WALTO\VGDD

Assisted Living Residence

face a permanent reduction of five-
ninths of 1 percent for each month
before your full retirement age.
The advantage to retiring earlier is
that you'll have more months and
years in which to collect benefits.
Over 65 percent of those who sign up
for Social Security do so by age 62,
compared with 30 percent about 20
years ago.
At the other end of the scale are
late retirees: those who work full time
beyond their retirement age.
Depending on your date of birth,
you'll receive a bonus for not collect-
ina your benefit.
° Also, you'll accumulate more high-
earning years. If, for instance, you
turn 65 in 2008, and you're still hard
at work, you'll receive an 8 percent
per-year add-on to your benefit.
Once you leave that full-time job,
benefits can be used to supplement
parr-time work, including home and
start-up businesses. As of last year,
retirees under age 65 could earn up
to $8,640 in workina income and
st:11 collect all their Social
b
Security
benefits. For every $2 over that
amount, however, they had to with-
hold $1 for the SSA.
People from age 65 - 69 faced a
$13,500 limit and $1 withheld for
every $3 over that amount. But those
over age 70 could earn as much as they
liked without giving up any benefits.
The exempt amount for 65- to 70-
year-old beneficiaries is gradually
increasing and will reach $30,000 by
year 2002. And in calculating your
earnings from a job or your net profit
if you're self-employed, the SSA does-
n't include pensions, annuities, veter-
ans or other government benefits.
You may have to pay taxes on your
Social Security benefits depending on
your earnings. On an individual tax
return, you'll be taxed on 50 percent
of your benefits if your "combined
income" is between $25,000 and
$34,000, and 85 percent if you've
earned more money. For a joint tax
return, it's 50 percent for combined
income between $32,000 and
$44,000 and 85 percent thereafter.
You can apply for benefits at any
Social Security office. Since the
process takes several months, it's best
to talk to a SSA representative a year
or two beforehand. ❑

Waltonwood of Royal Oak

Op ening soon!

Conveniently located on the northwest corner of Thirteen Mile
and Woodward (across from William Beaumont Hospital).

3450 W. Thirteen Mile Road • Royal Oak, MI 48073

Older adults needing daily assistance can experience gracious living in a secure
setting. Our charming Assisted Living residence features courteous staff to
assist with personal needs, nutritious meals in an elegant dining room and
tastefully furnished apartments. We offer a variety of quality services to bring
out the best in life. For more information, call (248) 549-6400.

Check out these benefits:

rO

Private studio and one- bedroom apartments

O Porches, bay windows and other distinctive features

Housekeeping and linens provided M Activities and outings
riffli Licensed home for the aged
O Beauty shop, gift shop and more

Other Waltonwood Communities:

Rochester Hills

Canton

Novi (Opening soon!)

3250 Walton Blvd.

2000 N. Canton Center Rd.

27475 Huron Circle

(248) 375-2500

(734) 844-3060

(248) 735-1500

6

%.

SINGH Waltonwood Services LLC

12/25

1998

Detroit Jewish News

L7