BUSINESS Town-District Talk at Highland Park to Hawaii
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2« - MANCHESTER riERALD, Mon., Jan. 17, 1983 Lassow urges Winter jogging Win a trip ■•i BUSINESS town-district talk at Highland Park to Hawaii . pages 4, 5 Here are Social Security highlights 1 ... page 3 ... page 11 regardless of your total yearly earnings. After your first SDOuse? As it always has been and as it will be, what you can year, your annual earnings become the test. Answer: Your spouse gets 100 percent of your full expect as your post-retirement income will depenej Question: Can other members of your family benefit benefit if he or she is 65 when applying, or your benefits more on your personal savings and wealth-building from your benefits? begin when you reach 65 (or if you never received any .Manchester, Conn. plans than on your Social Security benefits. Social Y o u r Answer: Yes. Your spouse (or divorced spouse if benefits). There’s no reduction in benefits paid to sur Mostly sunny, Security was never meant to be more than a base in M o n e y 's married to you at least 10 years) can collect the viving spouses over 60 who remarry. colcJ Wednesday Tuesday, Jan. 18, 1983 surance against absolute poverty in your retirement maxiinum allowable benefit (which is equal to 50 per Your unmarried children or grandchildren will each years. It may be even less so in the future — but today, W o r t h cent of The amount you’d get if you retired at age 65) IF: get benefit amounts equal to 75 percent of your full — See page 2 Single copy 25(C the system can provide benefits for you and your family 1) Your spouse files an application for benefits; benefit if you should die. in more ways thanjou may realize. Here, in Q-and-A Sylvia Porter 2) your spouse isn’t entitled to benefits in his or her If you leave two dependent parents, both over 62, each form are some higiflights. right equal to 50 percent or more.of your benefits; and can collect 75 percent. If only one is alive and over 62, he UueHtion: Can vou get retirement benefits before 3) your spouse is 65 or over. (or she) gets 82.5 percent. ~ag<65’ Your spouse can get a mother’s/father’s benefit equal Your survivors’ benefits taken together can’t exceed a Anxwer: Yes, Starting at age 62. But at 62, you’ll get maximum dollar amount for each family. older, you can earn up to $6,600 in 1983 without losing to 50 percent of your benefit if he or she is caring for a 80 percent of the amount you would have received at age child. The child must be unmarried, under 16 or disabled IMPORTANT: This is a crucial time to check on your 65; at age 63. you'll get 86.6 percent of youF full benefits; benefits. (If under 65, you can earn up to $4,920 a year.) benefits for now or the future! As Congress tackles You lose $1 of benefits for each $2 you make over $6,600 before age 22. at age 64, you'll get 93.3 percent. tightening the-law, find out what is at stake for you. I ($4,920 if you’re under 65). Each of your unmarried children gets 50 percent if he Battle What few of you realize, Prentice-Hall emphasizes, is (she) is 1) under 18; 2) of any age, if under a disability (Save money as you organize your budget with Sylvia that at these generous levels, most people who begin to Once you reach age 70 (starting in 1983), there’s NO which began before 22; 3) a full-time high school student Porter’s Financial Almanac for 1983 — a functional and Retirement age collect at 62 will collect so much before age 65 that it limit on your earnings. You can earn whatever you want informative desk calendar/handbook featuring Porter’s i S W ’' would take 12 years of the higher “full-65" benefits to without losing a cent. under 19. Under certain conditions your grandchild can collect 50 percent if the child’s parents are dead or dis- best budgeting tips and money saving advice. Regularly make up for what they were paid in the years from 62 to NOTE: There is a different earnings test during the $8.95, now just $4.95 to readers of this column. Send $4.95 first year of your retirement, beginning with the month 65. Beriefits to students attending college are padually plus $1 for mailing and handling to Financial Almanac in plan is you file for Social Security. If you do not earn over the Uui-Hiion: Can you continue to work and still collect care of the Manchester Herald, 4400 Johnson Drive, monthly exempt amount in any month ($550 if you are being phased out, and will be completely eliminated for benefits? Fairway, Kan. 66205. Make checks payable to Universal between 65 and 70, $410 if you're under 65), you are paid the months after April 1985. Vnawer: Yes. And as 1 reported in my last column, Press Syndicate.) could become 66 benefits have been liberalized in 1983. If you are 65 or in full for each of the remaining months of the year Question: What happens if you die before your WASHINGTON (UPI) - tax hikes, a six-month benefits age by one month a year, beginning given Americans born after 1949 would freeze and taxing benefits of upper- in the year 2000, until it reached 66 r/n b r i e f ------------ have to wait an extra year to retire income pensioners to save $169 in 2015. Americans borh in 1938 under a proposal that probably will billion by 1990. would have to wait an extra month Wholesaling: But those recommendations erase to retire; those bom after 1949 win endorsement of a majority of If U.S.S.R. Manager picked the president’s Social Security com only two-thirds of Social Security’s would wait a full year. mission, well-placed sources say. 75-year cash shortfall. The commis —Raising the early retirement The Savings Bank of Manchester has named Mar- The proposal, which would raise sion agreed to disagree on how age, now 62„ gradually to 63 the invades Gulf the retirement age to 66 and the ear Congress should come up with the same year. Early retirees now tin Lutkiewicz Ip/ manager of its a comeback ly retirement age to 63, will rest of the money. Commission collect 80 percent of the full benefit. Americans could still retire at age WASHINGTON (UPI) - The Savings Bank Life probably win at least seven votes on Chairman Alan Greenspan said he Defense Department envisions a the 15-member commission, and and others would recommend hiking 62, but would get an even lower Insurance depart NEW YORK (UPI) - Wholesaling, “major conflict” between the system can be supported for long by a possibly up to 10, sources said Mon the retirement age. check. ment. considered a dying business not too many single product line. United States and the Soviet Union if A 20-year-veteran day. The retirement age proposal, cir —Raising the retirement age years ago, has staged a tremendous com Norris agreed with this. He said the further after the year 2020 by linking Moscow attempts to seize the Per of the life insurance The proposal would not be part of culated in draft form Monday by sian Gulf oil fields with conventional eback and is growing considerabiy faster Andersen survey of the wholesale in commission staff, would close the it to increases in the average industry. Lutjtiewicz the official report of the National forces. than the Gross Nationai Product, dustry demonstrated that manufacturers^^ Commission on Social Security gap by: lifespan. is charged with It’s an industry of 307,000 firms, 5.4 A secret 136-page Pentagon docu increasingly find market research ,' ' Reform, which recommends payroll —Raising the 65-year retirement —Leaving eligibility unchanged expanding the bank's million workers and its sales are an financial and inventory management and ment considers the region so vital it sales of life in for Medicare at age fS and for dis astrono:nic $1.2 trillion a year, says John actual distribution functions too costly ability benefits. > ' directs preparations for introducing surance. C. David III of Denver, president of the and co:nplex to carry out themselves. U.S. forces into the area even Lutkiewicz resides Congressional leaders promise Distribution Research and Education President Reagan they will push for "should it appear the security of with his wife and two Foundation of the National Association Tills IS particularly true, he. said, access to Persian Gulf oil is children in because the wholesalers also provide the quick approval of the $169 billion of Wholesaler Distributors. Six-month bipartisan Social Security bailout, threatened” and there is no outright Southington. Martin Lutkiewicz retailers with a jot of warehousing, David got his figures from a survey but other key lawmakers say the invasion. conducted for the foundation by the delivery and credit managetnent ser Titled "Fiscal 1984-1988 Defense vices as well as some valueadded package may not get through un- national accounting firm of Arthur scath^. Guidance,” the chilling document Andersen & Co., Chicago. packaging and other process services setting forth policy, strategic plan tha.t the manufacturers otherwise might Reagan telephoned Senate The revitalization of wholesaling has Finance Chairman Bob Dole, R- ning and spending priorities during have to provide. mulled the next five years and reflecting taken place slowly and steadily but it delay Turbine tested Norris said the Andersen survey Kan., and told him “he thought the J probably will be a surprise to persons old -IL’.