Social Security

Retirees Reminded: Report All Earnings

More and more retirees are working after they start getting Social Security benefits. For some

■ it's a matter of finan- ! cial need, and the ad- - ditional earnings help ' make ends meet. ' For others, parttime work is a matter of emotional need. They find that work i keeps them active and involved, relieving what may have become the pressure of filling empty days. WHATEVER the reason, such parttime work by retirees causes one of the biggest overpayment problems Social Security faces today. This is because there is a limit on how much a person under 70 getting Social Security checks can make without affecting the amount of the check. And most people may not be as careful as they should be in keeping track of their earnings. The limit changes with increases in average wage levels. For 1984, the earnings limit for people age 65 through 69 is $6,960 and for people under 65, $5; 160. For each $2 of earnings above the , limit, $1 in benefits is withheld. The earnings limit does not apply to people 70 an over BENEFIT overpayments occur when people do not report excess earnings to Social Security so that the check may be adjusted. The most common scenario involes the annual earnings report subitted to Social Security by April 15, on which people are expected to report total earnings for the past year and estimate their earnings for the current year. If there is a chahge in earnings later during the year, many people may not report it until the next earnings report is due. In the meantime they have been receiving checks base on an erroneous estimate of earnings. The law requires the overpayment of benefits be repaid. This is usually accomplished by refund or by deducting installments from

- future checks until ■ the amount of the > overpayment is repaid.

The way to avoid overpayments is to report any change in earnings estimate as

soon as possible. This way the check can be adjusted before there is a large overpay-

ment. Changes can be made by calling or visiting and Social Security office.

Telephone Can Make It Easy Many people in the local area do not seem to be aware that they can take care of a great deal of their business with Social Security over the telephone, a Social Security representative said recently. The best time to call Social Security is after the middle of the month. That is because the first part of the month is usually very busy. Of course, the spokesperson said, if a person has urgent business, he or she should call any time. THE TELEPHONE can be used to: • Apply for Social Security or SupElementai Security icome payments. •Apply for Medicare • Find out how to change a name or address in Social Security records. • Report change in marital status. • Report a lost or stolen check, or _ delayed payment. • Find out how to replace a lost Social Security or Medicare card. • GET HELP in filling out Medicare claims forms. • Get information about direct deposit of checks. • Request a statement of Social Security earnings record. • Get help in having claims decisions reviewed. • Ask any questins about Social Security or obtain a free publication. The address of the Wildwood Social Security office is 236 E. Spicer Ave. r-s—T elephone is 800-272-1111. • , ^

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With Direct Deposit, your Social Security check is deposited automatically into your checking or savings account by the third of the month. Guaranteed. Other pensions, government, or i armed forces retirement I checks can be handled just as I easily. Just come in, sign up, ' and leave the rest to us. It's as simple as that. Direct Deposit. Another way we make banking easier for you.

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FIRST SAVINGS AND LOAN ASSOCIATION 137 J.F.KENNEpY BLVD. SEA ISLE CITY, N J. 06243 263-7823 • -f" . , . i . « - J i iJ ! OMCMLXXXfV Lmor\ Shatter Qolntek Adv„ Inc. • ' 3 . f ~~