Fraternity-Testvériség, 2002 (80. évfolyam, 1-4. szám)
2002-10-01 / 4. szám
FRATERNITY Page 9 Social Security—Much More Than a Retirement Program by Leslie L. Megyeri Attorney-at-Law When you work, you pay taxes into the Social Security, and when you retire or become disabled, you, your spouse, and your dependent children receive monthly benefits based on your wages. Your survivors collect payments from Social Security when you die. Many others get Social Security because they are disabled, a spouse or a dependent of someone who gets Social Security, or a widow, widower or child of someone who has died. Every year around your birthday, you should get “Your Social Security Statement” that will tell you how much you paid in social security taxes. This will eventually determine your retirement income at age 62 or 65. It is very important for you to check this statement for accuracy. If there are errors, you should correct them immediately when you still have the W-2 forms available. You can correct the statement by going to the Social Security office closest to you, by phone at 1-800-772-1213, or online at www.ssa.gov/mystatement. You should keep all copies of your Statements in your file. You or your beneficiaries will need them in the future. Similarly, when you want to retire, you can do so in person, by phone or on the Internet by using the above information. Although you have a choice to retire at age 62 or 65, most experts recommend taking the earlier retirement age. You must earn forty Social Security credits by working for a minimum of ten years and paying taxes on a total of $34,800. You must pay taxes each year on at least $3480 of wages for ten years in order to qualify for Social Security. This computation is based on the year 2002. In earlier years, the minimum wage was much lower than today. Your tax is 6.2 percent and 1.45 percent for Medicare. If you are self-employed, you pay 15.3 percent on your earnings. After you earn forty credits, you are eligible for Social Security, and as you keep working, your benefits will increase. Eventually, you may receive about half of your wages each month during your retirement. You can call the Social Security Administration at 1 -800- 772-1213 anytime to request your statement which tells you how much you will get each month after you retire. In order to qualify for disability benefits, you must not be able to work. Your disability also must last or be expected to last for at least a year or to result in death. When you reach age 65, your Social Security benefits automatically convert to retirement, but the amount remains the same. In order to qualify, you must earn at least twenty credits within the last 10 years if you are 31 years of age or older. The booklet from the Social Security Administration tells you the credits needed for someone your age to qualify. If you submit a claim and it is denied, you should appeal your case within 60 days. Your chances of wining are better before the judge than before the examiner because the judge has the judicial discretion to interpret the laws while the examiner does not. In addition, if you are a woman, you may be eligible for spouse’s benefits if you are married and have never worked outside the home. You can receive benefits when your husband retires, becomes disabled, or dies. You can also receive benefits if you are caring for a child who is under the age of 16. If you don’t have a child in your care, you must be age 62 or older to get benefits when your husband becomes disabled or retires. You can also get medical hospital insurance at age 65. You should file for this insurance a few months before you reach age 65. Moreover, the social security taxes you pay also get you survivor insurance. This is supplemental to the life insurance you buy from the Hungarian Reformed Federation of America. Social Security insurance covers widows, widowers, divorced widows and widowers, children, and dependent parents. It is important to remember that as a divorced spouse, you can get benefits if the marriage lasted 10 years or more. This article is only a brief description of the benefits available from the Social Security Administration. They will mail you free of charge more than 8 booklets explaining the available benefits in detail. You should study them because it is your money that is at stake. Unless you apply for the benefits, you may not get the money you are entitled to. Leam about these benefits by visiting your local Social Security offices, calling them, or contacting them through the Internet.
