[ NO AUDIO ] [ MUSIC PLAYING ]
>> HOW TO PLAN FOR RETIREMENT.
A SIMPLE GUIDE TO HELP YOU RETIRE WITH PEACE OF MIND.
>> HELLO, IT'S ME, PROFESSOR KNOWITALL.
AND, YES, I'LL BE GIVING YOU THE
VERY BEST TIPS SO YOU CAN RETIRE WITH PEACE OF MIND.
>> HELLO, PROFESSOR.
ARE YOU NOW AN EXPERT ON THAT TOPIC?
>> OF COURSE.
>> OH, OKAY.
>> SO YOU'RE ALL READY FOR RETIREMENT?
>> OF COURSE I'M READY.
>> SO THEN YOU HAVE MONEY SAVED?
>> WELL, NOT EXACTLY.
BUT I HAVE A PLAN.
I WILL LIVE WITH MY KIDS.
>> LIVING WITH YOUR FAMILY DURING RETIREMENT CAN
BE VERY GRATIFYING.
BUT SURELY YOU DON'T WANT TO BE A BURDEN ON THEM.
DID YOU KNOW THAT PEOPLE IN THE UNITED STATES ON AVERAGE
LIVE 20 YEARS AFTER THEY RETIRE?
IN GENERAL, PEOPLE NEED ALMOST 80% OF WHAT
THEY EARNED IN ORDER TO LIVE COMFORTABLY AFTER RETIRING.
>> UMM.
>> THAT'S A LOT OF MONEY.
SO YOU'LL DEFINITELY NEED A GOOD PLAN IN ORDER TO GET THERE.
OKAY, DON'T PANIC YET.
IT'S NEVER TOO LATE TO START OR EVEN TOO EARLY.
LET ME TELL YOU WHAT YOU SHOULD DO SO THAT THE NEXT TIME YOU
CAN GIVE PEOPLE GOOD ADVICE.
>> SOUNDS GOOD.
>> PROFESSOR, ACCORDING TO THE CONSUMER ACTION HANDBOOK,
THE FIRST THING IS RECOGNIZING THE IMPORTANCE OF SAVING
FOR RETIREMENT.
THE THREE MOST COMMON OPTIONS ARE:
ONE, PENSION BENEFITS OFFERED BY SOME PLACES OF EMPLOYMENT;
TWO, SAVINGS AND INVESTMENTS STARTED BY YOU;
THREE, SOCIAL SECURITY, WHICH IS THE FEDERAL
GOVERNMENT'S RETIREMENT PLAN.
NOW, IF YOU'RE STILL WORKING, FIND OUT IF YOUR PLACE OF
EMPLOYMENT OFFERS A PENSION PLAN AND HOW IT WORKS.
SOME COMPANIES ALSO OFFER A 401(K) PLAN.
>> 401 WHAT?
I'VE NEVER HEARD OF THAT TRUCK, BUT MINE IS NEWER.
>> I'M NOT TALKING ABOUT VEHICLES HERE.
I'M TALKING ABOUT RETIREMENT PLANS, WHICH IF YOU SAVE,
YOUR COMPANY WILL MATCH A PERCENTAGE OF THE
CONTRIBUTIONS YOU MAKE.
>> OH, THAT'S LIKE FREE MONEY!
>> EXACTLY.
SOMETIMES YOU IMPRESS ME, PROFESSOR.
IN ORDER TO PLAN WELL FOR RETIREMENT,
YOU MUST CONSIDER WHAT TYPES OF EXPENSES YOU'LL HAVE:
WHETHER YOU'LL WORK OR NOT; IF YOU'LL HAVE ADDITIONAL
MEDICAL INSURANCE; OR IF YOU'LL HAVE COSTLY
HOBBIES LIKE TRAVELING.
THERE ARE MANY THINGS TO CONSIDER,
SO YOU MAY WANT TO CONSULT A FINANCIAL EXPERT FOR HELP.
>> YIKES, I'M FEELING DIZZY.
>> PROFESSOR, YOU CAN ALSO ASK FOR
HELP AND GET TIPS FROM THE FOLLOWING ORGANIZATIONS:
AARP; AMERICAN SAVINGS
EDUCATION COUNCIL; DEPARTMENT OF LABOR;
SECURITIES AND EXCHANGE COMMISSION;
SOCIAL SECURITY ADMINISTRATION.
>> UMPH, I'M FEELING A LITTLE BETTER NOW.
>> PROFESSOR, THIS IS ABOUT SAVING; NOT SPENDING.
BETTER YET, LET ME REMIND YOU TO VISIT
USA.GOV OR IN SPANISH AT GOBIERNOUSA.GOV WHERE YOU
CAN LEARN MORE ABOUT ALL OF THIS AND OTHER INTERESTING
TOPICS FOR CONSUMERS.
AND REMEMBER, YOU CAN ALSO ORDER YOUR FREE
"CONSUMER ACTION HANDBOOK."
[ MUSIC PLAYING ]
>> GOOD EVENING, I'M MARIETTA JELK WITH
USAGOV AND WELCOME.
THANK YOU FOR JOINING US TODAY FOR THIS GREAT DISCUSSION
ON THE FIVE THINGS YOU NEED TO KNOW BEFORE YOU START
RECEIVING SOCIAL SECURITY RETIREMENT BENEFITS.
IT'S A NEW YEAR, AND WE'VE PROBABLY ALL MADE
SOME RESOLUTIONS FOR 2018.
SO IT'S THE PERFECT TIME FOR US TO DISCUSS A FEW
IMPORTANT TIPS THAT EVERYONE SHOULD CONSIDER BEFORE YOU
START RECEIVING SOCIAL SECURITY RETIREMENT BENEFITS.
NOW, BEFORE WE START THE DISCUSSION, I WANT TO LET
YOU KNOW THAT WE ARE GOING TO TAKE QUESTIONS FROM
YOU OUT THERE WATCHING, SO IF YOU DO HAVE A QUESTION,
SEND IT IN.
POST IT IN THE COMMENTS SECTION UNDER THE VIDEO AND WE'LL
ANSWER AS MANY OF THEM AS WE CAN WHILE WE'RE HERE LIVE.
OKAY.
BUT, REMEMBER, DON'T INCLUDE YOUR SOCIAL
SECURITY NUMBER OR ANY PERSONAL INFORMATION IN YOUR QUESTION.
WE WANT TO KEEP YOUR INFORMATION SAFE.
WITH ME TODAY IS BJ JARRETT FROM THE SOCIAL SECURITY
ADMINISTRATION.
THANK YOU, BJ, FOR BEING HERE WITH US TODAY.
TELL US A LITTLE BIT ABOUT YOURSELF.
>> WELL, THANK YOU, MARIETTA.
THANK YOU FOR HAVING US.
MY NAME IS BJ JARRETT.
CURRENTLY I SERVE AS THE DIRECTOR FOR OUR OFFICE OF
PUBLIC AND EMPLOYEE COMMUNICATIONS.
AND, REALLY, I HAVE SERVED THE COMMUNITY
FOR THE BETTER PART OF 15 YEARS IN HELPING FOLKS UNDERSTAND
SOCIAL SECURITY BENEFITS.
SO IT'S JUST A THRILL TO BE HERE WITH YOU TONIGHT.
>> OH, GREAT.
WELL, I'M GLAD WE'RE HAVING THIS DISCUSSION
SO EARLY IN THE YEAR.
>> ME, TOO.
>> IT'S STILL JANUARY, AND, YOU KNOW,
THIS IS A TIME WHERE A LOT OF US ARE TRYING TO GET OUR
FINANCIAL MINDSET, YOU KNOW, GET OUR DUCKS IN A ROW.
>> ABSOLUTELY.
>> AND SO I'M GLAD THAT, YOU KNOW, WE'RE DISCUSSING THIS.
IT'S A REALLY TIMELY TOPIC.
>> SURE, SURE.
ONE OF THE, REALLY, MARIETTA, ONE OF THE MOST IMPORTANT
DECISIONS A PERSON CAN MAKE IN THEIR LIFETIME IS WHEN
TO RETIRE AND WHEN TO START RECEIVING THEIR SOCIAL
SECURITY RETIREMENT BENEFIT.
SO THIS IS A TIMELY DISCUSSION.
AND WE REALLY WANT TO KEEP OUR VIEWERS AS INFORMED AS POSSIBLE
SO THEY CAN MAKE AN INFORMED DECISION ABOUT WHEN TO MAKE
THAT DECISION TO RETIRE WITH SOCIAL SECURITY.
>> IT'S REALLY A GOOD POINT.
AND, YOU KNOW, REALLY THINKING ABOUT IT,
THE TERM RETIREMENT CAN MEAN SO MANY THINGS --
>> SURE.
>> -- TO SO MANY DIFFERENT PEOPLE.
AND IT CAN BE REALLY OVERWHELMING AT SOME POINT.
AND, YOU KNOW, SOME PEOPLE DON'T KNOW WHAT
THEY NEED TO KNOW OR WHAT THINGS THEY NEED TO DO.
WHERE SHOULD SOMEONE REALLY GET STARTED WHEN THEY'RE
THINKING ABOUT, YOU KNOW, RETIREMENT BENEFITS?
>> THAT'S A GREAT QUESTION, MARIETTA.
ONE OF THE THINGS WE LIKE TO THINK AT SOCIAL SECURITY IS
THAT IT'S NEVER TOO EARLY TO START PLANNING FOR A
SECURE RETIREMENT.
SO, YOU KNOW, I'M 42, AND SO IT'S, YOU KNOW,
I'M ALREADY THINKING ABOUT WHAT RETIREMENT IS GOING
TO LOOK LIKE FOR ME. AND WE WANT OUR VIEWERS
TO DO THE SAME.
>> THAT MAKES SENSE.
>> SO, YEAH, SO WHETHER, YOU KNOW, YOU START RECEIVING
BENEFITS EARLY FOR A LONGER PERIOD OF TIME,
BUT AT A LESSER AMOUNT.
WHETHER YOU DECIDE TO DELAY YOUR RETIREMENT BENEFITS
AND RECEIVE A LARGER PAYMENT FOR A SHORTER TIMEFRAME,
THAT DECISION IS A PERSONAL ONE.
>> ABSOLUTELY.
>> AND SEVERAL FACTORS AFFECT THAT.
ONE OF THE THINGS WE LIKE TO TALK IN THIS CONVERSATION IN
TERMS OF THE OTHER TYPES OF INCOME YOU HAVE IN RETIREMENT.
>> MM-HMM.
>> OBVIOUSLY MEDICARE WILL BE THERE FOR YOU AT
65 FOR MOST FOLKS.
BUT YOUR SAVINGS AND INVESTMENTS.
YOUR PERSONAL SAVINGS AND INVESTMENTS.
>> MM-HMM.
>> IF YOU'RE LUCKY ENOUGH TO BE DUE A PENSION FROM AN EMPLOYER.
>> MM-HMM.
>> ONE OF THE THINGS THAT'S REALLY IMPORTANT FOR FOLKS TO
UNDERSTAND IS THAT SOCIAL SECURITY ONLY REPLACES A PORTION
OF YOUR PRE-RETIREMENT EARNINGS, SO YOU REALLY NEED A RETIREMENT
PORTFOLIO, IF YOU WILL, TO LIVE A COMFORTABLE
RETIREMENT.
>> THAT'S REALLY IMPORTANT TO KEEP IN MIND.
I THINK SOME PEOPLE THINK IT'S SUPPOSED TO REPLACE
THE WHOLE AMOUNT.
>> NO.
>> SOMEONE TOLD ME I THINK AN ANALOGY THAT IT'S LIKE
A THREE-LEGGED STOOL.
IT'S SORT OF LIKE YOUR PERSONAL SAVINGS,
IT'S AN EMPLOYEE PLAN OR PENSION,
AND THEN IT'S SOCIAL SECURITY, AND ALL THOSE PARTS KEEP THAT,
YOU KNOW, THAT STOOL SOLID AND STANDING ON GROUND.
>> YOU GOT IT.
>> BUT IT IS OVERWHELMING.
SO, WHAT SHOULD SOMEONE DO, WHAT'S, OF THE FIVE THINGS
THAT PEOPLE SHOULD DO WHEN THEY START PLANNING
FOR RETIREMENT, WHAT'S THE FIRST THING
SOMEONE SHOULD REALLY DO?
>> REALLY GOOD QUESTION, MARIETTA.
THE FIRST THING THAT I THINK FOLKS SHOULD THINK ABOUT IS
THEY REALLY NEED TO KNOW WHAT THEIR RETIREMENT AGE IS.
>> OKAY.
>> FOLKS CAN STILL RETIRE WITH SOCIAL SECURITY
AS EARLY AS AGE 62.
>> OH, OKAY.
>> AS EARLY AS AGE 62.
THE SECOND AGE THAT PROBABLY FOLKS NEED TO BE AWARE OF IS
THAT FULL RETIREMENT AGE.
>> OKAY.
>> FOR FOLKS BORN BETWEEN 1943 AND 1954,
THEIR FULL RETIREMENT AGE IS 66; NOT 65 --
>> OH.
>> -- WHICH IT HAD BEEN IN THE PAST.
MEDICARE, THE AGE AT WHICH YOU START RECEIVING
MEDICARE BENEFITS, IS STILL JUST 65.
>> OKAY.
>> SO IT'S IMPORTANT TO NOTE THAT DIFFERENCE.
>> THAT IS DIFFERENT.
>> THAT IS DIFFERENT.
AND THEN FOR FOLKS LIKE US BORN 1960 AND LATER,
OUR FULL RETIREMENT AGE IS 67.
SO WE'VE GOT A LITTLE LONGER WAIT.
[ LAUGHTER ] >> OKAY.
>> ABSOLUTELY.
AND THEN FOLKS NEED TO UNDERSTAND THAT THEY CAN
DELAY RETIREMENT BENEFITS WITH SOCIAL SECURITY UP TO AGE 70.
NOW, IF YOU DELAY BENEFITS BETWEEN YOUR
FULL RETIREMENT AGE, AGAIN 66 FOR A LOT OF FOLKS
TODAY, AND THEN UP TO AGE 70, YOU CAN EARN EXTRA CREDIT --
>> OH, REALLY.
>> -- FOR THOSE YEARS THAT YOU DELAY TAKING BENEFITS.
>> OH, OKAY.
>> ABSOLUTELY.
SO, YEAH, THAT FIRST POINT IS ABSOLUTELY
YOU NEED TO KNOW WHAT YOUR RETIREMENT AGE IS.
I MENTIONED THAT OUR RETIREMENT AGE,
OUR FULL RETIREMENT AGE IS 67; RIGHT?
>> YES.
>> WE CAN STILL RETIRE AS EARLY AS AGE 62.
>> OKAY.
>> SO, IT'S VERY IMPORTANT THAT FOLKS KNOW THAT DISTINCTION
AND THEY KNOW WHAT THEIR PERSONAL RETIREMENT AGE IS.
>> I DON'T THINK I EVER REALIZED THAT THERE WAS
SUCH A DISTINCTION -- >> YEP.
>> -- SO I COULD, WELL, 67, IT'S FINE.
I'LL KEEP WORKING.
[ LAUGHTER ] >> THAT'S VERY GOOD.
>> BUT THAT'S GOOD TO KNOW.
SO, FIRST THING IS TO KNOW YOUR RETIREMENT AGE.
>> YOU GOT IT.
>> WHAT WOULD BE THE SECOND THING WE NEED TO KNOW WHEN WE'RE
PLANNING FOR OUR RETIREMENTS?
>> PROBABLY THE SECOND THING, MARIETTA, IS I WOULD ENCOURAGE
FOLKS TO USE THE TOOLS THAT WE HAVE AVAILABLE --
>> OKAY.
>> -- AT SOCIAL SECURITY.GOV -- >> OKAY.
>> -- TO HELP THEM PLAN FOR A SECURE RETIREMENT.
SO I WANT TO GO OVER THREE TOOLS.
WE HAVE A LOT OF REALLY COOL TOOLS AT SOCIAL SECURITY.
>> I'VE BEEN ON YOUR CITE.
YOU'VE GOT A LOT OF STUFF GOING ON.
>> I'M A BIG FAN, TOO.
BUT WE HAVE A LOT OF -- THE THREE THINGS,
THE THREE TOOLS I WANT TO TALK ABOUT TODAY SPECIFICALLY WITH
RESPECT TO THIS CONVERSATION, THE FIRST ONE IS YOUR
SOCIAL SECURITY STATEMENT.
SO IF YOU LOG ON TO SOCIAL SECURITY.GOV/MY ACCOUNT,
YOU CAN EITHER CREATE AN ACCOUNT OR LOG INTO YOUR
ACCOUNT IF YOU ALREADY HAVE ONE AND GET YOUR PERSONALIZED
SOCIAL SECURITY STATEMENT.
>> OH. >> AND WE TALKED ABOUT
THOSE AGES AT WHICH FOLKS CAN RETIRE; RIGHT?
THOSE VARIOUS AGES.
>> RIGHT.
>> THE SOCIAL SECURITY STATEMENT ACTUALLY HAS YOUR ESTIMATE OF
WHAT YOU WOULD BE DUE AT AGE 62, WHAT YOU WOULD BE DUE AT
YOUR FULL RETIREMENT AGE, WHATEVER THAT IS FOR YOU --
>> MM-HMM. >> -- AND THEN WHAT YOU
WOULD BE DUE AT AGE 70 IF YOU DELAY RETIREMENT BENEFITS.
IN ADDITION, THE STATEMENT INCLUDES
INFORMATION ABOUT WHAT SHOULD BE DUE IF YOU BECOME DISABLED
AND YOU COULD NO LONGER WORK.
>> OKAY.
>> AND THEN WHAT YOUR SURVIVORS, IF HEAVEN FORBID SOMETHING
WERE TO HAPPEN TO YOU, WHAT YOUR FAMILY MEMBERS
COULD BE DUE BASED ON WHAT YOU'VE WORKED AND PAID IN.
SO, THE SOCIAL SECURITY STATEMENT IS AN EXCELLENT TOOL.
ALSO YOU CAN -- IT HAS A DESCRIPTION OF YOUR EARNINGS,
WHAT YOU'VE EARNED IN JOBS WHERE YOU PAID SOCIAL SECURITY TAXES.
>> OH.
>> SO YOU CAN CHECK THE ACCURACY OF THOSE EARNINGS AS WELL.
SO SOCIAL SECURITY STATEMENTS, FIRST TOOL, IT'S A GREAT TOOL.
GO TO SOCIALSECURITY.GOV/MYACCOUNT.
SIGN UP FOR AN ACCOUNT.
>> IT'S REALLY EASY.
>> LOG INTO YOUR ACCOUNT.
REALLY EASY.
IT'S SECURE.
AND THEN ACCESS AND GET YOUR SOCIAL SECURITY STATEMENT SO
YOU CAN BEGIN THAT PROCESS.
>> OKAY.
>> THE SECOND TOOL IS OUR RETIREMENT ESTIMATOR.
SO AT SOCIAL SECURITY.GOV/ESTIMATOR, NOW,
THIS IS REALLY COOL BECAUSE IT'S ONLINE AND IT'S INTERACTIVE.
>> OH!
>> SO THE STATEMENT I TALKED ABOUT,
IT GIVES YOU THOSE BENEFITS AT VARIOUS AGES.
>> MM-HMM.
>> THE ESTIMATOR, YOU CAN ACTUALLY PLAY
WITH DIFFERENT AGES.
>> OH!
>> YEAH, ABSOLUTELY.
SO IT'S NOT JUST 62, FULL RETIREMENT AGE,
AND 70, BUT IF I WANT TO RETIRE AT, SAY, 63,
WHAT WOULD MY BENEFITS LOOK LIKE THEN.
SO THAT'S A REALLY, REALLY COOL INTERACTIVE TOOL.
AND THAT TOOL ALSO USES YOUR ACTUAL WAGES
THAT WE HAVE ON RECORD FOR YOU AT SOCIAL SECURITY.
>> THAT'S A GREAT HYBRID OF THE TWO.
>> SO IT'S PERSONAL, YEAH.
YEAH, IT'S PERSONAL, ABSOLUTELY.
SO ANOTHER GREAT TOOL.
SO SOCIAL SECURITY STATEMENT, THE RETIREMENT ESTIMATOR,
BOTH YOU CAN ACCESS AT SOCIAL SECURITY.GOV.
AND THEN THE THIRD TOOL IS A REALLY A NEWER PUBLICATION
THAT WE CREATED.
IT'S CALLED "YOUR RETIREMENT CHECKLIST."
>> OH, OKAY.
>> WHERE YOU CAN ACCESS THAT AT SOCIAL SECURITY.G-O-V.
AND THAT'S REALLY COOL BECAUSE IT ACTUALLY TIES INTO
WHAT WE'RE TALKING ABOUT TODAY, THESE DIFFERENT TYPES OF THINGS
PEOPLE NEED TO KNOW BEFORE THEY MAKE THAT DECISION.
THAT RETIREMENT CHECKLIST ACTUALLY PROVIDES A LOT
OF THE SAME THINGS WE'RE TALKING ABOUT TODAY.
HOW YOUR BENEFITS, WE'LL TALK ABOUT HOW YOUR
BENEFIT IS CALCULATED A LITTLE BIT LATER.
IT TALKS ABOUT THE THINGS YOU NEED TO CONSIDER.
THE OTHER FORMS OF INCOME.
AND SO IT TALKS A LOT ABOUT -- IT'S REALLY A CHECKLIST OF WHAT
YOU CAN GO DOWN TO MAKE SURE YOU HAVE YOUR THINGS IN ORDER
BEFORE YOU MAKE THAT DECISION.
>> THAT'S GREAT.
SO IT'S LIKE THIS STATIC DATA, USING THE DATA THAT'S
AVAILABLE -- >> MM-HMM.
>> -- FROM SOCIAL SECURITY AND FROM OUR EARNINGS.
AND THEN LIKE THE HYPOTHETICAL SITUATIONS.
>> ABSOLUTELY.
>> AND THEN LIKE THIS TO-DO LIST OF THINGS YOU NEED
TO BE DOING -- >> VERY GOOD.
>> -- OR CONSIDERING -- >> ABSOLUTELY.
>> -- IN ORDER TO MAKE THIS WORK.
OKAY.
WELL, IF YOU'VE JUST JOINED US, WELCOME.
I'M MARIETTA WITH USAGOV AND I'M HERE WITH BJ JARRETT,
THE SOCIAL SECURITY ADMINISTRATION'S SPOKESPERSON
HERE WITH US TODAY GIVING US A LOT OF GREAT INFORMATION ABOUT
THE THINGS WE NEED TO KNOW BEFORE WE START RECEIVING SOCIAL
SECURITY RETIREMENT BENEFITS.
SO IF YOU JUST JOINED US, I WANT TO CATCH YOU
UP A LITTLE BIT.
THE FIRST THING YOU NEED TO KNOW IF YOU'RE GOING TO,
OR YOU ARE THINKING ABOUT RETIRING,
IS TO KNOW YOUR RETIREMENT AGE. AND THE SECOND THING TO
KNOW IS THAT THERE ARE, SOCIAL SECURITY OFFERS A
LOT OF DIFFERENT TOOLS THAT YOU CAN USE TO HELP INFORM
WHEN YOU WANT TO RETIRE, HOW YOUR EARNINGS ARE LOOKING
AND, YOU KNOW, FORWARD LOOKING.
SO THOSE ARE GREAT.
AND YOU WOULD VISIT SOCIALSECURITY.GOV
TO ACCESS THOSE; IS THAT CORRECT?
>> VERY GOOD.
>> OKAY.
WE ARE ALSO TAKING QUESTIONS FROM YOU OUT THERE WATCHING
SO IF YOU DO HAVE A QUESTION, WILL YOU PLEASE POST IT
IN THE COMMENTS SECTION BELOW THIS BROADCAST.
WE'LL ANSWER AS MANY OF THEM AS WE CAN.
BUT, AGAIN, DO NOT INCLUDE YOUR SOCIAL
SECURITY NUMBER AS PART OF THAT.
WE WANT TO KEEP YOUR INFORMATION SAFE.
>> ABSOLUTELY.
>> SO, YOU WANT TO KEEP GOING?
BECAUSE I THINK WE'RE ON A ROLL HERE.
>> YEAH, LET'S DO IT.
LET'S DO IT.
KEEP IT GOING.
>> SO, LET'S TALK A LITTLE BIT ABOUT WORKING
AFTER YOU RETIRE.
IS THAT A POSSIBILITY?
AND CAN I STILL GET MY SOCIAL SECURITY RETIREMENT
BENEFITS AFTER, YOU KNOW, I'M STILL -- EVEN THOUGH
I'M STILL WORKING?
>> ABSOLUTELY.
>> OH.
>> ANOTHER REALLY GOOD QUESTION, MARIETTA.
ABSOLUTELY.
BUT IT'S IMPORTANT TO KNOW YOU CAN WORK,
YOU CAN WORK WHILE RECEIVING YOUR SOCIAL SECURITY
RETIREMENT BENEFITS, BUT YOU ARE SUBJECT TO AN
EARNINGS LIMIT IF YOU RETIRE EARLY WITH SOCIAL SECURITY.
>> OKAY.
>> SO WE TALKED A LITTLE BIT ABOUT THAT RETIREMENT BENEFIT
AS STARTING AT AGE 62.
ONE THING I DIDN'T MENTION THAT I WOULD LIKE TO MENTION
ABOUT RETIRING EARLY, IT'S A REDUCTION IN
YOUR BENEFIT.
IT'S NOT YOUR FULL BENEFIT.
AND IT'S A PERMANENT REDUCTION.
>> OH.
>> OKAY.
SO IF YOU RETIRE EARLY ANY TIME BEFORE YOUR FULL RETIREMENT AGE,
REALLY, SO FROM 62 UP TO, USING US AS AN EXAMPLE, 67 --
>> SIXTY-SEVEN.
>> -- AND WE RETIRE ANY TIME BETWEEN THOSE TWO AGES,
IT'S A REDUCTION.
>> OH, OKAY.
>> AND IT'S A PERMANENT REDUCTION.
IF YOU DECIDE TO WORK AND FILE FOR BENEFIT,
FILE FOR SOCIAL SECURITY RETIREMENT BENEFITS BEFORE
YOUR FULL RETIREMENT AGE, YOU'RE SUBJECT TO
AN EARNINGS LIMIT.
SO YOU CAN DO IT, BUT YOU HAVE TO BE AWARE
OF WHAT THE RULES ARE.
>> OKAY.
>> THIS YEAR IN 2018, THE EARNINGS LIMIT IS $17,040.
SO, IF YOU DECIDE TO WORK AND CONTINUE TO WORK, EXCUSE ME,
START RECEIVING YOUR SOCIAL SECURITY RETIREMENT BENEFITS
AND YOU HAVEN'T REACHED YOUR FULL RETIREMENT AGE,
THAT EARNINGS LIMIT IS $17,040 THIS YEAR.
IT USUALLY GOES UP A LITTLE BIT EACH YEAR.
>> OKAY.
>> AND THEN IT'S A 2-FOR-1 REDUCTION AFTER THAT.
SO FOR EVERY $2 YOU MAKE ABOVE THE $17,040 THIS YEAR,
WE REDUCE YOUR BENEFIT BY A DOLLAR.
THE YEAR YOU REACH YOUR FULL RETIREMENT AGE,
MARIETTA, THAT FIGURE, THAT EARNINGS LIMIT,
IF YOU WILL, JUMPS UP TO A LITTLE
OVER $45,000.
>> WHOA!
THAT'S A JUMP.
>> YEAH, AND SO THE REDUCTION IS LESS.
>> OKAY.
>> SO IT'S A 3-FOR-1 REDUCTION.
SO THE YEAR YOU REACH YOUR FULL RETIREMENT AGE,
YOU CAN MAKE CONSIDERABLY MORE, AND IT'S LESS OF A REDUCTION
IF YOU GO OVER THAT.
THE MONTH THAT YOU TURN YOUR FULL RETIREMENT AGE, AND AFTER,
YOU CAN MAKE WHATEVER YOU LIKE.
YOU CAN WORK AND EARN AND MAKE WHATEVER YOU LIKE
WITH NO REDUCTION IN YOUR SOCIAL SECURITY BENEFIT.
SO YOU CAN WORK AND RECEIVE SOCIAL SECURITY BENEFITS,
RETIREMENT BENEFITS, BUT YOU JUST HAVE TO BE
AWARE OF WHAT THOSE RULES ARE AT VARIOUS AGES.
>> THAT'S SOMETHING THAT YOU DEFINITELY NEED TO KEEP IN MIND,
I THINK, IF YOU'RE PLAYING AROUND WITH THE CALCULATORS --
>> ABSOLUTELY.
>> -- THERE'S SOME RULES IN PLACE THAT CAN AFFECT HOW YOUR
BENEFITS ARE ACTUALLY PAID OUT. >> AND THOSE CALCULATORS THAT
WE HAVE ONLINE, MARIETTA, THEY WILL TAKE THOSE
EARNINGS LIMITS INTO ACCOUNT.
SO YOU DON'T NECESSARILY HAVE TO KNOW --
>> I DON'T HAVE TO DO THAT EXTRA MATH.
>> -- YOU DON'T HAVE TO DO THAT EXTRA MATH.
WE'LL DO THAT FOR YOU.
>> THAT'S AN AREA I DEFINITELY NEED TO GO AND DO THAT.
OKAY, SUPER.
SO WE'RE GOING TO SWITCH GEARS A LITTLE BIT.
>> OKAY.
>> WE'RE STILL TALKING ABOUT THESE TIPS.
IT'S KIND OF MYSTERIOUS TO PEOPLE HOW YOUR RETIREMENT
BENEFITS ARE CALCULATED.
SO WHILE WE HAVE YOU HERE -- >> SURE, SURE.
>> -- CAN YOU ENLIGHTEN US A BIT ON HOW YOUR RETIREMENT
BENEFITS ARE CALCULATED?
>> ABSOLUTELY.
WE'LL TRY TO KEEP IT PRETTY BASIC TODAY --
>> OKAY, KEEP IT SIMPLE BUT, YOU KNOW, INFORMATIVE.
>> -- BUT WE'LL DO OUR BEST.
BUT WHEN WE FIGURE YOUR SOCIAL SECURITY RETIREMENT BENEFIT --
>> MM-HMM.
>> -- WE USE YOUR 35 HIGHEST YEARS OF EARNINGS.
SO WE'RE LOOKING OVER YOUR LIFETIME OF EARNINGS WHEN WE
FACTOR IN WHAT YOUR MONTHLY BENEFIT IS GOING TO BE.
>> OKAY.
>> NOW, THERE IS A BENEFIT FORMULA BEHIND THAT THAT REALLY
HELPS US UNDERSTAND WHAT YOUR MONTHLY BENEFIT WILL BE.
AND THERE IS A CALCULATION BASED ON HOW MUCH YOU'VE MADE
OVER YOUR LIFETIME EARNINGS.
TYPICALLY HIGHER WAGE EARNERS GET LESS BACK IN RELATION
TO WHAT THEY PAID.
SO, IT'S A SOCIAL INSURANCE PROGRAM.
IT'S A PROTECTION PROGRAM.
SO, IF YOU MADE LESS OVER YOUR LIFETIME EARNINGS,
YOU TYPICALLY GET MORE BACK IN RELATION TO WHAT YOU PAID.
>> OKAY.
>> NOT A HIGHER BENEFIT THAN SOMEBODY WHO IS A HIGHER EARNER.
I MEAN, THE MORE MONEY YOU WORK AND PAY INTO
SOCIAL SECURITY TAX, THE HIGHER YOUR BENEFIT
IS GOING TO BE ULTIMATELY.
BUT IT IS A SOCIAL INSURANCE PROGRAM.
SO, VERY IMPORTANT TO UNDERSTAND THAT WE USE
YOUR 35 HIGHEST YEARS OF EARNINGS WHEN FIGURING
WHAT YOUR MONTHLY SOCIAL SECURITY BENEFIT IS GOING TO BE.
OFTENTIMES WE GET QUESTIONS FROM FOLKS WHO ASSUME IT'S YOUR
HIGHEST TEN OR YOUR LAST THREE.
NO, WE'RE LOOKING AT THE TOTAL BODY OF YOUR WORKING CAREER.
>> OKAY.
>> AND I DO WANT TO MAKE A DISTINCTION BETWEEN WHAT WE --
HOW WE CALCULATE YOUR MONTHLY BENEFIT AND WHAT -- HOW MUCH
WORK YOU NEED TO BE ELIGIBLE.
IN ORDER TO BE ELIGIBLE FOR A SOCIAL SECURITY
RETIREMENT BENEFIT, YOU ONLY NEED ABOUT TEN
YEARS OF WORK TO BE ELIGIBLE -- >> OH, OKAY.
>> -- TO EARN YOUR 40 CREDITS TO BE ELIGIBLE.
>> OH, OKAY.
>> SO THERE'S A DIFFERENCE.
THIRTY-FIVE YEARS IS WHAT WE'RE USING IN THAT
CALCULATION TO COME UP WITH YOUR MONTHLY BENEFIT.
BUT YOU ONLY NEED ABOUT TEN YEARS OF WORK IN JOBS WHERE
YOU PAID SOCIAL SECURITY TAXES TO BE ELIGIBLE FOR A
RETIREMENT BENEFIT WITH US.
>> THAT'S A BIG DISTINCTION, I THINK --
>> IT IS A BIG DISTINCTION FOR SURE.
>> -- IF IT'S CONFUSED OR WE JUST DEBUNKED THE MYTH.
>> GOOD.
GOOD.
ALL GOOD.
>> SO I THINK THAT WAS VERY HELPFUL TO KNOW.
>> THAT'S WHAT WE'RE HERE TO DO.
>> ABSOLUTELY.
THAT'S GOOD TO KNOW.
SO THERE IS SOME SCIENCE, AND THAT MAKES IT VERY,
VERY CLEAR.
>> GOOD.
>> SO I'M GLAD YOU AT LEAST GAVE US THE SURFACE LEVEL OF IT.
>> WE ACTUALLY HAVE SOME ADDITIONAL TOOLS ONLINE.
I MEAN, AGAIN, I'M A BIG FAN OF THE WEBSITE
SOCIALSECURITY.GOV.
WE HAVE TONS OF INFORMATION THERE.
WE HAVE PUBLICATIONS THAT, ONE IN PARTICULAR,
ENTITLED "HOW YOUR RETIREMENT BENEFIT IS FIGURED,"
WHERE YOU CAN ACTUALLY GO THROUGH THE CALCULATION
YOURSELF -- >> OH, WOW.
>> -- AND USE A FORMULA TO DETERMINE WHAT THAT
MONTHLY BENEFIT LOOKS LIKE.
SO THERE'S NO REAL MYSTERY TO IT, BUT, AGAIN,
IMPORTANT TO KNOW IT'S YOUR 35 HIGHEST YEARS OF EARNINGS.
>> GOOD TO KNOW.
OKAY, SO ANOTHER QUESTION OR TOPIC WE HEAR A LOT --
>> SURE.
>> -- AT USAGOV, PEOPLE WANT TO KNOW ABOUT
THE ELIGIBILITY OF FAMILY MEMBERS TO RECEIVE SOCIAL
SECURITY BENEFITS.
>> SURE.
>> CAN A FAMILY MEMBER BE ELIGIBLE TO RECEIVE RETIREMENT
BENEFITS BASED ON A FAMILY MEMBER OR LOVED ONE'S WORK
HISTORY OR WORK EARNINGS?
>> YEAH, GOOD QUESTION, MARIETTA AND ONE WE GET A LOT.
BUT, YES, ABSOLUTELY, AGAIN, TALK ABOUT THAT SOCIAL
INSURANCE PROTECTION THAT SOCIAL SECURITY PROVIDES.
YES, FAMILY MEMBERS OF THE WORKER WHO WORKED AND
EARNED AND HAD THE TEN YEARS OF WORK IN JOBS WHERE THEY
PAID SOCIAL SECURITY TAXES COULD BE ELIGIBLE.
SO A SPOUSE -- >> OKAY.
>> -- IF YOU HAVE A SPOUSE WHO WAS A RELATIVELY LOW
EARNER OR DIDN'T WORK AT ALL THROUGH THEIR LIFETIME,
THEY COULD BE ELIGIBLE FOR BENEFITS BASED ON THE WORK
RECORD OF THAT SPOUSE WHO DID WORK AND CONTRIBUTE.
>> OH, OKAY.
>> USUALLY IT'S ABOUT 50% OR ABOUT HALF OF WHAT THAT
WORKER'S FULL BENEFIT WOULD BE.
BUT, YES, A SPOUSE COULD BE ELIGIBLE FOR BENEFITS.
CHILDREN, IF THEY ARE MINOR CHILDREN OF A RETIREE,
THAT MINOR CHILD OR MINOR CHILDREN COULD BE ELIGIBLE
FOR SOCIAL SECURITY RETIREMENT BENEFITS.
>> OKAY.
>> AND THEN DIVORCED SPOUSES MAY QUALIFY.
>> REALLY?
>> ABSOLUTELY.
>> OH.
>> ABSOLUTELY.
THERE ARE SOME RULES THAT GO ALONG WITH DIVORCED
SPOUSES BEING ELIGIBLE.
IN PARTICULAR HAVE TO BE AGE 62, AND HAVE TO HAVE BEEN MARRIED
TEN YEARS TO THE PERSON -- >> OKAY.
>> -- WHO WORKED AND EARNED THE CREDITS,
AND CAN'T BE MARRIED AT THE TIME,
AT THE TIME THEY FILED TO BE ELIGIBLE.
>> MAKES SENSE.
>> BUT, YEAH, DIVORCED SPOUSE, WE OFFER SOME PROTECTION FOR
DIVORCED SPOUSES AS WELL.
>> THAT'S, OKAY, SO THERE'S RESOURCES
AVAILABLE POTENTIALLY EVEN FOR FAMILY MEMBERS --
>> YOU GOT IT.
>> -- OF EARNERS.
OKAY, SO WE HAVE COVERED THE TOP FIVE.
LET'S SEE IF I REMEMBER THEM CORRECTLY.
>> GOOD OF YOU TO ASK. >> AND IF I DIDN'T,
THEN PLEASE JUST JUMP ON IN.
>> OKAY, SURE.
>> THE FIRST ONE IS TO KNOW YOUR RETIREMENT AGE.
>> VERY GOOD.
>> THE SECOND ONE IS TO USE THE TOOLS AVAILABLE,
AND THERE A LOT OF THEM ON SOCIALSECURITY.GOV.
>> VERY GOOD.
>> THE THIRD ONE IS THAT YOU CAN WORK AFTER YOU
START RECEIVING SOCIAL SECURITY RETIREMENT BENEFITS.
>> MM-HMM.
>> THE FOURTH ONE IS THAT YOU SHOULD KNOW HOW YOUR RETIREMENT
BENEFIT IS CALCULATED.
>> MM-HMM. >> AND THE FIFTH IS THAT
FAMILY MEMBERS ARE ELIGIBLE TO RECEIVE BENEFITS POTENTIALLY.
>> YOU GOT IT.
>> OKAY.
>> VERY GOOD.
>> SO, HA!
I REMEMBERED.
I LEARNED A LOT IN THESE FEW MINUTES.
>> GOOD.
>> WE ARE GOING TO JUMP TO SOME QUESTIONS.
I THINK SOME PEOPLE HAVE BEEN SENDING IN QUESTIONS
TO US ON OUR FACEBOOK.
>> LET'S DO IT.
SOUNDS GOOD.
>> SO ARE YOU READY?
>> YEAH.
>> LET'S SEE WHAT PEOPLE ARE SAYING.
PLEASE TECHNOLOGY WORK.
I LOVE TECHNOLOGY, EXCEPT WHEN IT DOESN'T LOVE ME.
OKAY.
SCROLL -- OKAY, HERE WE GO.
>> OKAY.
>> WHAT ARE THE ELIGIBILITY BENEFITS -- REQUIREMENTS,
I'M SORRY, FOR SOCIAL SECURITY BENEFITS?
>> OKAY, WE TOUCHED ON THIS A LITTLE BIT EARLIER,
BUT THAT'S A REALLY GOOD QUESTION.
JUST GIVES AN OPPORTUNITY TO RECAP.
SO, IN ORDER TO BE ELIGIBLE FOR SOCIAL SECURITY
RETIREMENT BENEFITS, YOU NEED TO HAVE WORKED IN A JOB
WHERE YOU PAID SOCIAL SECURITY BENEFITS -- SOCIAL SECURITY
TAXES, EXCUSE ME, FOR 10 YEARS.
SO, BASICALLY, IT WORKS LIKE THIS.
YOU HAVE TO -- WHEN YOU WORK IN A JOB THAT PAYS
SOCIAL SECURITY TAXES, YOU EARN WHAT WE CALL CREDITS.
>> OKAY.
>> AND THE MAXIMUM NUMBER OF CREDITS YOU EARN IN
ONE YEAR IS FOUR.
SO THAT'S WHERE WE GET THE 10 YEARS OF WORK.
YOU NEED 40 CREDITS TO BE ELIGIBLE FOR A SOCIAL SECURITY
RETIREMENT BENEFIT.
SO, AGAIN, THAT'S WHERE WE COME UP WITH
THAT KIND OF 10 YEARS OF WORK.
SO YOU NEED 40 CREDITS TO BE ELIGIBLE FOR A SOCIAL SECURITY
RETIREMENT BENEFIT.
YOU HAVE TO BE AGE 62, AT LEAST AGE 62,
TO BE ELIGIBLE FOR A BENEFIT.
BUT AGAIN, REMEMBER, AT AGE 62, IF YOU ELECT TO RECEIVE BENEFITS
WITH SOCIAL SECURITY AT THAT AGE, THAT'S A REDUCTION,
AND A PERMANENT REDUCTION IF YOU START USING IT.
>> CANNOT GET -- >> THAT'S RIGHT.
AND THEN YOU CAN WORK, BUT YOU'RE SUBJECT TO SOME
EARNINGS LIMITS IF YOU DO DECIDE TO WORK.
SO YOU NEED TO WORK ABOUT 10 YEARS TO EARN 40 CREDITS WITH
SOCIAL SECURITY TO EARN A RETIREMENT BENEFIT,
AND YOU NEED TO AT LEAST BE AGE 62 TO BE ELIGIBLE FOR A SOCIAL
SECURITY RETIREMENT BENEFIT.
>> OKAY.
ANOTHER QUESTION IS: I'LL BE 62 IN A FEW MONTHS --
NOT ME, BUT THIS PERSON.
HOW MANY MONTHS PRIOR TO MY BIRTHDAY CAN I
APPLY FOR BENEFITS?
>> YOU CAN APPLY FOR BENEFITS ABOUT THREE MONTHS,
THREE OR FOUR MONTHS PRIOR TO YOUR BIRTHDAY IF YOU
WANT YOUR BENEFITS TO BEGIN ON YOUR BIRTHDAY.
YOU CAN DO THAT A NUMBER OF WAYS.
I TALKED ABOUT SOME OF THE WONDERFUL TOOLS WE HAVE ONLINE
AT SOCIALSECURITY.GOV.
YOU CAN ACTUALLY APPLY FOR BENEFITS,
SOCIAL SECURITY RETIREMENT BENEFITS, ONLINE.
>> OH.
>> SO IT'S A GREAT PLACE TO -- ALMOST LIKE A ONE-STOP SHOP.
WE TALKED ABOUT SOME OF THE TOOLS WE HAVE AVAILABLE
AT SOCIALSECURITY.GOV.
WE TALKED ABOUT THE RETIREMENT CHECKLIST.
>> RIGHT, ABSOLUTELY.
>> THAT YOU CAN GO THROUGH THE CHECKLIST AND THEN
YOU CAN ACTUALLY COMPLETE THE PROCESS AND ACTUALLY
FILE FOR BENEFITS ONLINE.
IT COULD BE DONE IN AS LITTLE AS 15 MINUTES AND YOU DON'T HAVE
TO EITHER COME TO AN OFFICE OR CALL US ON THE 1-800 NUMBER.
YOU CAN ACTUALLY TAKE CARE OF THAT RIGHT IN THE
COMFORT OF YOUR OWN HOME.
>> SO YOU CAN DO THE TRANSACTION FROM THE WEBSITE.
>> YOU CAN DO THE TRANSACTION FROM THE WEBSITE.
>> THAT'S GOOD TO KNOW.
THAT'S DEFINITELY A GOOD -- I DIDN'T REALIZE THAT YOU
COULD DO THAT MUCH THERE.
>> ABSOLUTELY.
>> OKAY.
MOVING RIGHT ALONG.
CAN YOU TELL ME HOW MANY WORK YEARS AND WHAT INCOME
LEVELS ARE USED IN THE BENEFIT OF CALCULATIONS?
>> SO AGAIN, WE TOUCHED ON THIS A LITTLE BIT EARLIER.
YOU NEED A -- WE LOOK AT YOUR FULL 35 YEARS OF WORK
HISTORY WITH SOCIAL SECURITY.
SO IF YOU HAVE MORE THAN 35 YEARS,
WE LOOK AT YOUR HIGHEST 35 YEARS --
>> OKAY.
>> -- WHEN FACTORING IN YOUR RETIREMENT BENEFIT OR WHAT
YOUR RETIREMENT BENEFIT IS GOING TO LOOK LIKE,
AND THAT'S WHAT WE'RE TALKING ABOUT, YOUR FULL RETIREMENT.
>> OKAY.
>> WE'RE CALCULATING WHAT YOUR FULL RETIREMENT BENEFIT IS.
THERE IS A CALCULATION INVOLVED BEHIND THAT,
A BENEFIT FORMULA BEHIND THAT.
IT'S PROBABLY A LITTLE TOO COMPLICATED TO GO IN DEPTH FOR
THE PURPOSES OF THIS PROGRAM.
>> OKAY.
>> BUT YOU CAN FIND THOSE RESOURCES ONLINE TO BE
ABLE TO SEE HOW A BENEFIT CALCULATION IS DONE, ABSOLUTELY.
>> OKAY.
>> BUT WE'RE LOOKING AT YOUR 35 HIGHEST YEARS OF EARNINGS.
>> OKAY.
AND THERE'S ANOTHER QUESTION ON HERE ABOUT WHAT ABOUT FOR
SOMEONE WHO'S SELF-EMPLOYED?
HOW DOES SOCIAL SECURITY WORK FOR SOMEONE WHO'S SELF-EMPLOYED
OR OWNS THEIR OWN BUSINESS.
>> SO FOLKS WHO ARE SELF-EMPLOYED ARE STILL
PAYING SOCIAL SECURITY TAXES.
>> OKAY.
>> AND SO WE'RE STILL LOOKING AT THAT 40 CREDITS
THEY NEED TO EARN, SO THAT THE RULES DON'T
NECESSARILY CHANGE -- >> OKAY.
>> -- FOR SOMEBODY WHO'S SELF-EMPLOYED.
FOLKS WHO ARE SELF-EMPLOYED STILL NEED TO PAY SOCIAL
SECURITY TAXES IN ORDER TO BE ELIGIBLE ULTIMATELY FOR
A SOCIAL SECURITY BENEFIT.
SO WE'RE STILL LOOKING AT ABOUT THAT TEN YEARS
OF SELF-EMPLOYMENT IN ORDER TO BE ELIGIBLE FOR A
SOCIAL SECURITY BENEFIT.
>> OKAY.
>> YEAH.
>> THAT'S GOOD TO KNOW.
DOES A PERSON NEED 35 YEARS CONSECUTIVE YEARS OF
WORK TO BE ELIGIBLE FOR RETIREMENT BENEFITS,
OR IF THEY TOOK A PAUSE FROM THE WORK FORCE,
HOW DOES THAT WORK IF THERE'S A GAP?
>> GOOD, GOOD, QUESTION.
NO, THE YEARS DON'T HAVE TO BE CONSECUTIVE.
>> OKAY.
>> WE TALKED ABOUT JUST LOOKING AT YOUR 35
HIGHEST YEARS OF EARNINGS.
ONE THING WE DIDN'T TALK ABOUT A LITTLE EARLIER THAT
I THINK THIS QUESTION BRINGS TO MIND IS IF SOMEBODY
DOESN'T HAVE 35 YEARS OF WORK.
SO IN THAT CALCULATION, WE'RE PLUGGING ZEROS
INTO THAT EQUATION.
SO IF YOU HAVE 30 YEARS OF WORK, WE'RE LOOKING AT 30 --
YOUR 30 HIGHEST YEARS OF EARNINGS OR YOUR COMPLETE
30 YEARS OF EARNINGS, AND WE HAVE TO PLUG ZEROS INTO
THAT EQUATION TO DETERMINE WHAT YOUR MONTHLY SOCIAL SECURITY
BENEFIT WILL ULTIMATELY BE.
BUT TO THE ORIGINAL QUESTION, NO.
THE 35 YEARS HIGHEST EARNINGS DO NOT HAVE TO BE CONSECUTIVE.
WE'RE LOOKING AT YOUR 35 HIGHEST YEARS OVER THE
LIFETIME OF YOUR EARNINGS.
>> THAT'S -- I THINK THAT HELPS A LOT,
A LOT OF PEOPLE WHO TOOK GAPS OR, YOU KNOW,
WORK FROM HOME -- YOU KNOW, DIDN'T WORK OUT OF
THE HOME OR WHATEVER.
>> ONE OTHER EXAMPLE WE DIDN'T TALK ABOUT A LITTLE BIT EARLIER,
BUT THAT KIND OF WILL HELP DRIVE THIS ANSWER HOME.
WE TALKED ABOUT WORKING AFTER YOU START RECEIVING
SOCIAL SECURITY BENEFITS.
IF ONCE YOU'RE FULL RETIREMENT AGE YOU CONTINUE TO WORK AND
THOSE EARNINGS AREN'T HAVING ANY IMPACT OR NOT REDUCING YOUR
BENEFIT BECAUSE YOU REACHED YOUR FULL RETIREMENT AGE,
IF YOU CONTINUE TO WORK AND THOSE EARNINGS THAT YOU HAVE
LATER AFTER RECEIVING A BENEFIT REPLACE ONE OF THE
35 HIGHEST YEARS WE'VE ALREADY USED IN THE COMPUTATION,
WE WILL RECOMPUTE THE BENEFITS AUTOMATICALLY AND YOU DON'T
REALLY HAVE TO COME IN AT ALL AND DO ANYTHING.
WE'LL RECOMPUTE THE BENEFITS AUTOMATICALLY.
AND IF THERE IS AN INCREASE IN YOUR BENEFIT THAT YOU'RE DUE,
WE'LL SEND YOU THAT AUTOMATICALLY.
>> OH, WOW.
THAT'S -- I WOULD NEVER THINK THAT THAT ADJUSTMENT WOULD
HAPPEN, SO THAT'S BENEFICIAL.
>> SURE.
>> LET'S SEE WHAT THE NEXT QUESTION IS.
THEY'RE COMING IN.
HOW DO RETIREMENT BENEFITS DIFFER FROM DISABILITY BENEFITS?
>> GREAT QUESTION.
HOW DO RETIREMENT BENEFITS DIFFER FROM DISABILITY
BENEFITS WITH SOCIAL SECURITY?
SO REMEMBER I TALKED ABOUT YOU NEED ABOUT TEN YEARS OF WORK
WITH SOCIAL SECURITY RETIREMENT.
>> YES.
>> TEN YEARS OF WORK AT JOBS WHERE YOU PAID SOCIAL SECURITY
TAXES TO BE ELIGIBLE FOR A RETIREMENT BENEFIT
WITH SOCIAL SECURITY.
WITH DISABILITY BENEFITS, YOU DON'T NEED
QUITE AS MUCH WORK.
IT DEPENDS ON YOUR AGE AT THE TIME.
BUT THE DISABILITY REQUIREMENT IS SOMETHING THAT'S DIFFERENT
IN THAT IT REQUIRES US TO MAKE A DETERMINATION ON WHETHER
OR NOT YOU MEET OUR RULES FOR DISABILITY BENEFITS.
SO IT'S NOT JUST THAT YOU'VE EARNED THE CREDITS NECESSARILY,
BUT YOU ALSO HAVE TO MEET A VERY STRINGENT DECISION WITH REGARD
TO WHETHER OR NOT YOU ARE UNABLE TO WORK AND ARE DISABLED.
SO IT'S NOT JUST YOU HAVING THE CREDITS, FOR THE CREDITS, AGAIN,
YOU DON'T NEED AS MANY.
DEPENDING ON YOUR AGE, YOU DON'T NECESSARILY NEED
AS MANY TO BE ELIGIBLE FOR A RETIREMENT BENEFIT
WITH SOCIAL SECURITY.
BUT THERE'S ALSO A DECISION THAT HAS TO BE MADE WITH REGARD
TO WHETHER OR NOT YOU MEET OUR RULES FOR DISABILITY BENEFITS.
>> OKAY.
IT'S ANOTHER LEVEL.
AND CAN SOMEONE, I MEAN, THEORETICALLY, CAN SOMEONE
RECEIVE DISABILITY AND RETIREMENT BENEFITS
AT THE SAME TIME?
>> NO, NOT TYPICAL.
SO LET'S SAY, LET'S USE A HYPOTHETICAL.
LET'S SAY SOMEBODY HAS APPLIED FOR SOCIAL SECURITY DISABILITY
BENEFITS, BEEN APPROVED, RECEIVING DISABILITY
BENEFITS WITH SOCIAL SECURITY, BUT THEN ONCE THEY REACH
THEIR FULL RETIREMENT AGE THAT BENEFIT SHIFTS FROM A DISABILITY
BENEFIT TO A RETIREMENT BENEFIT.
>> OH, OKAY.
>> OKAY.
AND REALLY, IT COMES DOWN TO HOW THEY'RE
PAID AND FROM WHICH TRUST FUND.
WE HAVE TWO TRUST FUNDS, THE OLD AGE AND SURVIVORS
TRUST FUND, EXCUSE ME, AND THE DISABILITY
INSURANCE TRUST FUND.
>> OKAY.
>> SO ONCE THAT PERSON REACHES, WHO'S ALREADY RECEIVING SOCIAL
SECURITY DISABILITY BENEFITS, ONCE THEY REACH THEIR
FULL RETIREMENT AGE, WE NO LONGER PAY FROM
THE DISABILITY TRUST FUND, THOSE BENEFITS ARE PAID
FROM THE RETIREMENT TRUST FUND, IF YOU WILL.
>> THAT MAKES SENSE.
YOU GUYS ARE SENDING GREAT QUESTIONS IN,
SO THANK YOU SO MUCH.
>> YEAH, KEEP THEM COMING, PLEASE.
>> YES.
NEXT QUESTION UP.
WHEN AND WHERE CAN SOMEONE GET AN SSA-1099?
>> OH, GREAT QUESTION.
SO I MENTIONED MYSOCIALSECURITY.GOV.
WE HAVE -- YOU CAN CREATE A "MY SOCIAL SECURITY"
ACCOUNT WITH SOCIAL SECURITY AT SOCIALSECURITY.GOV/MY ACCOUNT,
AND JUST FOR BACKGROUND PURPOSES,
A 1099 IS A CONFIRMATION OF WHAT BENEFITS THE
INDIVIDUAL HAS RECEIVED FROM SOCIAL SECURITY FOR THE YEAR.
SO THAT'S SOMETHING THAT WE SEND OUT AUTOMATICALLY TO INDIVIDUALS
WHO ARE ALREADY RECEIVING BENEFITS WITH SOCIAL SECURITY,
JUST GIVES THEM PROOF OF WHAT THEY RECEIVED FROM
US FOR THE ENTIRE YEAR.
IF THEY MISPLACE IT OR IF THEY LOSE IT THEY CAN CREATE
A SOCIAL SECURITY ACCOUNT, GO ONLINE, AND GET A 1099
STATEMENT RIGHT AT THEIR MY SOCIAL SECURITY ACCOUNT.
>> GREAT.
ON DEMAND.
>> ON DEMAND.
>> OKAY.
>> YOU GOT IT.
>> THE SOCIALSECURITY.GOV MY ACCOUNT IS VERY PRACTICAL.
I HOPE EVERYONE, IF YOU HAVEN'T --
>> ABSOLUTELY.
>> -- DEFINITELY GOES AND SIGNS UP TO GET ONE.
IT'S REALLY EASY.
>> WE HAVE -- THERE ARE SERVICES AVAILABLE FOR FOLKS
WHO DON'T RECEIVE BENEFITS.
WE TALKED ABOUT THE SOCIAL SECURITY STATEMENT.
>> YES.
>> SO IF YOU'RE NOT RECEIVING BENEFITS FROM SOCIAL
SECURITY YOU CAN LOG ON, CREATE AN ACCOUNT -- EXCUSE
ME -- CREATE AN ACCOUNT OR LOG IN AND GET YOUR STATEMENT
ON DEMAND, REAL TIME.
>> YES.
>> FOR FOLKS WHO ARE RECEIVING BENEFITS,
YOU CAN GET THINGS LIKE THAT 1099,
IF YOU LOSE OR MISPLACE IT.
SO WE HAVE A LITTLE BIT OF SOMETHING FOR EVERYBODY.
>> YES.
I USE IT, I'M NOWHERE NEAR RECEIVING BENEFITS AT ALL,
BUT I -- >> BUT YOU ARE CHECKING
YOUR STATEMENT.
>> BUT I AM CHECKING MY STATEMENT AND CHECKING IN,
SO DEFINITELY.
>> VERY GOOD.
>> OKAY.
NEXT QUESTION.
CAN SOMEONE GET BENEFITS OFF OF THEIR EX-SPOUSE'S RECORD?
>> YES.
SO WE TOUCHED ON THAT A LITTLE BIT EARLIER IN THE BROADCAST.
SO WE TALKED ABOUT DIVORCED SPOUSE BENEFITS.
THERE ARE SOME STIPULATIONS THAT MUST BE MET,
THERE ARE SOME RULES TO ADHERE TO.
SO IF AN INDIVIDUAL, IF A DIVORCED SPOUSE HAS
BEEN MARRIED TO THE WORKER, THE PERSON WHO WORKED AND EARNED
THE CREDITS FOR AT LEAST TEN YEARS, THEY'VE REACHED AGE 62,
THAT'S THE FIRST AGE WHICH YOU CAN RETIRE WITH SOCIAL SECURITY,
WHETHER YOU'RE THE WORKER OR THE SPOUSE,
AND THEN THAT DIVORCED SPOUSE CAN'T BE MARRIED AT THE TIME
THEY APPLY FOR BENEFITS.
BUT, YES, AN EX-SPOUSE, ABSOLUTELY, CAN BE
ELIGIBLE FOR BENEFITS BASED ON THE WORKER'S RECORD.
>> OKAY.
IF SOMEONE PASSES AWAY IN THE MIDDLE OF THE MONTH,
WILL A FAMILY MEMBER STILL GET THE CHECK OR BE
ABLE TO KEEP THE CHECK?
>> THAT'S A REALLY GOOD QUESTION, MARIETTA,
WE GET THAT A LOT.
NO, TYPICALLY IF -- FOR A SOCIAL SECURITY
BENEFICIARY WHO IS ALREADY RECEIVING BENEFITS,
THEY NEED TO BE ALIVE FOR THE ENTIRE MONTH TO RECEIVE THE
BENEFIT CHECK FOR THAT MONTH.
SO IF SOMEONE PASSES AWAY IN THE MIDDLE OF THE MONTH
THEY WOULD NEED TO RETURN THAT MONTH'S BENEFIT CHECK.
>> THE FAMILY WOULD HAVE TO.
>> YOU GOT IT.
YOU GOT IT.
>> OKAY.
SWITCHING GEARS A LITTLE BIT, IT'S A LITTLE OFF TOPIC BUT YOU
KNOW SOCIAL SECURITY SO I THINK YOU CAN ANSWER THIS ONE FOR US.
>> SURE.
>> WHERE CAN SOMEONE GET A SOCIAL SECURITY CARD?
CAN THEY GET IT OVER THE INTERNET?
>> OH, REALLY GREAT QUESTION.
IT DEPENDS ON WHERE YOU LIVE.
>> OKAY.
>> BUT YOU ABSOLUTELY MAY BE ABLE TO.
>> OKAY.
>> SO WE HAVE A RELATIVELY NEW FEATURE WITH
"MY SOCIAL SECURITY" CALLED INTERNET SOCIAL SECURITY
NUMBER REPLACEMENT CARD.
SO WE HAVE AGREEMENTS WITH 24 STATES CURRENTLY,
AND -- 24 STATES AND THE DISTRICT OF COLUMBIA --
>> OKAY.
>> -- OR D.C. MARYLAND IS ONE OF THOSE STATES --
>> OKAY.
>> -- WHERE YOU CAN ACTUALLY CREATE AN ACCOUNT OR LOG
INTO YOUR "MY SOCIAL SECURITY" ACCOUNT AND ACTUALLY APPLY
FOR A REPLACEMENT CARD -- >> ONLINE?
>> -- ONLINE.
NOW, THERE IS ONE THING, ONE CAVEAT.
IF YOU'RE APPLYING FOR THAT REPLACEMENT CARD ONLINE IT HAS
TO BE JUST A REPLACEMENT CARD, EITHER YOU LOST IT.
IF YOU'RE CHANGING YOUR NAME, WHICH FOLKS OFTEN DO WITH US
WHEN THEY COME TO UPDATE THEIR SOCIAL SECURITY RECORDS,
YOU CAN'T DO THAT ONLINE.
>> OKAY.
>> EVEN IN THOSE 24 STATES AND D.C.
SO IF YOU'RE IN ONE OF THESE STATES AND YOU CAN FIND THOSE
ONLINE AT SOCIALSECURITY.GOV.
>> OKAY.
>> THE STATES THAT ARE PARTICIPATING,
YOU HAVE TO JUST BE REPLACING A LOST CARD,
MAKING NO CHANGES TO YOUR RECORD NECESSARILY.
BUT, YEAH, I MEAN, FOLKS CAN DO THAT ONLINE,
DEPENDING ON WHERE THEY LIVE.
>> THAT STREAMLINES PROCESSES FOR A LOT OF PEOPLE IN 24 STATES
AND THE DISTRICT OF COLUMBIA.
>> YES.
>> IF IT'S JUST A STRAIGHT REPLACEMENT OF JUST I
LOST IT OR I NEED A NEW ONE.
>> YOU GOT IT.
TYPICALLY, THOUGH, IF YOU'RE MAKING A CHANGE,
EVEN IF YOU LIVE IN ONE OF THOSE STATES AND YOU'RE MAKING A
CHANGE OR YOU DON'T LIVE IN ONE OF THOSE STATES AND YOU'RE JUST
GETTING A REPLACEMENT CARD, YOU NEED TO VISIT YOUR
LOCAL SOCIAL SECURITY OFFICE TO DO THAT.
>> OKAY.
ANOTHER QUESTION.
>> OKAY.
>> ARE SOCIAL SECURITY BENEFITS TAXABLE?
>> YES, SOCIAL SECURITY BENEFITS ARE TAXABLE.
>> OKAY.
>> AGAIN, THIS INFORMATION YOU CAN FIND ONLINE
AT SOCIALSECURITY.GOV.
BUT DEPENDING ON HOW MUCH YOUR SOCIAL SECURITY BENEFITS
ARE IN COMBINATION WITH OTHER INCOME YOU HAVE IN RETIREMENT,
YOUR SOCIAL SECURITY BENEFITS MAY BE SUBJECT
TO INCOME TAX FOR SURE.
SO YOU CAN FIND A LOT MORE INFORMATION ABOUT SOCIAL
SECURITY BENEFITS.
WE HAVE A GREAT FREQUENTLY ASKED QUESTIONS SECTION --
>> OKAY.
>> -- THAT COVERS A LOT OF THESE TOPICS THAT
WE'RE COVERING TODAY.
AND SO YOU CAN FIND OUT EXACT AMOUNTS ABOUT HOW
MUCH INCOME YOU HAVE BEFORE YOUR BENEFITS ARE TAXABLE.
BUT YES, TO ANSWER THE QUESTION, SOCIAL SECURITY BENEFITS
MAY ABSOLUTELY BE SUBJECT TO INCOME TAX.
>> OKAY.
THAT'S GOOD TO KNOW.
I THINK THAT'S VERY GOOD TO KNOW.
>> ABSOLUTELY.
>> THIS PERSON SAYS, I AM WIDOWED.
CAN I APPLY FOR MY HUSBAND'S BENEFITS IF HIS ARE
HIGHER WHEN I'M 60, AND THEN SWITCH OVER
TO MINE WHEN I'M 66?
>> THAT'S A GOOD QUESTION.
IT DEPENDS ON YOUR AGE -- >> OKAY.
>> -- AND YOUR YEAR OF BIRTH.
BUT THAT POTENTIALLY IS POSSIBLE.
I WOULD ENCOURAGE ALL OF OUR FOLKS TO VISIT
SOCIALSECURITY.GOV, GO ONLINE AND FIND OUT MORE
INFORMATION ABOUT SOME OF THE RULES REGARDING WHETHER
OR NOT YOU CAN RECEIVE YOUR OWN BENEFITS AND SWITCH TO A
SPOUSE'S BENEFIT OR RECEIVE A SPOUSE'S BENEFIT AND LATER
SWITCH TO YOUR OWN BENEFIT.
TYPICALLY, THOUGH, FOR MOST FOLKS,
ONCE YOU APPLY FOR BENEFITS, WHETHER IT'S A SPOUSE,
DIVORCED SPOUSE, OR WIDOW'S BENEFITS,
YOU HAVE TO APPLY FOR YOUR OWN, AS WELL, WHICH YOU'VE
WORKED AND PAID INTO AND CONTRIBUTED.
SO FOR MOST PEOPLE, YES, APPLYING FOR BENEFITS
MEANS YOU'RE APPLYING FOR ALL THE BENEFITS YOU CAN
POTENTIALLY BE ELIGIBLE FOR. AND TYPICALLY WE HAVE TO
PAY YOUR BENEFIT FIRST, WHICH YOU WOULD BE DUE
BASED ON YOUR WORK RECORD.
>> ON YOUR OWN RECORD.
>> DEPENDING ON WHEN YOU WERE BORN, IT COULD BE POSSIBLE
THAT YOU COULD HAVE A CHOICE AS TO WHICH BENEFIT
RECORD YOU WANT TO START RECEIVING BENEFITS ON FIRST.
>> OKAY.
WE STILL HAVE QUESTIONS COMING IN.
YOU'RE DOING OKAY, B.J.? >> I'M GOOD.
>> OKAY, OKAY.
YOU GUYS ARE POURING THEM IN.
I'M GLAD ABOUT IT.
>> OKAY.
>> IF SOMEONE RETIRES AT 66 BUT CONTINUES TO WORK,
CAN THEIR BENEFITS INCREASE OVER TIME?
>> YEAH.
WE ACTUALLY TALKED A LITTLE BIT ABOUT THIS.
BUT I'LL TRY TO DRIVE HOME THE POINT A LITTLE
MORE CLEARLY THIS TIME.
BUT YES.
SO IF SOMEBODY REACHES -- AND ASSUMING 66 IS THEIR
FULL RETIREMENT AGE.
>> OKAY.
>> WE'LL MAKE THAT ASSUMPTION WITH THIS QUESTION.
BUT YES, IF SOMEBODY IS WORKING, RECEIVING SOCIAL
SECURITY BENEFITS, AND OVER THE FULL
RETIREMENT AGE THEIR BENEFITS WILL NOT BE REDUCED,
BECAUSE OF THEIR WORKING.
>> RIGHT.
>> BECAUSE THEY'RE OVER THEIR FULL RETIREMENT AGE.
>> RIGHT.
>> THEY'RE NOT SUBJECT TO THOSE EARNINGS LIMITS
WE TALKED ABOUT BEFORE.
BUT YES, IF THEY'RE CONTINUING TO WORK AND RECEIVING BENEFITS,
IF ONE OF THOSE LATER YEARS, THE CURRENT WORK YEAR OR LATER
WOULD REPLACE ONE OF THE 35 YEARS WE'VE ALREADY USED
IN THE CALCULATION, YES, THEIR BENEFITS COULD
POTENTIALLY BE INCREASED, YES. >> AND THAT'S PART OF THAT
WHOLE 35-YEAR CALCULATION.
>> YOU GOT IT. AND THAT'S PART OF,
WE TALKED ABOUT THAT'S NOT SOMETHING THAT THE PERSON
HAS TO INITIATE, YOU KNOW, RATHER PAYING TAXES,
WE'LL GET THAT INFORMATION ULTIMATELY AND MAKE THOSE
CHANGES AUTOMATICALLY AND THEN PAY THEM WHATEVER BENEFIT
THEY'RE DUE, IF, IN FACT, THEY'RE POTENTIALLY
DUE MORE BENEFITS.
>> AND YOU DO IT AUTOMATICALLY.
>> YOU GOT IT.
>> THAT IS A LOT OF GOOD INFORMATION HERE.
DOES SOMEONE NEED TO GO TO A SOCIAL SECURITY OFFICE
TO APPLY FOR MEDICARE?
>> OH, REALLY GOOD QUESTION.
NO.
WE ACTUALLY HAVE A MEDICARE ONLY APPLICATION ONLINE --
>> OH.
>> -- AT SOCIALSECURITY.GOV, TOO.
>> YOU'RE DOING A LOT.
>> ABSOLUTELY.
WE'RE TRYING TO GIVE FOLKS OPTIONS --
>> OKAY.
>> -- AND CHOICES FOR HOW TO DO BUSINESS WITH US.
AND SO WE WANT TO TRY AND MAKE IT EASIER FOR THEM
TO BE ABLE TO DO THAT.
>> ABSOLUTELY.
>> SO WE WANT TO OFFER THEM CHOICES.
BUT YES, TO ANSWER THE QUESTION, I GUESS TO ANSWER THE QUESTION,
NO, THEY DON'T HAVE TO GO TO --
>> THEY DON'T HAVE TO.
>> -- THE SOCIAL SECURITY OFFICE TO APPLY FOR MEDICARE.
YOU CAN DO THAT ONLINE.
>> OKAY.
>> SO A LITTLE BIT ABOUT MEDICARE.
WE DIDN'T SPEND A WHOLE LOT OF TIME ON THIS WHEN WE WERE GOING
THROUGH THE THINGS YOU NEED TO KNOW TO START RECEIVING
SOCIAL SECURITY BENEFITS.
BUT IMPORTANT TO UNDERSTAND THE AGE FOR MEDICARE IS STILL 65.
>> OKAY.
>> AND SO IF SOMEBODY STARTS RECEIVING BENEFITS BEFORE THAT,
SO THEY START BENEFITS AT 62 OR SOMETIME EARLY,
BUT START RECEIVING THEIR SOCIAL SECURITY RETIREMENT BENEFITS,
THEY WILL BE AUTOMATICALLY SIGNED UP FOR MEDICARE ONCE
THEY APPROACH AGE 65, OKAY.
THEY WILL HAVE TO ACTUALLY LET US KNOW IF THEY DON'T WANT IT
OR IF THEY WANT TO DECLINE IT.
>> OH, OKAY.
>> IF SOMEBODY DELAYS RECEIVING THE SOCIAL SECURITY RETIREMENT
BENEFITS UNTIL AFTER 65, YES, THEY WOULD NEED TO COME TO US TO
APPLY IN ONE OF THOSE FASHIONS AND THEY CAN DO THAT ONLINE.
THEY CAN APPLY FOR MEDICARE ONLY ONLINE AT SOCIALSECURITY.GOV.
>> SOCIALSECURITY.GOV IS THE PLACE TO GO.
>> I THINK SO.
>> SOUNDS LIKE YOU HAVE A LOT THERE.
>> ABSOLUTELY.
>> WE HAVE ONE MORE QUESTION HERE.
>> OKAY.
>> THIS PERSON SAYS, IT'S THEIR 70TH BIRTHDAY IS IN
DECEMBER OF THIS YEAR, 2018, WHEN SHOULD THEY APPLY
FOR BENEFITS TO START COLLECTING SOCIAL SECURITY
BENEFITS IN JANUARY '19?
LIKE THEY WANT TO START RECEIVING BENEFITS THE
MONTH AFTER THEIR BIRTHDAY.
>> OKAY.
AGAIN, I WOULD STILL ENCOURAGE FOLKS TO COME TO US ABOUT
THREE OR FOUR MONTHS BEFORE THEY'RE READY FOR
THOSE BENEFITS TO BEGIN.
BUT BE VERY CLEAR WHETHER YOU'RE APPLYING
WITH US ONLINE OR WHETHER YOU'RE APPLYING WITH US OVER
THE TELEPHONE OR GOING TO YOUR LOCAL SOCIAL SECURITY OFFICE,
JUST BE VERY CLEAR ABOUT WHEN YOU WANT
THOSE BENEFITS TO START.
>> OKAY.
YOU CAN SPECIFY THAT?
>> ABSOLUTELY.
>> OKAY.
>> ABSOLUTELY.
AND I WOULD BE VERY CLEAR ABOUT THAT.
AGAIN, YOU CAN DO THAT IN ANY OF THOSE CHANNELS.
YOU CAN COULD THAT ONLINE.
YOU CAN DO THAT OVER THE TELEPHONE.
YOU CAN DO THAT IN ONE OF OUR OFFICES.
JUST BE VERY SPECIFIC ABOUT WHEN YOU WANT
THOSE BENEFITS TO BEGIN.
>> OKAY.
WELL, IT LOOKS LIKE WE'VE GONE THROUGH OUR LITTLE --
HIT OUR TIME, I GUESS WE'D SAY.
>> OKAY.
>> LOOKS LIKE WE'RE ABOUT OUT OF TIME.
BUT WHERE CAN SOMEONE GO -- I THINK YOU SAID IT,
BUT JUST WANT TO HIT IT HOME -- WHERE SHOULD SOMEONE GO TO GET
ANY MORE INFORMATION ABOUT RETIREMENT BENEFITS
AT SOCIAL SECURITY?
>> ABSOLUTELY.
VISIT US AT SOCIALSECURITY.GOV.
MARIETTA TALKED A LITTLE BIT OFF CAMERA ABOUT HOW SOCIAL
SECURITY IS REALLY WITH YOU THROUGH LIFE'S JOURNEY.
>> YES.
>> YOU CAN DO SO MUCH THERE.
WE TALKED ABOUT HOW WE'RE WITH YOU WHEN YOUR PARENTS APPLY
FOR A SOCIAL SECURITY NUMBER.
YOU OFTEN COME TO US IF YOU NEED A SOCIAL SECURITY
CARD FOR YOUR FIRST JOB -- >> YES.
>> -- IF YOU'RE A TEENAGER.
IF YOU GET MARRIED AND CHANGE YOUR NAME,
YOU COME TO SOCIAL SECURITY.
WE TALKED A LOT TODAY ABOUT RETIREMENT BENEFITS
AND VISITING US FOR THAT.
DISABILITY BENEFITS, IF SOMETHING WERE TO HAPPEN,
YOU CAN NO LONGER WORK.
AND SURVIVORS BENEFITS.
HEAVEN FORBID -- >> ABSOLUTELY.
>> -- SOMEONE HAPPENS TO YOU, YOUR FAMILY HAS PROTECTION
BEHIND THE SOCIAL SECURITY ADMINISTRATION AND
SOCIAL SECURITY BENEFITS.
SO WE'RE REALLY WITH YOU THROUGH LIFE'S JOURNEY AND YOU CAN LEARN
MORE ABOUT EVERYTHING WE'VE TALKED ABOUT TONIGHT AND SO MUCH
MORE AT SOCIALSECURITY.GOV.
>> THANK YOU SO MUCH, B.J. FOR --
>> THANK YOU.
>> -- BEING HERE WITH US -- >> THANK YOU, MARIETTA.
>> -- AND SHARING SO MUCH GREAT INFORMATION.
I DIDN'T EVEN IMAGINE ALL THIS WAS AVAILABLE --
>> THANK YOU.
>> -- WITH ALL THE DETAILS.
SO YOU CLEARED A LOT OF THINGS UP, SO THANK YOU.
>> THANK YOU SO MUCH.
>> AND THANK YOU ALL FOR WATCHING US THIS
EVENING ON THIS BROADCAST.
IT WILL BE CLOSED CAPTIONED AND POSTED ON BOTH THE
USA.GOV AND THE SOCIAL SECURITY YOUTUBE CHANNELS,
SO WATCH FOR THAT IN A FEW WEEKS.
IF YOU WANT TO SHARE IT WITH FAMILY OR FRIENDS,
WATCH IT AGAIN, YOU MISSED SOMETHING,
DEFINITELY CHECK THOSE OUT ON THE USA.GOV AND SOCIAL
SECURITY YOUTUBE CHANNELS.
>> PLEASE.
>> AND IF WE DIDN'T GET TO YOUR QUESTION WHILE
WE WERE HERE LIVE, WE'RE STILL GOING TO ANSWER IT.
SO CHECK BACK IN THE COMMENTS SECTION.
IN THE COMING WEEKS WE'RE GOING TO BE TACKLING ALL THE
QUESTIONS THAT YOU SUBMITTED, SO DON'T THINK THAT
WE'VE FORGOTTEN YOU.
WE HAVE NOT.
WE'RE GOING TO GET THOSE ANSWERED FOR YOU.
AND IF YOU HAVE MORE QUESTIONS ABOUT GOVERNMENT THINGS,
MAYBE WE TALKED ABOUT, YOU KNOW, RETIREMENT TODAY,
BUT IF THERE ARE OTHER GOVERNMENT QUESTIONS YOU HAVE,
OTHER BENEFITS, QUESTIONS, ANYTHING, KEEP IN
TOUCH WITH USA.GOV.
WE HAVE A LOT OF INFORMATION AVAILABLE TO YOU.
WE'RE HERE ON FACEBOOK.
YOU CAN SEND US QUESTIONS THROUGH OUR INBOX OR VISITING
OUR WEBSITE, USA.GOV, CHATTING, EMAIL, OUR TOLL FREE NUMBER
1-844-USA-GOV1 AND OUR OTHER SOCIAL MEDIA CHANNELS ON
TWITTER, SNAPCHAT AND INSTAGRAM.
SO WE'RE HERE TO HELP YOU GET -- NAVIGATE TO ANY OF THE
GOVERNMENT INFORMATION YOU NEED AND MAKE IT
EASIER FOR YOU TO DO. AND THEN DEFINITELY KEEP
IN TOUCH WITH THE SOCIAL SECURITY ADMINISTRATION.
I THINK WE ALL, IF YOU HAVE NOT, WE ALL NEED TO
VISIT SOCIALSECURITY.GOV, SIGN IN, LOG IN TO GET A
"MY SOCIAL SECURITY" ACCOUNT.
CHECK OUT ALL THESE TOOLS AND ESTIMATORS AND PUBLICATIONS
AND CHECKLISTS AND GET YOUR FINANCIAL
HOUSE IN ORDER THIS MONTH.
>> ABSOLUTELY.
>> YOU GOT A DAY LEFT IN THE MONTH, SO DO THAT.
>> DON'T WAIT.
>> AND THEN FILE THEM ON SOCIAL MEDIA,
@SOCIALSECURITY IS THEIR HANDLE.
THEY HAVE A LOT OF GREAT INFORMATION THAT
THEY CAN OFFER YOU THERE.
SO THANK YOU SO MUCH FOR JOINING US AND WE'LL SEE YOU NEXT TIME.
[ MUSIC PLAYING ] >> HOW TO PLAN FOR RETIREMENT,
A SIMPLE GUIDE TO HELP YOU RETIRE WITH PEACE OF MIND.
>> HELLO, IT'S ME, PROFESSOR KNOWITALL, AND YES,
I'LL BE GIVING YOU THE VERY BEST TIPS SO YOU CAN
RETIRE WITH PEACE OF MIND.
>> HELLO, PROFESSOR.
ARE YOU NOW AN EXPERT ON THAT TOPIC?
>> OF COURSE.
>> OH, OKAY.
SO YOU'RE ALL READY FOR RETIREMENT?
>> OF COURSE I'M READY.
>> SO THEN YOU HAVE MONEY SAVED.
>> WELL, NOT EXACTLY.
BUT I HAVE A PLAN.
I WILL LIVE WITH MY KIDS.
>> LIVING WITH YOUR FAMILY DURING RETIREMENT
CAN BE VERY GRATIFYING, BUT SURELY YOU DON'T WANT
TO BE A BURDEN ON THEM.
DID YOU KNOW THAT PEOPLE IN THE UNITED STATES ON AVERAGE
LIVE 20 YEARS AFTER THEY RETIRE?
IN GENERAL, PEOPLE NEED ALMOST 80% OF WHAT THEY
EARN IN ORDER TO LIVE COMFORTABLY AFTER RETIRING.
>> OH.
>> THAT'S A LOT OF MONEY.
SO YOU'LL DEFINITELY NEED A GOOD PLAN IN ORDER TO GET THERE.
OKAY, DON'T PANIC YET.
IT'S NEVER TOO LATE TO START OR EVEN TOO EARLY.
LET ME TELL YOU WHAT YOU SHOULD DO SO THAT THE NEXT TIME,
YOU CAN GIVE PEOPLE GOOD ADVICE.
>> SOUNDS GOOD.
>> PROFESSOR, ACCORDING TO THE CONSUMER ACTION HANDBOOK,
THE FIRST THING IS RECOGNIZING THE IMPORTANCE OF
SAVING FOR RETIREMENT.
THE THREE MOST COMMON OPTIONS ARE:
1, PENSION BENEFITS OFFERED BY SOME PLACES OF EMPLOYMENT.
2, SAVINGS AND INVESTMENTS STARTED BY YOU.
3, SOCIAL SECURITY, WHICH IS THE FEDERAL
GOVERNMENT'S RETIREMENT PLAN.
NOW, IF YOU'RE STILL WORKING, FIND OUT IF YOUR PLACE OF
EMPLOYMENT OFFERS A PENSION PLAN AND HOW IT WORKS.
SOME COMPANIES ALSO OFFER A 401(K) PLAN.
>> 401 WHAT?
I'VE NEVER HEARD OF THAT TRUCK, BUT MINE IS NEWER.
>> I'M NOT TALKING ABOUT VEHICLES HERE.
I'M TALKING ABOUT RETIREMENT PLANS IN WHICH IF YOU SAVE,
YOUR COMPANY WILL MATCH A PERCENTAGE OF THE
CONTRIBUTIONS YOU MAKE.
>> OH, THAT'S LIKE FREE MONEY.
>> EXACTLY.
SOMETIMES YOU IMPRESS ME, PROFESSOR.
IN ORDER TO PLAN WELL FOR RETIREMENT,
YOU MUST CONSIDER WHAT TYPES OF EXPENSES YOU'LL HAVE,
WHETHER YOU'LL WORK OR NOT, IF YOU'LL HAVE ADDITIONAL
MEDICAL INSURANCE, OR IF YOU'LL HAVE COSTLY
HOBBIES, LIKE TRAVELING.
THERE ARE MANY THINGS TO CONSIDER.
SO YOU MAY WANT TO CONSULT A FINANCIAL EXPERT FOR HELP.
>> YIKES, I'M FEELING DIZZY.
>> PROFESSOR, YOU CAN ALSO ASK FOR HELP AND GET TIPS FROM
THE FOLLOWING ORGANIZATIONS: AARP; AMERICAN SAVINGS EDUCATION
COUNCIL; DEPARTMENT OF LABOR; SECURITIES AND
EXCHANGE COMMISSION; SOCIAL SECURITY ADMINISTRATION.
>> OH, I'M FEELING A LITTLE BETTER NOW.
>> PROFESSOR, THIS IS ABOUT SAVING, NOT SPENDING.
BETTER YET, LET ME REMIND YOU TO VISIT
USA.GOV OR IN SPANISH AT GOBIERNOUSA.GOV,
WHERE YOU CAN LEARN MORE ABOUT ALL OF THIS
AND OTHER INTERESTING TOPICS FOR CONSUMERS.
AND REMEMBER, YOU CAN ALSO ORDER YOUR
FREE CONSUMER ACTION HANDBOOK.
[ MUSIC PLAYING ]
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