Assignment: Employee Benefits
Lesson: Social Insurance Programs
Activity: Social Security
This activity asks you to log on to the Social Security Web site to access a sample of a Social Security Statement. 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. (A 4-page response is required.)
Part I
Answer the following five questions.
i. 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?
ii. What is her benefit at 62? What is the significance of age 62?
iii. What is her full benefit at age her normal retirement age? Why is her normal retirement age 67 instead of 65?
iv. What is her benefit at age 70? What is the significance of age 70?
v. Other than retirement, what additional benefits might Wanda be eligible for?
Part II
Answer the following two questions.
i. 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?
ii. 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 III
Answer the following two questions.
i. 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?
ii. Explain a minimum of three ways that the Social Security system could be reformed to prevent its financial collapse.
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.