A Few Things You Should Know About Social Security

A Few Things You Should Know About Social Security
Here is a list of a few things you should know about Social Security. I get questions quite often regarding Social Security and thought you may find the following helpful.
1. Your payments will be bigger if you wait until your full retirement age.
You can start taking Social Security payments as soon as you turn 62, but your benefits will be reduced 20 to 30%. That's a big chunk, especially if you expect to spend many years in retirement. You might consider working a bit longer or relying on your retirement savings to help cover your living expenses until you can receive full benefits.

What's Your "Full Retirement Age?"
If you were born in...
It's...
1937 or earlier
65
1938
65 + 2 months
1939
65 + 4 months
1940
65 + 6 months
1941
65 + 8 months
1942
65 + 10 months
1943-1954
66
1955
66 + 2 months
1956
66 + 4 months
1957
66 + 6 months
1958
66 + 8 months
1959
66 + 10 months
1960 or later
67



2. You can work while getting Social Security.
As long as you're 62, you have the option to take Social Security. If you earn more than $13,560 a year between age 62 and your full retirement age, your benefit payments will be temporarily lowered, based on how much you earn. Say you earn $10,000 over the limit. Your benefits would be reduced by $5,000. If you make $20,000 over the limit, they would be reduced by $10,000. (The limit gets updated each year.) The good news is that you don't actually lose out on those benefits. Instead, your payment amount is recalculated so that you receive more money later on. It's another way working in retirement can help stretch out your income over time.

3. Your payments won't start automatically.
The two rules above mean it makes the most sense for you to tell the Social Security Administration when you're ready to start receiving monthly benefits. You can do that over the phone (1-800-772-1213), in person, or through the Social Security online application.

4. Your benefits could be taxed.
Only a third of Social Security beneficiaries end up paying taxes on their benefits. It all depends on the earnings listed on your income tax return. If you file with more than $25,000 as an individual (or $32,000 jointly), you'll have to pay federal income taxes on your benefits. The rules for state income taxes vary from state to state.

5. Your payments can help your family, too.
Let's say your monthly benefits turn out to be three times as much as your spouse's. (It's a common scenario, especially in families where one spouse paused their career to stay home with the kids.) If she waits until her full retirement age to start getting benefits, her payments will be raised so they equal half of yours.After you die, your spouse will get either your monthly benefit check or hers-whichever is more. And if you have disabled children, kids under age 19, or elderly parents who depend on you for at least half their income, they could receive "survivor benefits."
If you need any help understand Social Security and how to prepare for your retirement please give me a call at 630-232-9811 or drop me a note at deanakey@allstate.com

The Bull Pen: But She Doesn't Work.

The Bull Pen: But She Doesn't Work.

Rescue Rider?

Often I am asked questions about the Rescue Rider program. I have put the following information together to help folks better understand what our program is all about. Let’s face the facts. Motorcycle accidents and fatalities are a major concern. "Our nation’s greatest traffic highway safety challenge is motorcycle fatalities," says U.S. Transportation Secretary Mary Peters, noting that biking deaths are rising while other vehicle fatalities are declining” According to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2007, 5,154 people died in motorcycle crashes, the highest level since NHTSA began collecting data in 1975. The 2007 figure represents a 6.6 percent from 4,837 the previous year.
Motorcycle crash fatalities have increased every year for the past 10 years. Motorcyclists were 35 times more likely than passenger car occupants to die in a crash per vehicle mile traveled in 2006 and eight times more likely to be injured, according to NHTSA.

We created the Rescue Rider program to recruit, educate and organize bikers in support of each other, our communities and our nation. We do this by helping provide bikers with the tools & training needed to provide emergency assistance in times of need.
The Golden Hour: In the world of emergency care, the “Golden Hour” is defined as the time period of about one hour in which the lives of a majority of critically injured trauma patients can be saved if definitive trauma care intervention is provided. This principle of rapid intervention can also be applied to non-trauma patients such as those having a heart attack or a stroke, in which time to treatment dramatically affects a patient’s outcome.

Training: Rescue Riders must have training to be able to provide assistance. We recommend that our volunteers complete Accident Scene Management (Basic & Advanced) and CPR certification where available. In those areas where ASMI training is unavailable we recommend Red Cross or American Heart Association First Aid training.

Tools: We recommend that Rescue Riders find a permanent place on their motorcycles to carry a “first responder” kit and tools to help secure an accident scene. Unfortunately many qualified volunteers are unable to provide emergency care without the appropriate tools. Rescue Riders should carry a first aid kit that contains materials that coincide with your training and comfort level. We have created a “first responder” kit for you to use or if you prefer you can purchase a kit from the vendor of your choice.

Cost: There is no cost to join or participate in the Rescue Rider program.
Good Samaritan Status: In today’s litigious society, there can be a reluctance to help our in emergency situations. Fear of liability for any misstep can paralyze even the most helpful Good Samaritan. The truth is that each state has laws or regulations to protect the general public from liability during rescues or rescue attempts.

Good Samaritan laws are meant to protect those who come to the aid of others for no other reason than kindness. Good Samaritan laws only help if the rescuer (or would-be rescuer) is acting without any expectation of reward. In other words, if you are getting paid to rescue then you aren’t a Good Samaritan. Paid rescuers are expected to do their jobs correctly and can be held accountable for mistakes. The best way to protect yourself from possible liability when helping others is to always act on behalf of the victim. The statutes in Illinois and most states in the Nation allow you to provide emergency medical assistance within your training and comfort level and be protected from prosecution.

Duties & Expectations: As a Rescue Rider, you are acting as a Good Samaritan. Your participation is defined by you. Many Rescue Riders complete training and ride as they always have. If you would like to be a more active Rescue Rider volunteer we support many area events and rides at the request of the event/ride organizers. Our leaders broadcast Rescue Rider support missions at the Rescue Rider group on the http://www.illinoisblogspot.com/ site. For those of you who desire to be actively involved in the Rescue Rider program we invite you to join us as a Regional Coordinator. Regional Coordinators reach out to area events, rides and organizations to offer Rescue Rider support. Once an event is identified as a good fit with our organization, Regional Coordinators post the Rescue Rider support missions and coordinate the efforts of our volunteers.

I hope this helps you better understand our program and what we do. Now that the weather is turning colder, the Rescue Rider training programs really heat up. Many of you prefer to spend warm sunny days riding so the majority of our training programs are held October thru March. If you would like to learn how to provide emergency medical assistance as a Rescue Rider, I invite you to enroll for one of our upcoming Rescue Rider sponsored Accident Scene Management classes. For a limited time you will be able to enroll in our classes at a reduced rate courtesy of the law firm of Hupy & Abraham and the Allstate Foundation. Tuition for both Basic and Advanced courses typically cost $55 each. As a result of the generosity of our sponsors your cost to train is reduced to only $30 until we exhaust our grant funds.
For an updated listing of classes please e mail Teresa McClelland at tjm911rn@aol.com. Teresa is our National Director of Training and she will be happy to assist you. Until next month, enjoy the ride.