Social Security 101 - June 23 Webinar Review
Lizna Odhwani and Trang Nguyen from the Social Security Administration presented with Slover Library to give you comprehensive information and answer your questions, such as
When are you eligible to receive retirement benefits?
How does early retirement affect your benefits?
Do you qualify for disability, survivors, and spouse benefits?
How do you get the most from your benefit?
What is the future of Social Security?
When should you file for Medicare?
For anyone who missed the live webinar, you can catch up with the recording and additional resources.
Watch the Recording
Due to techinical difficulties, the live webinar on June 23 was cut short partway through the presentation. The recording contains the first half of the presentation. See below for additional information and resources from Social Security. Click here for our previous Social Security 101 Webinar Review.
Additional Information and Resources
RETIREMENT BENEFITS
To be eligible for retirement and Medicare, you need to have worked and paid FICA taxes for at least 10 years or earned 40 credits during your working career. A worker can earn up to four credits per year. The amount of your retirement benefit is based on how much you earned during your working career.
The full retirement age (FRA) used to be 65, but it is increasing based on the year you were born. The longer you wait to collect Social Security, the higher your monthly benefit will be. The my Social Security Retirement Calculator compares your individualized retirement benefit estimates at age 62, Full Retirement Age (FRA), and age 70 based on various scenarios you select.
MEDICARE
Medicare is the federal government’s health insurance for people 65 and older and those with disabilities and End Stage Renal Disease. As a displaced worker, you may have lost your employer health insurance. If you (and your spouse) are 65 or older, you are probably eligible for Medicare.
If you already have Medicare Part A and wish to sign up for Part B under a Special Enrollment Period (SEP), complete forms CMS 40-B and CMS L564. If your employer cannot sign the CMS-L564, SSA can use alternative documents to obtain evidence from your employer, Group Health Plan (GHP), or Large Group Health Plan (LGHP). Return the completed forms to your Social Security office by mail or fax. For more information, see the fact sheet, How to Apply for Medicare Part B During Your Special Enrollment Period.
Other Medicare resources are available as you make decisions about Medicare. For example, every state has a State Health Insurance Assistance Program to help you, at no charge, navigate your choices with unbiased state-specific guidance. Additional information is at Medicare.gov.
If you (or your spouse) are younger than 65, you have health insurance options: COBRA (that may allow you to keep an employer health plan), the Affordable Care Act, the Veterans Administration, or Medicaid. SSA employees are unable to answer questions about these programs.
HOW BREAKS IN EARNINGS AFFECT SOCIAL SECURITY BENEFITS
RETIREMENT BENEFITS
Social Security bases your benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages. Your benefit is based on your 35 highest earnings years. If you have fewer than 35 years of earnings, years without any earnings are included in your benefit calculation.
APPLYING FOR BENEFITS
When you decide to apply for benefits, use the Checklist for Online Medicare, Retirement, & Spouses Applications or Checklist for Online Adult Disability Application to help you prepare. If you are filing for disability benefits, you may wish to review and print the adult Disability Starter Kit. The easiest way to file for benefits is to use the online application for Retirement or Disability. If you are disabled and at least 62 but younger than full retirement age, you can file for retirement and disability benefits with the same application. You cannot apply online for survivor benefits.
For Medicare, if you are filing for retirement up to three months before your 65th birthday, your retirement application is also your application for Medicare A and B. If you are at least 65 but are not ready to take your cash Social Security benefit, you can apply online for Medicare only. Before you are ready to start your retirement benefit, you should review the fact sheet, Retirement Information for Medicare Beneficiaries.
You can check the status of your benefit application with your my Social Security account. Other online services include our office locator and a searchable database of Frequently Asked Questions. You can find answers to many of your questions, including:
For more information about Social Security’s programs and benefits or to schedule an appointment to speak with a claims representative, call Social Security’s toll-free number, 1-800-772-1213.