New Braunfels Herald Zeitung, December 11, 1987, Page 8

New Braunfels Herald Zeitung

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Publication name: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

Pages available: 319,437

Years available: 1952 - 2013

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New Braunfels Herald Zeitung (Newspaper) - December 11, 1987, New Braunfels, Texas Social Security to upgrade ability to estimate benefits If that same worker died at 45, his WASHINGTON (AF) - Social Security Commissioner Dorcas R Hardy says that sometime in 1988 her agency will be able to give workers estimates of their potential retirement benefits and how much their families will receive if they die or become disabled. The new "Personal Earnings and Benefit Statement” also will include how much Social Security tax workers paid each year, a fact omitted from the agency’s current earnings statement The new benefits information will be available to workers of any age. Hardy said Currently, the agency provides estimates of future retirement benefits to workers only if they are 60 or older Hardy also said Thursday that a single toll-free telephone number may be established for people to call to apply for benefits or seek other services from Social Security Actuaries and computer programmers are still devising the software to implement Hardy’s plan, which she said will tell people how much they can expect to get in today’s dollars if they retire at ages 62, 65 or 70. Hardy released a draft of the new benefit statement, which she said was still being reviewed by agency lawyers "We’re not quite there yet.” she said "I think we can get it done by springer summer ” The current "summary’ statement of earnings” lumps all earnings together from 1951 through the early 1980s and breaks out annual earnings only for the most recent three years Hardy’s agency urges workers to request a statement of earnings at least every three years to ensure thai the wage records are correct On another issue. Hardy said she has nearly completed drafting a legislative proposal to eliminate the socalled retirement test, which reduces the Social Security benefits of beneficiaries under age 70 who keep working Those 65 through 69 now lose $1 for each $2 they earn on er $8,160 They w ill In* penalized for ear mngs over $8.Tiki in 1988 Eliminating the retirement test im mediately for those ages 65-69 would cost the trust funds $16 billion ovoi five years but that would In* offset to a large degree by additional payroll and income taxes, she said Legislation is already on the lxn>k> to reduce the penalty in 1990 to $1 for every $3 earned over the exempt amount According to the Mercer Meidinger 1987 Guide to Social Security prepared by former Social Security actuary Robert .I Myers a 45 year old worker earning $44.ooo or more a year can expect $929 a month in today s dollars when he retires at 65 widow and children could each receive $661 a month, up to a family maximum of $1,542 The benefits end when the youngest child turns 18 A widow can go back on Social Securi tv's rolls at 60 The Mercer Meidinger guide say s if that 45 year old is disabled, he would get $876 a month and his (ami iv $t:<8 Mercer Meidinger is a private con suiting firm specializing in employe* Itenefits Its headquarters are lr. louisville. Ky I I | i r ratify* V-. V V f-V V    "v    J    n;    “ ajfC01 yrXC'’    i'OX'1    yf'iiC”’    4- >>.C *    1. XC ■1 X« 30% OFF I ii I i r« • s|im k I b ran Faeifi* f**r voting MMU. junior* and b**V' a* live '|***rl 'wear in iii* look- they re hooking for N r* en print knit and woven -lur!' Fain*, 'beater*, jai k»*t* and more til all eof ton «*r * »*t-ton p**lv blend* MI bright idea* for giving in «• *l«*r ami de*ign Jr* and voting men ’* v.M.I \| It. \ * I 7 and H-.'M 25% OFF I lr*** 'In* 'lur Him and Her i very thing front fun flat't partv pump' for lier from I if* "md* Imp. ai I M -* Jennifer -H»\| r* ^ Mn * IM I id..- rn* - we , * •lip-on*    anti    ti* • with leather iipfrr*. f>>r him fr*»ni I levier. Nunn Hu*h ami "ta* v \dani' ( o|«ir* varv bv »l*ir»'    ” ll. I "J reg XI** MO 19.99-24.99 It. ti 2«> no i't no Men * < ottmi ***weat« r* go at I*•«*k■* iii textured cotton*... -Milt*!',    a"*<rt**d 'lri|M*» ami pattern* I rom I ropily (Hub, Sum la v' ami Fur it ait. s, NI. I , VI 3(1% OFF lie* 24 un (6 *mi Brindled Hark Satin Meepwear I«»r lier ...*oft luxunou* long gown* ami *l*-«-p 'birt' v%itll tuck* ami lace (lr « la"i< 'birt and pajama' iii carefree |>*»lv 'alin, VMI 12.99 Nil* I'm • «t NI* ii » lire*' "birl    "ingle needle tail**ring and go at fit in ma* hilt. wa'babl*    | ** *1 v * ••lion Whit*-, blue. pink •** rn and more. 30% OFF J I** Velour I ounger* f*»r lier... * tv *-r»i / **« I lop- wilt color bt*** k motif ami *ohd < olor pull oil paul' N,f|. *migglv ct .ii i f * *i I f* »f weekend lounging Sire* s.M.I ;

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