| Social Security is a lot like the ozone layer--we all | | | | (5) You can increase the size of your retirement |
| know it's there now and we count on it being there in | | | | benefit by delaying collecting your benefits and by |
| the future. Yet most people don't know much more | | | | remaining on the job past full retirement age. This |
| about it than that. Here's a short list of interesting facts | | | | higher benefit comes from extra earnings toward your |
| about Social Security. | | | | account and a credit awarded for this patience, |
| (1) Social Security benefits do not automatically start | | | | ranging from 3% to 8% of your benefit depending on |
| coming in the mail the first day of Normal Retirement | | | | your date of birth. |
| Age. They must be applied for. The easiest way is to | | | | (6) For people born after 1937, Normal Retirement Age |
| set up an appointment with the local Social Security | | | | will increase. For example, if you were born in 1940, full |
| office or call 1-800-772-1213. | | | | retirement age is 65 and 6 months; born in 1950, it is 66. |
| (2) To get an official statement of all the earnings | | | | Anybody born in 1960 or later will be eligible at age 67. |
| recorded in your Social Security account, an estimate | | | | (7) Social Security disability benefits do not continue |
| of your current disability and death benefits, and an | | | | past Normal Retirement Age. The month before you |
| estimate of future retirement benefits, fill out a Form | | | | attain normal retirement age the disability benefits are |
| #7004 Request for Social Security Statement, | | | | automatically converted to retirement benefits. |
| obtainable at your local office. | | | | (8) There is a limit to the amount of benefits that can |
| (3) If you do not find and correct errors in your Social | | | | be paid on each Social Security record called the |
| Security record within 3 years, they become part of | | | | Maximum Family Benefit, generally around 150 to 180 |
| your permanent record. Therefore, you might want to | | | | percent of the worker's benefit. If this limit is exceeded, |
| check on them every 3 years or so. | | | | the family benefits are reduced. |
| (4) You can work during retirement, but if you earn too | | | | (9) Ex-spouses, widows and divorced widows may all |
| much it will reduce the size of the benefits you are | | | | be eligible for benefits on a spouse's record. Provided |
| receiving from age 62 up to your Normal Retirement | | | | the requirements are met, they may even all be |
| Age. The limits on such earnings are currently $12,480 | | | | collecting on the same worker's record. |
| for 2006. Benefits are reduced by $1 for every $2 that | | | | (10) There are two Social Security trust funds: one |
| you earn over this amount. After you attain your | | | | used to finance retirement and survivors benefits and |
| Normal Retirement Age, you may work as much as | | | | the other used to finance the disability program. Money |
| you want with no reduction in benefits, although they | | | | not used to pay current benefits is invested only in U. |
| may become taxable if you earn too much. | | | | S. Government Treasury bonds. |