This section is meant to give you a brief introduction to
Social Security. Your actual Social Security benefits are based on certain of
your earnings subject to Social Security taxes. You may go contact your local
Social Security office for a record of your past wages that were subject to
Social Security taxes. You can also request from them a booklet, which explains
in detail how to figure your Social Security, benefits, as well as a
personalized estimate of your benefits.
During your work career, both you and your Employer pay
an equal amount of tax on your behalf to the Social Security program. You may
receive benefits from Social Security in addition to the benefits you will get
from the Pension Plan. Social Security benefits may be payable in the event of
your death or disability as well as retirement. With the amendments made to the
Social Security Act in recent years, these benefits have become a substantial
part of your total benefit program.
Retirement Benefits
You may be entitled to receive unreduced Social Security monthly income benefits when you reach age 65. When your spouse reaches age 65, he or she is entitled to a benefit equal to one-half of your age 65 benefit, or, if greater, a benefit based on his or her own work record. Social Security retirement benefits are payable as early as age 62, but at a permanently reduced amount.
Death Benefit
Your family may also be entitled to Social Security
benefits after your death. If you die leaving dependent children, family
benefits may be payable until your children reach age 18 (or age 19 if they are
still in high school). After your children grow up, your spouse may be entitled
to start receiving Social Security benefits again when he or she reaches age 60.
Disability Benefits
If you become disabled, you and your family may be entitled to Social Security disability benefits. They become payable after you have been totally disabled for 5 full calendar months. Your dependent spouse is entitled to additional benefits from Social Security if he or she is at least age 62 or is caring for a child eligible for children’s Social Security benefits. Additional children’s Social Security benefits are payable if you have any dependent children under age 18 (under age 19 if they are still in high school).
Working After Social Security Benefits Start
In 1999, if you are 65 or older but under age 70 at any time during the year, you can earn $15,500 without losing any benefits ($17,000 in 2000). One dollar of each $3 of your earnings in excess of these limits is deducted from the benefits paid to you and to members of your family getting benefits based on your account.
For example, in 2000 if you are age 66, you can earn up to $17,000 in that calendar year and still continue receiving the same monthly Social Security benefits you would receive if you were not working. If you earn $20,000 in 2000, $1,000 will be deducted from your Social Security benefits for that year (one dollar for each $3 of your earnings in excess of $17,000).
If you are under age 65 for the whole year you can earn $9,600 ($10,080 in 2000) without losing any benefits. One dollar of each $2.00 of your earnings in excess of these limits is deducted from the benefits paid to you and to members of your family getting benefits based on your account. For more information about working after Social Security benefits begin, contact the Social Security Administration at 1 (800) 772-8213 and request a copy of Publication 05-10069 (How Work Affects Your Benefits). You can also get a copy of the Publication from the SSA Website at http://ssa.gov/pubs/.