| What is the limit on earnings
prior to age 65 without affecting the amount of SS benefits? |
For 2004, that limit is $11,640
per year under age 65. Above the limit one dollar in SS benefits will be withheld
for every two dollars in compensation above the limit. |
| When am I eligible for Social
Security? |
Full Social Security benefits begin
at age 65 if employees were born before December 31, 1937. That age gradually
increases to 67 for those born after December 31, 1954. Reduced benefits are available
as early as age 62.
For more information about Social Security benefits, call the Social Security
Administration at 1.800.772.1213 or visit their website at www.ssa.gov. |
| How much benefit will I receive
from Social Security? |
Social Security benefits are based
on the your age and the amount you contributed throughout your working career.
You will receive a personalized statement of Social Security benefits just before
your birthday each year (approximately three months before).
For more information about Social Security benefits, call the Social Security
Administration at 1.800.772.1213 or visit their website at www.ssa.gov. |
| How does Medicare
work and how do I apply? |
Medicare is a federal health insurance program
for people age 65 or older, certain disabled people under age 65 and people of
any age with permanent kidney failure. Medicare has two parts - Part A (hospital
insurance) and Part B (medical insurance). Part A is provided at no cost if you
are entitled to Social Security benefits. When you become covered under Part A,
you are automatically enrolled in Part B unless you waive coverage. You must pay
for Part B coverage.
You become eligible for Medicare at the beginning of the month in which you
reach age 65. Likewise, if you are married, your spouse becomes eligible for Medicare
at the beginning of the month in which he or she turns 65. If you are receiving
Social Security benefits when you first become eligible for Medicare, you automatically
will be enrolled in Medicare. If you are not receiving Social Security benefits
at the time, you must contact the Social Security Administration and enroll in
Part A (remember, you will then be automatically enrolled in Part B unless you
waive coverage). If you enroll late, or if you drop out and enroll again, you
may have to pay higher premiums for Part B.
Remember, if you are married, you and your spouse each must separately be enrolled
in Medicare Part B at the beginning of the months in which you reach age 65. |
