Activity 3 Benefits

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ACTIVITY 3

MR638 Employee Benefits

Lesson 3: Social Insurance Programs

Activity 3: Social Security

This activity asks you to log on to the Social Security Web site to access a sample of a Social Security Statement. The Web link is

https://www.ssa.gov/myaccount/assets/materials/SSA-7005-SM-SI%20Wanda%20Worker%20Near%20retirement

. You are then to respond to all of the following questions relating to the statement provided for Wanda Worker. Your Activity responses should be both grammatically and mechanically correct, and formatted in the same fashion as the Activity itself.

If there is a

Part A

, your response should identify a Part A, etc. In addition, you must appropriately cite all resources used in your response and document in a bibliography using APA style. (A 4-page response is required.)

Answer the following two (2) questions.

Part A

Answer the following five (5) questions.

How many credits does Wanda need to qualify for full SS benefits? How much does she need to earn in 2004 to receive the full four credits for the year? (5 points)

What is her benefit at 62? What is the significance of age 62? (5 points)

What is her full benefit at age her normal retirement age? Why is her normal retirement age 67 instead of 65? (5 points)

What is her benefit at age 70? What is the significance of age 70? (5 points)

Other than retirement, what additional benefits might Wanda be eligible for? (5 points)

Part B

Answer the following two (2) questions.

Wanda checks her “Your Earnings Record at a Glance” and sees that for 2001, the statement reflects $34,237. When Wanda checks her W-2 for that year, she sees that she had earnings of $42,500. What should Wanda do to correct her Social Security statement? (10 points)

What would she do if there were no earnings reported for a given year in which she has a W-2 to support her earnings?

Part C

Wanda has just completed a graduate course on employee benefits. After studying the plight of the Social Security system, she is concerned that the system will be bankrupt before she reaches her normal retirement age of 67. What can Wanda do to insure that she will have enough money to retire on?

Explain a minimum of three (3) ways that the Social Security system could be reformed to prevent its financial collapse.

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