Independent from Long Beach, California on January 23, 1975 · Page 15
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Independent from Long Beach, California · Page 15

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Long Beach, California
Issue Date:
Thursday, January 23, 1975
Page:
Page 15
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PRESS'TELEGRAM (PM) t«m tnt*, c»m.,nm.. in. n.tm A Time to Live Retiring? Make sure of SS aid By BOB WALTON If you're a worker with This year's worker who retirement approaching, a pays the maximum must housewife, or a widow, earn a minimum salary of how do you find out what $14,100. Last y e a r the your Social Security will maximum was based on be worth in monthly bene- earnings of at least $13,fits? 200. It's an oft-repeated M a n y m i s u n d e r s l a n d - qiiestion, but there are j n gs occur on the part of millions of Americans w o r k i n g wives. Their who still don't seem to benefits are based on understand it's their So- their own record and that cial Security office that is what one gets if the has the answers, NOT amount is the same or friends, neighbors and larger t h a n w h a t she relatives. would receive from her The answer always has husband. been and always will be A word of caution to dependent on your earn- working wives. If you are ings over the y e a r s , thinking of quitting be Every Social Security of- sure fice has booklets, free for The wife who has never the asking, that will help been employed is entitled anyone figure his benefits, to one-half of what her but it's not easy to do, collect f r o m her hus- especially when an expert band's benefits until he can calculate it in a mat- retires, ter of minutes. A working person can One of the great falla- retire at age 62 and take ties of many persons is to go per cent of what he believe they have put would receive had he Radio/haek YOU SHOULD KNOW Q. My h u s b a n d is share of your husband's to younger than I am, so if I collect Social Security at 65 do I drop mine when he becomes 65 and collect with him on his? Or do I continue with my own? --R.E.S., Osseo, Minnesota. A. It will depend on which is the larger amount. If the 50 per cent more into Social Security ,via the tax dollars than they actually have. A person who has worked every year since it started in the 1930s will have invested a total of $6,868 of his money by the end of 1975 and that only if he has earned the maximum. Anyone may pick up a self-addressed card to the Social Security Administration in Baltimore, Maryland at any office, sign his name and address and number and raial it. In about a month he will receive a computerized a n n u a l statement of the earnings on which he paid taxes. The problem is t h a t many who do this fail to realize that what they get is an annual list of their earnings. For some reason they think it is a list of their tax payments. The s e l f - e m p l o y e d workers pays a larger tax as he pays the total required amount w i t h no employer to match his psy--ent. By the end of this year his investment will amount tu $9,186.30. Current rate for the self- employed is 7.9 per cent, while the employed man or woman's rate is 5.85 per cent. Some workers get the idea t h a t because a deduction is made from every pay check they are paying the maximum tax. waited until he was 65 to retire, but over the years the earlier retirement will be a good deal, as he will be ahead financially until he is 76. The thing to remember is that when anyone takes a reduced benefit by retiring at an early age that percentage stays with him regardless of future developments. A widow may draw benefits from her late husband at age 60 when her share will be 71.5 per cent and it will never go higher. A working w i f e in Minnesota has come up with a novel idea that wiU appeal to many employed couples. Her idea is to credit the wife's earnings to the husband's account to make him eligible possibly for the maximum, or at least more than he would get on his earnings only. "What is really unfair," wrote Mrs. C.J.S., of Shakepee, "is the situation where a husband and his working wife both pay into Social Security, but under present trends he will not pay the maximum on his salary alone." Remember, this is the suggestion of a single taxpayer and it would take an act of Congress, plus the President's signature, to put it into effect, so don't count on it. N. HOLLYWOOD 5252 Lankcrshlm 746-4338 ON6 BEACH (HAWTHORNE 2900 f 13927 E. Anaheim iHawlhornoBI. 431-1137 I 679-9221 SOUTH GATE 3948 Tweedy Bl. 547-1483 which you are entitled is larger than what you are getting, your benefits will be adjusted until they are equal to one-half of what he receives. Later, bould you survive him, and if you hold off applying for anything until you are 65, you will receive his full amount. la niiary Markdown Sale! 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Regular Separate Items Price ... 394.80 · Realistic STA-47 AM-FM Stereo Receiver · Two MC-1000 Acoustic Suspension Walnut Veneer · Bookshelf Speaker Systems · Realistic LAB-34 3-Speed Automatic Changer with^Base and $17.95 Value Elliptical Cartridge DEEP PRICE CUTS ON MANY OTHER RADIO SHACK EXCLUSIVES! SAVE S 5 3-PIECE AM-FM STEREO PHONO SYSTEM WITH 8-TRACK PLAYER ALL NEW! LOW PROFILE REALISTIC® AM-FM DIGITAL CLOCK RADIO Everything you need for great stereo listening! Tone/ balance controls. Includes dust cover. Reg. 169.95 13-1121 Modern styling for any decor! Features radio/buzzer alarm, snooze bar, sleep switch. Reg. 39.95 12-1498 FULL-FEATURE BATTERY-AC CASSETTE RECORDER One of our best Reg. 69.95 portables! Built-in · condenser, mike, total auto-stop, more. 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