Historical Newspapers of South Carolina

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OCTOBER 15. 1955 New Social Secu Mean Larger Bei How much money will you get from Social Security when you retire? What will your survivors receive in the event of your death? Chances are, if you are like many people, you're not quite sure of the answers. Many important changes have been made in the law and this issue of THE CLOTHMAKER is designed to clarify some of the points. It does not answer every question but it should prove T7?-- r .. - ucipiui. ror iurincr intormation, contact your Social Security office. You pay two per cent of your wages in to your social security account. For every dollar you put in, ClintonLydia puts a like amount into your account. Whether you are 25 or 55. you'll want to know some of the basic facts about the Social Security law and how it affects you. Here are some highlights of the program as it stands today: Q. What protection does Social Security give you? It gives you three kinds of protection: 1. Retirement income at age 65. 2. Life insurance to eligible survivors. 3. Burial expenses. Q. How much can you get from Social Security upon retirement? The least you can get is $30 a month; the most is $108.50 a month (beginning in 1956.) Q. What determines the amount you receive? The amount depends primarily on how long you have worked and your average mont hiv u-adoo J Q. Who gets retirement benefits? Any man or woman "fully insured" can draw a monthly old-age pension at age 65. The highest individual amount possible is $108.50; total family income may be as high as $200 a month through extra payments to these other fami g ' * ? i f S' ^ V] 4 I . a VvEAfl hi H^l L 9 . ' ! * E*m &| ,-fl ^Hr JMKL^^E*^ tvP FALL TIME IS CAMPFIRE at both Clinton and Lydia Commu held their first Fall meeting, toge irity Payments nefit To Many ly members: ... a dependent wife who i 65 or over or who has child under 18. ... a dependent child undc 18. ... a dependent husband 6 or over (if his wife wort ed half of the three yeai before retirement). Q. Do benefits start aut< matically when due? No You must file an annl -rr. cation with your local Soci< Security office before benefil start. To avoid possible los file promptly. Q. What benefits go to sui vivors? Monthly survivors' benefil are available: ... To the family as long ? there are children und 18. ... To the widow when sh reaches 65. ... To the deceased's depei dent parents when the reach 65, where there ai no other survivors. ... A lumo-sum Davment < K~ / ~ three times the monthl retirement benefit (hi not more ban $255) go< to the person who pa\ the burial expenses. The life insurance protei tion you have under Socii Security is greatest if yo have one or more children ui der 18. Until the younge: child is 18, your family wi receive monthly survivor benefits provided merely th< you died "currently insured ("Currently insured" meat that you must have bee working in covered jobs f< \l2 years out of the thre years before death.) Q. If you are "currently ii sured" at death (not "fully ii sured"!. what h??r???fitc /!/>* survivors get at the age c 65? They will not receive an benefits when they reach 6 It is necessary to be "fully ii sured" to provide protectio in terms of monthly pavmen to your widow or other su ^ ^ ^w ^v [ TIME?All Campfire and Blue E nities. This is Mrs. J. V. Lowe's C lher with their mascot in the fore THE CLOTHMAKER Baseball is a ? A T A ACADEMY TAKES TWO TRO here at Presbyterian College as J. C 1S is shown receiving the trophy whil Kinard Littleton. Mike Cannon anc T le I Q . ^ I -J I fl ii s' it |^jj *1 PROUD COATM?PHOTin B^ ir winning Pony League team is showr )f is shown with the team trophy. an< shown with his trophy. V 5. vivors at the age of 65. l- Q. If you earn money after n retiring at 65. can you still get Is Social Security benefits? r- Yes. For people between 65 * w *\J f Jj j j j t\^>,,(| lird activities are again in full swing ampfire group at Clinton Mills as they ground. League PHIES?Some of Academy Stree: . Thomas presented them with the e looking on ai> Terry Campbell 1 Coach Leatherwood. 4HE^ JjH U1Br fS?Coach Chuck Lealherwood of i here with the two trophies won. d Terry Campbell, voted the Most TABLE OF SOCIAL ? Average Retired Retired Widi Monthly Worker Worker Chi Wage and Spouie Eti $45 S 30.00 $ 45 00 $ 30 or less 100 55.00 82.50 41 150 68.50 102.80 51 200 78.50 117.80 58 250 88.50 132.80 66 300 98.50 147.80 73 350 108 50 162.80 81 The maximums sh< will not become a' and 72, the new law permits earnings of up to $1,200 a year with no loss in benefits. This applies to earnings of wages or from self - employment. "Unearned" income like rents, interest, dividends, etc., is not counted in. Anyone 72 or older can draw full benefits regardless of how much he earns. CASE HISTORIES The Social Security law (properly called Old Age and Survivors Insurance and sometimes referred to as OASI) has been changed so much since it went into effect in 1937 that it's difficult to say just what your benefits will be without studying your specific circumstances. 5 Champs PHI t's Pony League team are shown League Trophy. Ronnie Brookshire . Jerry Wilkie, Delmar Hardman. i w L -v-f \ 'I M\ 1 JmAif J 4 yy. v Ha AraHpmv <\tra?t ^KaaI Iabaiia. Team-captain Ronnie Broolcshire Valuable Player of the league, is SECURITY BENEFITS Survivors i>w. Widow Widow Lump-sum Id. and One and Two Burial E. Child Children Payment .00 $ 45.00 S 50.20 $ 90 00 .30 82.60 82.60 165.00 .40 102.80 120.00 205.50 .90 117.80 157.10 235.50 .40 132.80 177.20 255.00 .90 147.80 197.10 255.00 .40 162.80 200.00 255.00 )wn in the last line mailable until 1956 However, here are a few cases that could apply to many people. Case 1. Mr. X has worked for years and is "fully insured" by Social Security. He dies at the age of 35. Does his wife get his Social Security benefits? .. . Not unless she is 65 or has children under 18. When she is 65 she can draw on his benefits. She will receive three-quarters of the amount he would have received at 65. Case 2. Mr. D.. 42, dies leaving a widow and three (Continued on Page 6)