What will you do now?

Transcription

1 Young, Black & Secure High School Age Role #1 You are a high school student who currently receives survivor s benefits, as your father passed away when you were 3 years old. Benefits as survivors can be received through ages 18 and 19(if still in high school). Your benefits are about to be cut off due to you turning 20, or if you leave or finish school before that age. How would you make up the difference in family income in the house hold? You plan on going to college but with the reduction in family income, how could your family help you with your college expenses? Do you have any savings? Proceed to the bank, and inquire if you have a savings account and how much is in the account. What was the bank s response? What will you do now? Do you know someone who currently receives survivor s benefits? Hypothetically, if Congress chose to eliminate survivor s benefits, how would that affect high school age students and younger? How would that affect the household income?

2 Young, Black & Secure High School Age Role #2 Benefits if parents are disabled Your parents receive disability benefits from the Social Security Administration. It is your senior year and because of the fixed family income you will not be able to pay for the senior trip. What are your next steps to be able to afford to go on your senior class trip? Proceed to the work station. Once you receive your first pay check you notice a sizeable amount of your money is deducted for FICA or Social Security tax. How does that impact the money you thought you d receive for your senior trip? Through the deduction of FICA taxes from millions of workers, FICA provides the necessary funding to recipients of survivor benefits, disability benefits and retirement benefits. In the short term the FICA deduction may subtract from immediate funds for your senior trip. In the long term, how does your family overall benefit from these FICA taxes? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African- American community? What was your impression of Social Security before coming here today? After?

3 Young, Black & Secure High School Age Role #3 Benefits if minor child of retiree Your father was age 55 when you were born. When he retires (at age 66), you will still be a minor child and will be eligible for benefits based on his earnings record. Your father dies at age 62. Go to Social Security Administration to find out whether you will receive Social Security benefits as either a survivor or based on his earnings as an early retiree. What was determined? Survivor s Benefits or Early Retiree Benefits? How will the income designated to help you impact your family? Hypothetically, Congress votes to eliminate benefits to survivors of deceased parents. How will that affect your family? How would you voice your opinion to make sure that does not happen? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community? What was your impression of Social Security before coming here today? After?

4 Young, Black & Secure High School Age Role #4 Save survivor benefits to defray college costs You lost your father at age 9 and your mother has been receiving survivor benefits on your behalf. Through sacrifice and smart planning, your mother has saved money away for your college education. Proceed to the bank to see how much money is there. Life happens! Although your mother planned and saved for college, an ugly life situation takes place. What happened? How much do you have left in savings? How does that affect your ability to pay for college? How much is your financial aid letter? How will you apply this scenario to real life as you prepare to enter the workforce? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community?

5 Young, Black & Secure High School Age Role #5 New Worker You are a new worker seeing your first statement with FICA taxes taken out. Proceed to the Work station to receive a check and explanation of what is FICA. Do you think you will receive any immediate benefits from FICA? Why or why not? Your boss is so impressed by your work ethic that you get a raise after 6 months on the job. Does this change the amount of FICA taxes taken out of your check? Is so, how? Where will FICA produce the greatest benefits for you in your life? Explain. For your fellow high school peers, how can you help them better understand what FICA is and why it is being taken out of their checks? What are some other important aspects of Social Security students should be aware of?

6 Young, Black & Secure Retirement Age Role #6 Disabled felon loses benefits while in prison You are a Social Security disability beneficiary who was sent to prison. Proceed to Social Security Administration. Were you charged with a misdemeanor or felony? What was your sentence? How does that affect your benefits for your spouse and child? If you ve committed a crime and lost your benefits, how will that affect your spouse and children from surviving while you are in prison? How can the NAACP Youth Council empower and educate more students about the benefits Social Security provides to the African-American community? What was your impression of Social Security before coming here today? After?

7 Young, Black & Secure Retirement Age Role #7 Switch from disability benefits to retirement benefits at full retirement age At age 66, you switch from disability benefits to retirement benefits. What do you receive when you are a retiree? Medicaid or Medicare The average lifespan of African American men is less than full retirement age. Is it likely they will enjoy the benefits before they die? Your disability has worsened and your medicine has increase in cost along with hospital bills, but without an increase in benefits, how will you make adjustments? Hypothetically, if Congress freezes the cost of living allowance (COLA) increase for two years, and prices continue to rise on everything, how will that impact your quality of life? You have developed a chronic illness. How will you be able to survive on a fixed income? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community?

8 Young, Black & Secure Retirement Age Role #8 Dependent parents get benefits if child on whom they are financially dependent dies Before being killed in an automobile accident, you were financially supporting your mother and father. After your death, your parents are eligible for Social Security survivor benefits based on your work history. Your mother becomes depressed after your death and needs medications. How does she pay for these? Realizing that you are the sole breadwinner for your parents, what steps can you put in place to make sure they will be taken care of if something happened to you? As a high schooler, you may complain about the social security tax (FICA) deduction that comes out of your paycheck. Using this scenario, how important is FICA to those who can no longer work? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community?

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10 Young, Black & Secure Retirement Age Role #9 Early Retirement You have worked until you reached the age of 62, and are now able to take benefits at age 62 but your benefits are reduced, because this is early retirement and not full retirement. You realize that your expenses are more than your new fixed income and must re-enter the work force. Proceed to the work station. After checking your savings account what was your balance in your savings account? Can you survive off your money in your saving account? At age 62, you have no savings and you are having trouble finding employment. What steps would you take if you could start over and save money? Switching back to a high school student, after reviewing this scenario, what steps would you put in place when you enter the workforce to ensure you have adequate savings when you retire? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community?

11 Young, Black & Secure Retirement Age Role #10 Early retirement You have just turn 62 and you had enough with your job. Proceed to the Social Security Administration to find out more about early retirement. After visiting the Social Security Administration, what age can you receive early retirement? What are the pros and cons of early retirement? How could early retirement affect your household income? Do you know someone who is currently receiving early retirement? If so, are they related to you? What can the NAACP Youth Council do to help more students understand the benefits Social Security provides to the African-American community?

12 Young, Black & Secure Adult Age Role #11 Reduced benefits can be received by widows/widowers at age 60; greater benefits can be received at full retirement age. You lost your spouse at age 59. Please proceed to the Social Security Administration to learn more about the survivor benefits for which you may be eligible for. What age are you now? At what age do you want to begin receiving benefits? And why? What are the pros and cons of receiving benefits at age 60 versus 66? How can the NAACP Youth Council empower and educate more students about the benefits Social Security provides to the African-American community? What was your impression of Social Security before coming here today? After?

13 Young, Black & Secure Retirement Age Role #12 Social Security plus a non-government pension You have decided to retire and will receive both Social Security and you also invested in your employer s pension plan. Both checks should cover the costs of your retirement. If you had not invested in your employer s pension and were affected by Congress s decision not give a cost of living allowance (COLA) for 2010 and 2011, how would that affected your ability to pay bills and fees? As a high school student, will you begin to look into pension and 401(k) plans as you enter the workforce? What lessons have you learned about retirement, savings, and pensions? How can the NAACP Youth Council empower and educate more students about the benefits Social Security provides to the African-American community? What was your impression of Social Security before coming here today? After?

14 Young, Black & Secure Retirement Age Role #13 Social Security plus a federal pension You worked for the Environmental Protection Agency for over 40 years and you are 62 years of age. If you retire now at 40 years you will receive a bonus in your pension; however you will only be eligible for reduced social security benefits due to early retirement. Please proceed to the social security office to determine your next course of action. Is this an ideal scenario to be in? Why or why not? How will you help others be aware of the different options between early retirement and full retirement? What would you suggest as a way to handle this issue? As a high school student, what lesson is learned about savings and investing in a pension or 401(k) plan? What was your impression of Social Security before coming here today? After?

15 Young, Black & Secure Retirement Age Role #14 Minor children and adult disabled children can receive benefits once eligible worker retires You could consider the possibility that the retired worker dies or needs to return to work to support increased medical expenses of the adult disabled children (and ask about the impact on benefit level of the retiree if he/she returns to work at various ages). The minor children will no longer receive benefits when they are no longer minors, but the adult disabled children will receive benefits for as long as they are alive. You are a 66-year old single parent and you care for your high school teenager and daughter who is a 31-year old paraplegic. You now need to apply for Social Security benefits. Proceed to the Social Security Administration. After your teenager graduates from high school, they will no longer receive benefits, but the adult disabled children will receive benefits for as long as they are alive. What happens if the medical expense of the adult disabled daughter increases? What options do you have on your fixed income and benefits? What decision may you have to consider? How can the NAACP Youth Council empower and educate more students about the benefits Social Security provides to the African-American community?

16 Young, Black & Secure Retirement Age Role #15 Delaying benefits receipt beyond full retirement age (i.e., until age 70) increases benefit amount You choose to work until age 70 and you choose to retire. Report to the Social Security Administration. Most African American men and women have lower life spans (die earlier) than their white counterparts. Would everyone choose to delay their benefits? Why or why not? When do most Workers choose to receive their full benefits? How can the NAACP Youth Council empower and educate more students about the benefits Social Security provides to the African-American community? What was your impression of Social Security before coming here today? After?

17 Roles Role #1 Role #2 Station Bank College Work Work Chance Card Scenario A,B Scenario A Scenario A Scenario A Attachment College Financial Letter California Senior Trip Flyer Paycheck

18 Role#3 Role #4 Role #5 Social Security Administration Bank Work Scenario A,B Scenario A,B,C (no cards) Role #6 Role #7 Role #8 Role #9 Role #10 Role #11 Role #12 Role #13 Role #14 Social Security Administration (no station) (no station) Work Social Security Administration Social Security Administration (no station) Social Security Administration Social Security Administration Scenario A,B Scenario A,B Scenario A,B,C Scenario A Survivor Benefits for Children What is FICA Paycheck Disabled and in Jail- Prison Early Retirement Widows Benefits Roles, Stations, Chance Cards and Attachments Sheet

19 High School Age Role #1 Bank Station Thanks Mom and Dad! Your parents have saved $5000 for your ollege education. Proceed to college. High School Age Role #1 Bank Station In the bank you only have $500 in the checking account. You may need to postpone college for a semester and look for a job to save up for next semester. Proceed to work. High School Age Role #1 College Station You receive a college financial aid letter. How will you afford the rest of the money? (Answer on your worksheet in the additional thoughts/comments section) High School Age Role #2 Work station- Congratulations! You have been hired to work. Here is your first pay check. High School Age Role #1 Work Station You have no experience in working and can t find a job. Under additional thoughts/ comments section of worksheet, answer the following questions: How will you now be able to afford college? What will you do now? High School Age Role #3 You will receive Social Security benefits as a survivor until the age of 18 or 19 or if you leave or finish school before that age. Refer back to your worksheet and answer questions). High School Age Role #3 Social Security Station As a result of your father's early retirement, you will receive Social Security benefits until the age of 18 or 19 (or if you leave or finish school before that age). High School Age Role #4 Bank Station Your parent saved $20,000 for you to attend college, but in 2006 they withdrew half the money and invested the money into the stock market, which then crashed. What are the pros and con in terms of investing money? Proceed to college. High School Age Role #4 Bank Station Your parent saved $20,000 for college but you had sport injury and your college savings had to be used for the hospital bill. The stay cost $10,000. Proceed to college. High School Age Role #4 Bank Station Your parent saved $20,000 for college but you were arrested and charged with a felony. You were found not guilty, but lawyer fees and court costs reduced your college savings to $5,000. Proceed to college. High School Age Role #4 High School Age Role #5

20 Disabled, Jail Role #6 You are a Social Security disability beneficiary who was sent to ail for 60 days for an assault and battery misdemeanor. As a esult, your benefits are suspended for those months. You have wo dependent children and a wife at home. Benefits received by your wife and children are not suspended during this period. Disabled, Jail Role #6 2 years in prison and your Supplemental Security Insurance (SSI) benefits are terminated. You have two children at home how do they survive without your income. Early Retirement Role #9 Work Station Unfortunately due to the economy and being overqualified for many of the positions you applied for, you cannot find employment. When you check your savings account, you have accumulated $10,000 over your lifetime. Early Retirement Role #9 Work Station Unfortunately due to the economy and being overqualified for many of the positions you applied for, you cannot find employment. When you check your savings account, you have accumulated $40,000 over your lifetime. Retirement Age Role #13 You have selected to retire early and take the reduced etirement benefits, go and enjoy your golden years and travel he world. Retirement Age Role #13 You retire from the EPA however you want to work 3 more years so you decided to gain employment in a different field. Retirement Age Role #13 Scenario C You have decided to forgo the bonus from the EPA and will work an additional 3 years to gain both full pension and full social Security benefits. Retirement Age Role #14 You have now reached age 66 and are ready to receive full retirement benefits, but a law was passed to increase full retirement to age 67. How does that make you feel? Will you still retire or work one more year?

21 High School Age Role #1 Bank Station Thanks Mom and Dad! Your parents have saved $5000 for your ollege education. Proceed to college. High School Age Role #1 Bank Station In the bank you only have $500 in the checking account. You may need to postpone college for a semester and look for a job to save up for next semester. Proceed to work. High School Age Role #1 College Station You receive a college financial aid letter. How will you afford the rest of the money? (Answer on your worksheet in the additional thoughts/comments section) High School Age Role #2 Work station- Congratulations! You have been hired to work. Here is your first pay check. High School Age Role #1 Work Station You have no experience in working and can t find a job. Under additional thoughts/ comments section of worksheet, answer the following questions: How will you now be able to afford college? What will you do now? High School Age Role #3 You will receive Social Security benefits as a survivor until the age of 18 or 19 or if you leave or finish school before that age. Refer back to your worksheet and answer questions). High School Age Role #3 Social Security Station As a result of your father's early retirement, you will receive Social Security benefits until the age of 18 or 19 (or if you leave or finish school before that age). High School Age Role #4 Bank Station Your parent saved $20,000 for you to attend college, but in 2006 they withdrew half the money and invested the money into the stock market, which then crashed. What are the pros and con in terms of investing money? Proceed to college. High School Age Role #4 Bank Station Your parent saved $20,000 for college but you had sport injury and your college savings had to be used for the hospital bill. The stay cost $10,000. Proceed to college. High School Age Role #4 Bank Station Your parent saved $20,000 for college but you were arrested and charged with a felony. You were found not guilty, but lawyer fees and court costs reduced your college savings to $5,000. Proceed to college. High School Age Role #4 High School Age Role #5

22 Disabled, Jail Role #6 You are a Social Security disability beneficiary who was sent to ail for 60 days for an assault and battery misdemeanor. As a esult, your benefits are suspended for those months. You have wo dependent children and a wife at home. Benefits received by your wife and children are not suspended during this period. Disabled, Jail Role #6 2 years in prison and your Supplemental Security Insurance (SSI) benefits are terminated. You have two children at home how do they survive without your income. Early Retirement Role #9 Work Station Unfortunately due to the economy and being overqualified for many of the positions you applied for, you cannot find employment. When you check your savings account, you have accumulated $10,000 over your lifetime. Early Retirement Role #9 Work Station Unfortunately due to the economy and being overqualified for many of the positions you applied for, you cannot find employment. When you check your savings account, you have accumulated $40,000 over your lifetime. Retirement Age Role #13 You have selected to retire early and take the reduced etirement benefits, go and enjoy your golden years and travel he world. Retirement Age Role #13 You retire from the EPA however you want to work 3 more years so you decided to gain employment in a different field. Retirement Age Role #13 Scenario C You have decided to forgo the bonus from the EPA and will work an additional 3 years to gain both full pension and full social Security benefits. Retirement Age Role #14 You have now reached age 66 and are ready to receive full retirement benefits, but a law was passed to increase full retirement to age 67. How does that make you feel? Will you still retire or work one more year?

23 Station 1 WORK Will need one person to staff table Station 2 BANK Will need one person to staff table STUDENTS ENTER ROOM AND PROCEED TO DESIGNATED TABLE TO BEGIN GAME. Station 4- College Will need one person to staff table Station 3 Social Security Administration Will need three people to staff table