Dear Editor:
Social Security is part of almost everyone’s life. It protects more the 150 million American workers and pays benefits to more than 45 million people. Its package of insurance protection includes survivors and disability benefits, but the most well known program is the retirement program.
Social Security pays monthly retirement benefits to more than 31 million retired workers and their family members. More than nine in 10 Americans who are age 65 or older get Social Security retirement benefits.
Full retirement benefits are now payable at age 65 for those people born before 1938, with reduced benefits available as early as age 62. The age for full benefits is gradually rising, until it reaches age 67 in 2027 for people born in 1960 or later. (Reduced benefits will still be available at age 62.)
Average monthly Social Security retirement benefits, as of January 2001, are shown below for low, average and maximum wage earners who retire at age 65:
Low — $636
Average — $1,051
Maximum — $1,536
The benefit amounts above are based on steady lifetime earnings from age 22 through the year before retirement (2000). For 2000, these earnings are estimated to be approximately $14,300 for a low earner; $31,900 for an average earner; and $76,200 or above for a maximum earner.
Married workers can receive retirement benefits based either on their own work record or their spouse’s, whichever is higher. For more information or to file for retirement benefits on line, check out Social Security’s website,www.ssa.gov. You may also call toll-free at 1-800-772-1213 or visit your local Social Security office.
Yvonne Bryant,
Social Security Manager, Jersey City