Social Security is the United States' basic method of providing income when family earnings are reduced or cease upon retirement, disability or death. Social Security retirement benefits are based upon your salary history up the maximum social security taxable wage base. Full benefits are payable if you retire at age 65. This age will gradually increase to 66 for individuals who reach that age in the year 2009 and to 67 for those who reach that age in the year 2027. Each pay period, payroll deductions for social security are taken from your check. New York State matches this deduction as the employer's contribution. The current rate of contribution is 6.2% for all earnings up to $76,200. An additional 1.45% is deducted for supplemental Medicare on all earnings.
The US Social Security Administration provides a disability benefit to employees who are disabled to the extent that they cannot perform substantial gainful work and meet specific eligibility guidelines. The amount of disability benefit is the employees Primary Insurance Amount (PIA) at the time they become disabled. There is a five (5) month waiting period from the time a disability is determined until benefits begin. Benefits may be reduced if the employee is receiving payments under a workers' compensation or other disability plan. Additional information is available in the Human Resources Office or directly from the local Social Security Administration office.
A death benefit is provided for those who have paid into the system. Generally, a beneficiary receives 75% of the primary insurance benefit the employee would have received if he/she retired at age 65. The exact amount payable is determined by such factors as salary at the time of death, number and age of dependents, and whether any of the dependents has a disability. A widow or widower with children may be entitled to additional benefits.
My Social Security Account
With this account, you can verify your earnings and get estimates of future benefits to help make important financial decisions. If you are already receiving benefits, you can get a benefit verification letter, check benefit and payment information, change your address or direct deposit information, and get a replacement Medicare card or SSA-1099 for tax season.
Further information regarding social security, calculating your benefits and methods of receiving advice and assistance is available from the Social Security web site.
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