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Every fall, the Social Security Administration (SSA) and the Centers for Medicare & Medicaid Services (CMS) announce limits and costs for the following year. This year the SSA has announced that beneficiaries will receive a 1.7% cost-of-living adjustment (COLA), and CMS has announced that the standard monthly Medicare Part B premium will remain the same for 2015.

According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But most retirees also rely on other sources of retirement income, as shown on this chart: Source:

Fast Facts & Figures About Social Security, 2014, Social Security Administration

 

Copyright 2006-2015 Broadridge Investor Communication Solutions, Inc. All rights reserved.

Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor's, disability, and other benefits, retirement benefits are still the cornerstone of the program.

When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family may be entitled to receive survivor's benefits based on your work record When you die, certain members of your family may be eligible to receive survivor's benefits (based on your earnings record)

Like most people, you probably don't expect to become disabled. However, according to the Social Security Administration (SSA), studies show that just over 1 in 4 of today's 20 year-olds will become disabled before reaching age 67. (Source: SSA Publication 05-10029, May 2014) That's why it's important to understand what disability benefits you may be entitled to under Social Security.

You'll get a bigger check every month. However, how much bigger depends upon what year you reach full retirement age, and how long you postpone collecting benefits. If you were born in 1943 or later, you'll receive 2/3 of 1% for each month that you delay collecting retirement benefits (8 percent more per year), up until age 70. So, for example, if your full retirement age is 66 and you delay collecting benefits for 4 years, your benefit at age 70 will be 32% higher than at age 66.

A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits. Your MAGI equals:

Getting Social Security disability benefits is a two-step process. First, the Social Security Administration (SSA) determines whether you are eligible to receive benefits. This determination is based on the number of years you have worked and paid Social Security taxes. Second, you apply for disability benefits by furnishing information about your claim, including the names, addresses, and telephone numbers of physicians, hospitals, and clinics that have treated you for your disability. You will also be asked to provide a copy of your most recent W-2 form (or tax return if you're self-employed), as well as your Social Security number and proof of your age.

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Hardin Insurance

Chris Hardin has over twenty-four years experience with Medicare supplement insurance and

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The official government booklet tells you:

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Is Age 70 the New 65? Retiring Later


©2016 Broadridge Investor Solutions, Inc.

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