Social Security Increase for 2015

The Social Security Administration has announced a 1.7% benefit increase starting in January 2015. This cost of living adjustment (COLA) will provide an extra $22 a month to the average retired worker. Do you have an online Social Security Account? If you do not yet receive Social Security benefits, you can use this online account to estimate your future benefits. If you are already receiving Social Security benefits, you can use the online account to manage your benefits.

Below is a video from Social Security which leads you through the process of setting up an account. If you would like one-on-one help to set up your account, a Social Security representative will be at New River Library this Thursday, December 4th, at 1:00 pm. New River Library is located at 34043 State Road 54 in Zephyrhills, Fl.

Retirement Resources

Do you need information to plan your retirement? The federal government has many resources that can help. First, there is the Retirement Toolkit from the  the Department of Labor, the Social Security Administration and the Centers for Medicare & Medicaid Services. This toolkit has links to information about 401Ks, social security, and Medicare. 

The United States Department of Labor also has created a publication called "Taking the Mystery Out of Retirement". This publication provides a lot of good information, such as "Almost 20% of retiree income will be spent on healthcare". This publication also states that after age 50, you can begin making catch-up contributions to 401(k) and other retirement accounts.

In addition, the Social Security website has a Retirement Estimator, so that you can get a good idea of what your Social Security benefits will be when you retire. You can use this estimator if you have enough social security credits to qualify for Social Security (at least 40 credits), but you are not currently receiving Social Security benefits.

It is not too late to start saving for retirement. Here is a link to a helpful article from usa.gov, "Retirement Saving Strategies for Late Starters", which has good tips for retirement planning.

The Nov/Dec Issue of the Elder Update is Available

The Florida Department of Elder Affairs publishes a bimonthly newsletter, the "Elder Update", for Florida Seniors. The current issue includes articles about:

• Social Security disability benefit information
• the Social Security Retirement Estimator
• the Healthiest Weight Florida initiative
• telehealth
• long-term care insurance Q and A

You can download the current issue here. Alternatively, you can sign up for a print subscription here.

New Retirement Toolkit

The Department of Labor, the Social Security Administration and the Centers for Medicare & Medicaid Services have partnered to publish a "Retirement Toolkit". This toolkit includes both links to publications and to interactive tools which can help you plan your retirement. It includes a timeline for retirement, information to help you decide what age you want to retire, and information about how to avoid paying a Medicare Part D late enrollment penalty. 
Some of the links from this toolkit include:

• Taking the Mystery Out Of Retirement Planning (for people who are within 10 years of retirement)
• Estimate your retirement benefits
• Medicare & You
• Extra Help with the Medicare Prescription Drug Plan

These resources are also available in Spanish.You can read the entire Retirement Toolkit here.

March 1st Deadline Approaching for Social Security Direct Deposits

Social Security is switching to electronic payments for benefits. The Social Security Administration states that you must sign up for direct deposit of payments by March 1, 2013. You can do this online or at your bank. In addition, if you are already getting benefits by paper checks, you can contact the U.S. Treasury Electronic Payment Solution Center at 1 (800) 333-1795 (English) or 1 (800) 333-1792 (Spanish).

Online Social Security Changes

The Social Security Administration changed their online account system on January 5, 2013. The new system is called "My Social Security" and it can be accessed here. If you had an account on the previous system, you will need to set up a new account. To set up the account, you will need to verify some information about yourself and you will need the following: 

• valid E-mail address
• a Social Security number
• a U.S. mailing address
• To be at least 18 years of age.

What can you do with this online account? You can get your verification letter, earnings record, benefit information, change your address or phone number, change your direct deposit information. If you do not yet receive benefits, you can review your earnings record and estimate your retirement benefits. Note that Social Security is switching to electronic payments for benefits. The Social Security Administration states that you must sign up for direct deposit of payments by March 1, 2013. You can do this online (see above) or at your bank.

Social Security Quick Facts

The AARP has published a one page overview of Social Security Facts for each of the 50 states. Here are some highlights from the "Social Security: 2011 Florida Quick Facts":

• Florida ranks 24th in income level among the states.
• One in five Florida residents receive Social Security.
• Florida's 65+ population will reach 19% of the state population in 2015.
• Social Security is responsible for lifting over 35% of retirees from poverty in Florida.

You can access the full report here.  If you are interested in the facts about other states, you can find a list of the fact sheets here.

Social Security Facts 2008

The AARP has published "Quick Fact Sheets" about Social Security for each of the 50 states. Some Florida facts are:

• 17% of Florida's population is 65 and above.
• by 2030, 27% of Florida's population will be 65 and above.
• one out of every five Florida residents receive Social Security.
• Social Security supplies over 38 Billion dollars to Florida's economy.
  

More Social Security facts about Florida can be found here.

Social Security Quick Fact Sheets for other states can be found here.

New Social Security Retirement Estimator

The Social Security Administration has just recently provided online access to a retirement benefits calculator. This calculator "is tied to a person’s actual Social Security earnings record and eliminates the need to manually key in years of earnings information." (Mark Lassiter, press release). This calculator is easy to use and can be used to compare retirement options. It gives expected benefits, based on different ages of retirement. Click here for the benefits calculator.

Senior Retirement Workshop

Are you interested in planning for your retirement? You may want to attend the Senior Retirement Workshop at the New River Branch on Wednesday, May 7th, from 12:30pm - 5:00 pm. Mr. Rocco Canora will be discussing new options for Medicaid, Social Security, wills, trusts, and how to protect your money. To register for this program, please call: 1-877-349-4207.


[New River Library address: 34043 State Road 54, Zephyrhills, Fl.]