THE YANCEY RECORD
10
Social Security Questions-Answers
By D,C. Nichols
Field Representative
Q. About the raise in our
Social Security benefits front
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► Burnsville, N.C.
FEBRUARY 5, 1970
the new law signed by lYosi -
dent Nixon what does it
amount to, when ate we sup
posed to have it, and do we
neecf to do anything 10 get it?
A. Answering your last
question first —you do not need
to applyibr the increase or take
any other action to get it. The
3 wltole process will be automa-
I tic, and the raise will--conic
1 to every beneficiary automati
i cally.
I It's a 15 per cent across-tho
. board monthly benefit increases
I The average retirement
check of SIOO a month will be
l raised to sll6. A couple 65
1 or older receiving the average
i couple's monthly benefit of
1 $l7O will have their benefit
l increased to $196. The aver -
I age benefit for a family made
, up of a disabled worker, his
l wife and one or more children
| mil be up from $237 to $273.
I And average payments for a
widow and two or more child
ren will rise from $254 to $292.
The first regular check in
the new amount should arrive
FHA Makes Long-Term,
Low Interest Farm Loans
The Farmers Home Adminis
tration makes operating loans
accompanied by technical ma
nagement assistance to opera -
to is of not larger than family
farms primarily to assist them
in making adjustments and
improvements in their farm
and home operations necessary
for successful farming - buy
livestock and equipment, pay
operating expense, and resin -
ance debts. Ooerating loare
may be used for such items as
1 to buy cattle, other livesto ck;
April 3, the scheduled day for
delivery of benefit checks for
the month of March. Ami a
separate check in the amount
of the benefit increase for the
months of January a in’- February
will reach beneficiaries later
in April, probably during the
week of April 20.
Refiguring the benefit amts,
of over 25 million men, wonen
and children now on the bene
fit rolls is a tremendous job and
it must be (.lone without disrup
ting the regular benefit paynent
cycle. Incidentally, one of
every eight Americans is now
receiving social security checks.
At the end of December the
monthly checks totalled $2.2
billion; and as the 15 per cent
benefit increase becomes es -
fcctive the monthly total will
rise to $2.5 billion.
By the way, since actuari
al calculations show that the
present surplus in the trust funds
tractors; sprayers, other farm
equipment; food freezers,other
home equipment; fencing; to
make minor improvements to
buildings and land; and to de
velop water supply systems for
home use, livestock and irri
gation.
These loans may also be used
to pay for farm and home epera
ting expenses; to finance re -
creational enterprises and to
pay the expenses related to
operating such recreation en
terprises as fishing, horseback
riding, camping, hunting and
picnic grounds.
Loan funds are used to pay
for only those items essent i a 1
to the success of the proposed
operations.
Operating loans are made
only to farmers who are unable
to obtain the credit they need
from other sources at reason -
able rates and terms.
The interest rate is 6-5/8 per
cent per year on the unpaid
principal, and is scheduled for
repayment within a period con
sistent with the borrower's an
nual ability to repay. Funds
loaned for productive livestock
and for real estate improve -
ments may be scheduled for
payment over periods up to 7
years.
The County Committee of
the Farmers Home Administra
tion determines the eligibility
of applicants. The Yancey
County Committee is composed
of Wilkie F. Randolph,M.Hol
lis Honeycutt, and Mrs. Virgi -
nia W. Boone.
Each lonn will be adequate
ly secured to protect the inter
ests of the Government. Se -
curity will usually consist of a
first mortgage on crops to be
produced, as well as on live -
stock and equipment purchased
or refinanced with loan funds.
Interested farmers should
apply at the local office of the
Farmers Home Administration,
Burnsville, N.C. , which is
open Monday through Fr i d ay,
8 a. m. until 5 p. m.
Is sufficient to finance the 15
per cent increase in benefits ,
it was not necessary' to raise
the social security taxes or the
taxable earnings base.
Q. I remarried and used
my new name on my last Me
dicare claim, which then was
turned down. I low can I col
lect on the claim?
A. Have the Social Securi
ty office change* the records to
show your new, married name,
Then presumably your Medi -
care claim can be paid. ;
Tax Break
For Self-
Employed
Some 35,600 self-employed
persons in North Carolina with
incomes in the SIO,OOO to
$13,000 range can enjoy tax
savings of up to $457 a year by
taking advantage of a little
known tax law.
The $457 savings would ap
ply for a single taxpayer taking
the standard ten percent deduc
tion under bther provisions of
Internal Revenue.
With Christmas holidays row
over and federal income tax
time approaching, people
should be considering benefits
available under the Keogh Act
o, HR-10 as it is sometimes re
ferred to.
This law permits the self -
employed, regardless ofiroomq
to set aside up to tenpercait of
income earned or s2soo,which
ever is less, for retirement and
.to deduct it from gross income
for income tax purposes.
Assume a male at age 40,
earning SIO,OOO to $13,000 ,
wishes to save SIOOO of his
gross income annually for re -
tirement. His net contribution
or saving after taxes would be
only S7OO. His cash acciunu -
lation at age 65 would be $42,
225 as opposed to an accumu -
lation of $25,559 under a re
tirement annuity plan without
HR 10 benefits.
HR-10 experts at John Han
cock Life Insurance Com p any
point out that these figures in
volving' accumulated dividends
or life incomes are illustrations
based on current experienceand
are not necessarily guaranteed
in every case.
The Hancock experience in
dicates that the people who use
HR-10 benefits most often are
construction trades people who
have an average annual salary
of around $14,000. Another
category of self-employed that
seems most willing to use this
benefit is that of small busimss
proprietors and managers. This
includes grocery and other store
owners. A third group is com -
posed of those who provide per
sonal services, such as cleaners,
barbers and hairdressers.
People mistakenly assume
that only those in high income
brackets benefit from tax breaks
They fail to recognize the sarm
opportunity is available to self
employed with more modest in
comes.