24

boaai security

Herald & Lantern 2 November '83

^ Vr'"’ ~ (gointan

1983 Amendments Strengthen System

&

(Sootikin GENERAL PRACTICE OF LAW WILLS & ESTATES •Real Estate • Divorce •Family Law •Bankruptcy • Corporation^ •Small Business

RICHARD T. GOODKIN BRUCE M. GORMAN c* RT. 9 AND VERMONT AVE., RIO GRANDE ®

729-3243

i

dk'.

,6^

^cD° na ' dS Nevv Gol 4er> A

AA |Mcoonakrs

’e®

It’s FREE for all Senior Citizens! at McDonald’s

WILDWOOD k AND CAPK MAt COURT HOUSE

Now there's a special club exclusively tor Senior Citizens at McDonald's. It's the Golden Arches Club and to join, just come in and pick up your tree membership card. It's that easy! The club's special benefits include a free otter with every visit—we'll give you more details when you come in. Ask about the Golden Arches Club at McDonald's today. It's a golden opportunity, just tor Senior Citizens •0e 55 or over!

Mr

Several changes in Social Security benefits have been made by a new law designed to strengthen the Social Security system, a Social Security spokesperson said recently The new law intended to provide financial stability to the system both in the near term, through the 1960's, as well as into the next century, the representative said. The benefit changes made by the new law will: CONTINUE benefits for disabled surviving spouses 50-59, disabled divorced surviving spouses 50-59, and divorced surviving spouses 60 or older who remarry. Before, benefits continued only for surviving spouses 60 or over who remarried. (The presentlaw provision restricting entitlement to the higher of the surviving spouse's or worker’s benefit will apply to these new categories.) This provision is effective January-1964. Provide a new way to figure benefits for widows or widowers whose spouses die before age 62. In many cases the new method will result in a higher benefit rate. This provision is effective for widows or widowers who become eligible for benefits beginning January 1985. INCREASE benefits to disabled widows and widowers ages 50-59 to 71.5 percent of the unreduced benefit amount the deceased worker would have

received. Previously, a disabled survivors benefit rate ranged from 50 to 71.5 percent. This provision is effective after December 1963. Permit payment of benefits to a divorced spouse at 62 even though the former spouse has not filed an application or is not receiving benefits because of work, provided the divorce had been in effect at least two years and the former spouse is eligible for benefits. This provision is effective starting January 1965. CHANGE THE benefit formula to reduce benefits for workers who are eligible for a pension based on work not covered by Social Security but who have also worked long enough in jobs covered by Social Security to be eligible for Social Security retirement or disability benefits. The new formula will apply to workers who first become eligible for both retirement benefits (they reach age 62) or disability benefits and for a pension from noncovered employment after December 1985. (However, this new formula will generally not apply to current employees whose woric was newly covered by this legislation.) GRADUALLY increase the delayed retirement credit, now 3 percent for each year a worker does not receive benefits between the full-benefit retire-

ment age (now age 65) and age 70 because of work, to 8 percent a year between 1990 and 2008. Liberalize the annual earnings test, the measure used to determine whether, and to what extent, benefits can be paid, for people 65 and over starting in 1990. Under the present test, $1 in benefits is withheld for each $2 of earnings above the annual exempt amount for people 65 and over. Starting in 1990, $1 in benefits will be withheld for each $3 of earnings above the annual exempt amounts for people 65 and over. (Beginning in the year 2000, the age at which this withholding rate applies will increase as the retirement age increases.) APPLY THE government pension offset, which causes a reduction in Social Security spouse’s and surviving spouse’s benefits for people who receive a pension based ph their own work for a federal, state, or local government not covered by Social Security, to two-thirds of the pension for people who first become eligible for a pension after June 1983. Presently, the full amount of the pension is offset against the Social Security spouse’s benefit. Supplemental security income payments were increased by $20 for an individual and $30 for a couple, effective July 1963. A free leaflet is available from any Social Security office.

Total Care Facility We offer quality care for your loved ones, including activities for individual needs and tastes; homecooked meals. Call today. EASTERN SHORE “Cape May County’s Newest & Most Modern. ” NURSING CONVALESCENT CENTER US RT. », SWAINTON 465-2260