Social Security

SS Retirement Age To Increase

Under the Social i Security amendments of 1983, the age at which a person can receive unreduced benefits will be increased gradually from 65 to 67 starting

in the next century. (The age for Medicare eligibility will remain at 65.) People born in 1938 will be the first to be affected. The chart below shows the age at which full benefits will be payable. WHEN THIS change is fully phased in, benefits will still be available at age 62, but with greater reduction, Now a person who begins to receive benefits at age 62 gets 80 percent of the amount payable at age 65. < <j When the increase in the retirement age becomes fully effective, a person who receives benefits at age 62 will get a benefit equal to 70^

percent of the age 67 benefits. CONSIDERING the gradual decrease in the number of workers per retiree in our society, the improved health of older people, and the increased average life expectancy, these gradual changes were" found to be logical modifications to assure the future financial stability of the Social. Security System. This table shows the projected increase: , Birth Year Age for Full Benefits V 1938 65 year*, 2 months 1938 65 years, 4 month* 1940 65 years, 6 months 1941 65 years, > months 1942 65 years. 10 months 1943-1864 66 years 1955 66 years. 2 months 1956 66 years. 4 months 1957 66 years. 6 months 1956 66 years. 8 months 1958 66 years. 10 months , I96^*pd after (7 years a -■*

Payroll Tax Pays For SS . The Social Security program is financed on a pay-as-you-go basis, with the taxes paid by today's workers being used to 1 pay people getting benefits today. In general, these taxes are designed to

* be approximately equal to anticipated expenditures. The funds not immediately needed are kept in reserve in the event of unusual financial /"circumstances. v SOCIAL Security is financed almost completely by a flat rate payroll tax on work in covered employment. For 1984 the rate is 6.7 percent of the first $37,800 of earnings, for a maximum payment of $2,532.60; an additional 0.3 percent is being paid from general revenue funds. Employers pay a full 7 percent. These taxes cover the cost of the retirement and survivors insurance program, the disability insurance program, and the hospital in- / surance portion of // Medicare. THE MEDICAL insurance portion of Medibare, a voluntary program that covers the costs of physicians' services and related medical care, is financed through premiums paid by the people enrolled and from ge.neral revenue funds. All four programs have separate trust funds. Any assets not immediately needed for benefit payments or for administrative expenses are invested in Federal bonds that pay interest at longterm market rates. Ihis money is owed • to the trust funds and, under the law, the government is required to redeem theae bonds on request.

Blood Bank Accredited SOMERS POINT - Shore Memorial Hospital has been granted renewal of accreditation by the American Association of Blood Banks (AABB), according to Dr. Henry Seidel, medical director of the hospital's blood bank here. Accreditation follows as intensive on-site inspection by representatives of the association and establishes that' the level of medical, technical and administrative performance within the facility meets or exceed the standards set by the AABB. By successfully meeting those requirements, Shore Memorial's Blood Bank can join more than 2,200 similar facilities across the United States and abroad that have been accredited. Dr. Seidel explained that the AABB's inspection and accrediation procedures are voluntary. It is not legally necessary for a blood bank or transfusion sen .e to be accredited. Social Security Questions and Answers Q. My wife and I both have Medicare. Can we use the same Medicare Card? A. No. You and your wife have separate cards with different claim numbers. You must each use the exact name and claim number on your own card. Q. DOES Medicare help to pay for prescription lenses? A. Ordinarily the only time Medicare pays for prescription lenses is for the first pair of lenses after cataract removal. Sm Coupon For _50$off C Y

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