent of your annual prerettrement earnings. You will need other savings, investments, pensions or retirement accounts to live comfortably when you retire. To view your Statement online anytime, create a my Social Security account at tvww.socialsecurity.govImyaccount. O-f_rer - asset's_ Carolyn W. Colvin Acting Commissioner Follow the Social Security Administration at these social media sites. Irj EFTA00597519 Your Estimated Benefits •Retirement •Disability •Family •Survivors Medicare Toe ►ave donned though credits to galley for besefits. nt year Gamut earthed@ rate, it yea cantinas working until... roar tall retirtheat ace (44 years), year paythat weld ►e about ale PC, year payment would be obese ace 41, your payment would be abet! $ 2,141 • month $ 3,517 • oath $ 2,002 • costa You have earned enough credit, to qaalify to benefits. If you benne disabled richt now year payment reels be about $ 2,554 a tenth It yes est retirement or disabllity ►enefits, year spouse or Wiliam nay also cattily for boaefits. You have earned enough credits for your tally to receive survivors benefits. If you die this year, certain members of your rally ay quality for the follawisq benefits. Your child $ 10040 a sent* Your synth who is oaring for your child $ 1,511 a meet► Your wags, if benefits start at full retiree/gat ace $ 2,597 • month Total family benefits cannot be moth than 4,545 a south Your spas. or suer child way be eligible for • special the-tthe death benefit of $255. You have earned snatch thedlts to quality for Kedicare at ace is. Iv.. if you do not retire at ace 45, be are to contact Social Security three &oaths before your 45th ►irthday to enroll is Kediean, •your estimated benefits •re bessd on current law' C ha made changes to the lay in the past and can do so at any time. The law governing benefit amounts say change because, by 2033, the payroll tares collected will be enough to pay only about 77 portent of scheduled benefits. V. based your benefit otiattop on these facts: Your date of birth (pleas. verify year ea. ea Race 1 and tki• data of birth) fasten 20, 1153 Your estiated taxable thraincs per year after 2115 $117,111 Your social security saber (only the lest fear digits are than to ►elp prevent ideatiky theft) m• XX •3145 How Your Benefits Are Estimated To qualify for benefits, you earn 'credits' through your , work — up to four erect year. This year, for example, you earn one credit for each $1,220 of wages or self-employment income. When you've earned $4.8S0, you've earned your four credits for the year. Most people need 40 credits, earned over their working lifetime. to receive retirement benefits. For disability and survivors benefits, young people need fewer credits to be eligible. We checked your records to see whether you have earned enough credits to qualify for benefits. If you haven't earned enough yet to qualify for any type of benefit, we cent give you a benefit estimate now. If you continue to work, we'll give you on estimate when you do qualify. What we rammed — If you have enough work credits, we estimated your benefit amounts tieing your average earnings over yon• working lifetime. For 2016 end later (up to retirement age), we assumed youll continue to work and make about the same as you did in 2013 or 2014. We also included credits we assumed you earned last year and this year. Generally, the older you ere end the closer you are to retirement, the more accurate the retirement estimates will be because they are betted on a longer work hi.stoiv with fewer uncertainties such as earnings fluctuations and future law changes. We encourage you to use our online Retirement Estimator at uota.socialsentrity.goufeutimator to obtain immediate and personalized benefit estimates. We can't provide your actual benefit amount until you apply for benefits. And that amount may differ from the estimates stated above because: (I) Your earnings may increase or decrease in the future. (2) Alter you start receiving benefits, they will be adjusted for cost•of•living increases. (3) Your estimated benefits ice based on current law. The law governing benefit amounts may change. (4) Your benefit amount may be affected by military service, railroad employment or pensions earned through work on which you did not pay Serial Security In Visit totato.socialseaultr.goolmya000ttrd to learn more. Windfall Eliminietion Provision (WEP) — In the future, if you receive a pension from employment in which you do not pay Social Security taxes, such as some federal, stet' or local government work, some nonprofit organizations or faring,' employment, and you also qualify for your own Social Security retirement or disability benefit, your Social Security 11O1art may be reduced, but not eliminated, by WEP. The amount of the reduction, if any, depends on your e•nuuxs and number of years in jobs in which you paid Social Security taxes, and the year you are age 62 or bitterns disabled. For more information, please see Windfall Elimination Provision (Publication No. 05-10045) at totata.socialatrarity.gadWEP. Government Pension Offset (GPO) - if you receive ■ pension based on federal, state or local government work in which you did not pray Social Security trues and you qualify, now or in the future, for Social Security benefits es a current or former spouse, widow or widower, you are likely to be affected by GPO. If GP() applies, your Social Security benefit will be reduced by en mount equal to twothirds of your government pension, and could be reduced to zero. Even if your benefit is reduced to zero, you will NI eligible for Medicare at age 115 on your spouse's record. To learn more, 111010441 Nee Govarrunent Ponstun Offset (Publication Nu. 0,540007) at tawto.socialsecurity.govIGPO. 2 ICI EFTA00597520 IIII IIII Mill Mill IIIII Mill IIII III 11111 111111 till IIIIII MIMI VIII IIIII 11111 IIIIII I I as iB Your Earnings Record Your 'rued Years You Social Worked Earnings Your Taxed Security Medicare Years You Earning* Worked Your Taxed Social Security Earnings Your Taxed Medicare Earnings 1968 S 94 94 1990 S 51,300 S 51,300 1969 3 39 1991 53,400 125,000 1970 1971 0 0 1992 1993 1994 55,500 57,600 60,600 130,200 135,000 2,014,839 1 1972 1973 25 5 256 50 1995 1996 61,200 62,700 153,564 150,754 t 1974 4,000 4,000 1997 65,400 150,754 1975 10,20 10,200 1998 68,400 151,287 1976 15,30 15,300 1999 72,600 160,000 1977 1978 16,50 17,70 16,500 17,700 2000 76,200 240,666 g 1979 22,90 22,900 2001 80,400 240,666 2002 84,900 240,7% 1980 25,90 25,900 2003 87,000 241,021 1981 29,70 29,700 2004 87,900 241,021 i 1982 0 2005 90,000 241,021 1983 0 2006 94,200 241,021 1984 0 2007 97,500 180,785 1985 0 2008 0 0 1986 0 2009 0 0 1987 1988 43,80 45,00 43,800 45,000 2010 106,800 190,980 I 1989 48,00 48,000 2011 106,800 190,980 2012 110,100 190301 2013 113,700 186,345 2014 117,000 189,999 Total Social Security and Medicare nage paid over your working career through the last year reported on the chart abown Estimated taxes paid for Social Security: You paid: Your employers paid: Estimated taxes paid for Medicare: S130,231 You paid: $92,233 S128,571 Your employers paid: S90,029 Note: Currently you and your employer each pay a &2 percent Social Security tax on up to $118,500 of your earnings and a 1.45• percent Medicare tax on all your earnings. If you are eelleteployed, you pry the combined employee and employer amount, which is a 12.4 percent Social Security tax on up to $118,500 of your net earnings and a 2.9• percent Medicare tax on your entire net earnings. •1f you have earned income or more than la0e0 ($260,000 fee married couplet/ Max Mann, you must pay 0.9 percent more M Medlar. tam. Help Us Keep Your Earnings Record Accurate You, your employer and Social Security share responsibility for the accuracy of your earnings record. Since you began working, we recorded your reported earnings under your name and Social Security number. We have updated your record each time your employer (or you, if you're sell.- employed) reported your earnings. Remember, it's your earnings. not the amount of taxes you paid or the number of credits you've earned, that determine your benefit amount. When we figure that amount, we base it on your average earnings over your lifetime. If our records are wrong, you may not receive all the benefits to which you're entitled. Review this chart carefully using your own records to make sure our lamination is correct and that we've recorded each year you worked. You're the only person who can look at the earnings chart and know whether it is complete and correct. Some or all of your earnings from last year may not be shown on your 8:weird's& It could be that we gill were processing lest year's earnings reports when your Statement was prepared. Your complete earnings for lest year will be shown oil next year's Statement. Note: If you worked for more then one employer during any year, or if you had both earnings and self-employment income, we combined your earnings for the year. There's a limit on the amount of earnings on which you pay Social Security taxes each year. The limit increaser. yearly. Earnings above the limit will not appear on your earnings chart as Social Security earning'. (For Medicare taxes, lbw maximum earnings amount began rising In 1991. Since 1904, all of your earnings are taxed for Medicare.) Call us right away at 1-800-772-1212 (7 • 7 ■. your local time, 1-500-325-9779) if any earnings for years before last year are shown incorrectly. Please have your W.2 or tax return for those years available. (If you live outside the U.S., follow the directions at the bottom of page 4.) 3 EFTA00597521 IIII IIII Mill EH IIIII IIIIIIIIN III ill 111111 IIII 11111 111111111111 III 11111111111 I S .\31/4%, SEco alf-S Thinking of retiring? ?Cif* www.aocialsecurity.gov Some things to consider R etirement can have more than one moaning these days. It can mean that you have applied for Social Security retirement benefits or that you arc no longer working. Or it can mean that you have chosen to receive Social Security while still working, either full or part-time. All of these choices are available to you. Your retirement decisions can have very real effects on your ability to maintain a comfortable retirement. If you retire early, you may not have enough income to enjoy the years ahead of you. Likewise, if you retire late, you'll have a larger income, but fewer years to enjoy it. Everyone needs to try to find the right balance, based on his or her own circumstances. We hope the following information will help you as you plan for your future retirement and consider your retirement options. What is the best option for you? Everyone's situation is different. That is why Social Security has created several retirement planners to help you decide what would be best for you and your family. Social Security has an online calculator that can provide immediate and accurate retirement benefit estimates to help you plan for your retirement. The online Retirement Estimator is a convenient, secure, and quick financial planning tool. It uses your own earnings record information, thereby eliminating any need to manually key in years of earnings information. The estimator also will lot you create 'what if' scenarios. You can, for example, change your "stop work* date or expected future earnings to create and compare different retirement options. To use the Retirement Estimator, go to our website at uano.sociolsecurity.goulestimator. 3 I Monthly benefit amounts differ based on the age you decide to start receiving benefits This example assumes a benefit of $1,000 at a full retirement age of 66 60 ii;1.050 Si p oo l $933 62 63 64 65 66 67 se 69 70 Age you shoos. to start remelting benefits $1.320 Avoid a Medicare Penalty Sign Up at Age 65 Even if you don't plan to receive monthly benefits, be sure to sign up for Medicare three months before turning age 65. If you don't sign up for Medicare Part B (medical insurance) when you're first eligible, your coverage may not start right away and you may have to pay a late enrollment penalty for as long as you have it. You can apply online. Visit www.socialsecurity.goolmedioareonly for information and to apply. There is one more thing you should remember as you crunch the numbers for your retirement. You may need your income to be sufficient for a long time, because people are living longer than ever before, and generally, women tend to live longer than men. For example: • The typical 65-year-old today will live to age 83; • One in four 65-year-olds will live to age 90; and • One in ten 65-year-olds will live to ago 95. Once you decide on the best age for you to actually retire, remember to complete your application three months before the month in which you want retirement benefits to begin. It's so easy to apply online for benefits The easiest way to apply for Social Security retirement benefits is to go online at uow.socialsecuritnool applyforbenefits. If you do not have access to the Internet, you can call 1-800-772-1213 awry r, 1- 325.0778) between At and 7 M., Monday through Friday, to apply by phone. You also can apply at any Social Security office. To avoid having to wait, call first to make an appointment. I I EFTA00597522