The Cuero Record (Cuero, Tex.), Vol. 90, No. 67, Ed. 1 Wednesday, August 20, 1986 Page: 4 of 24
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Page 4 THE CUERO RECORD Wed, August 20, 1986
Retirees need 75 percent of pre-retirement earnings to maintain living standards
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By BRUCE TYLER
District Manager
Social Security Adminstration
VICTORIA — It’s important to
remember that Social Security is a
base on which to plan for retire-
ment. It was never intended to pro-
vide 100 percent replacement of ear-
nings or to guarantee everybody the
same standard of living in retire-
ment. In planning for retirement, a
person should know how to build on
that base. As a start, you should
know generally how much to expect
in retirement benefits from Social
Security so you can plan how much
you need from other sources.
Secondly, a person should have
some idea of how other types of
retirement income will affect Social
Security benefits.
It is estimated that a person will
need about 75 percent of his or her
preretirement earnings to maintain
the same standard of living in retire-
ment as he or she had before.
The amount of Social Security
benefits depends on a person’s earn-
ings over a working life. People ear-
ning the maximum covered by
Social Security can generally expect
to receive initial benefits which
rep^ttjjkpximately 29 percent of
pre-^|^^Bt earnings. People
with a^^rearnings can expect to
receive 43 percent of pre-retirement
earnings, and people earning at the
minimum wage level over their
working lives may expect to receive
initial benefits epuajing 60 percent
of their pre-retirement earnings.
The replacement rate is higher for
low earners because they are less
able to tolerate a reduction in in-
come. Higher earners are expected
to have more resources to build a
base of retirement income, in-
cluding investments, savings,. and
private insurance.
This brings us to the second im-
portant point to remember in
building retirement income on the
Social Security base. A person needs
to know how other retirement in-
come will affect Social Security
checks. The following rules general-
ty apply:—--—
Investments, savings, etc. - Since
a person is expected to build on the
Social Security base, other types of
typical retirement income generally
do not affect Social Security
benefits. This means that a person
can use investments, savings, and
private insurance to build on the
Social Security base up to anv level
an individual requires.
Pensions - most company pen-
sions are actually figured to supple-
ment Social Security benefits an
employee may expect so these pen-
sions will not affect Social Security
benefits. But those people who
receive a pension from work not
covered by Social Security will pro-
bably Find their Social Security
benefit reduced. A third rule applies
to the spouse receiving a govern-
ment pension based on work not
covered in Social Security and also
expects to receive a benefit on his or
her spouse’s work record. The
Social Security benefit is reduced to
reflect1 the amount of the govern-
ment pension.
Earnings - While earnings are not
traditionally considered “retirement
income”, more and more people
continue to work after retirement.
There is a limit on how much a per-
son can earn while getting all Social
Security benefits. The annual limit
increases with increases in wage
levels. Currently, it is $7,800 for
people 65 and over and $5,760 for
people under 65. The rule does not
apply to people 70 and over.
Benefits arc reduced if annual earn-
ings exceed these amounts.
Keeping these facts in mind, a
person can build a retirement in-
come that will sustain his or her
standard of living in retirement and
assure that they are indeed the
golden years.
Question: I’ve heard the term
“quarters of coverage” in connec-
tion with Social Security. What are
they, and how do 1 go about getting
them?
Answer: A quarter of coverage is
what we use to measure a person’s
work under the Social Security pro-
gram. This year, for each $440 of
annual earnings you have and pay
Social Security taxes on you’ll earn
Small businesses to profit from
Victoria Bid Resource Center
WASHINGTON, D.C. — Small
businesses in Texas’ 14th Congres-
sional district can look forward to
increasing opportunities for secur-
ing Defense Department contracts,
U.S. Congressman Mac Sweeney
said today.
Sweeney gave unofficial confir-
mation that the U.S. Defense
Logistics Agency, an arm of the
Department of Defense, has chosen
to fund the establishment of a Bid
Resource Center in Victoria.
The Victoria Economic Develop-
ment Corp, which applied for the
Bid Resource Center earlier this
year, will share the cost of the pro-
gram. The Center in Victoria will
operate in cooperation with a
previously established Bid Resource
Center in Beaumont, Texas. The
Center will serve Victoria, Calhoun,
DeWitt, Goliad, Jackson, Lavaca,
and Refugio Counties.
Sweeney said, “Without this sort
of facility, the only companies who
can effectively bid for Defense Con-
tracts are those with extensive
Washington, D.C. contacts. Now
however, any small business owner
who has enough pride in his or her
product to sell it to our nation’s
Department of Defense will have the
Too Late to Classify
GOING OUT OF BUSINESS.
Dress shoes, dance shoes (tap and
ballet), athletics for back to school
house shoes, belts, purses, socks,
hos. EVERYTHING MUST GO!!
50W OFF. MAIN STREET SHOES
St ACC., 108 E. Main, 275-5211,
Cuero.
GOING OUT OF BUSINESS
SALE!! Everything 50W OFF
shoes, belts, purses, socks, hose. All
fixtures. Priced to sell. Sanyo Cash
register - 4 drawer file cabinet.
MAIN STREET SHOES St ACC.,
106 E. Main, 275-5211, Cuero.
SEWING - All types, rehemming.
Call Mrs. Ellis 275-8937.
opportunity to do so.”
The Bid Resource Center in Vic-
toria will provide small businesses in
the area with an on line computer
list of all bid opportunities for
defense contracts. The Center will
also maintain a library of resource
information.
A staff of experts will also work
for the Center, providing counseling
and assistance to any small business
owner with a desire to enter into
defense cnotracting.
Sweeney said, “Small businesses
in this country employ most of our
work force. Yet these hard
economic times hurt small
businesses and their employees more
than anyone else. Hopefully, with
the Defense market now open to
them, many of our local small
businesses can look forward to the
growth and prosperity they have
earned through hard work and
perserverence.”
The Victoria Economic Develop-
ment Corp estimates that the Bid
Resource Center will bring about $7
million in Defense Contracts to the
Victoria area. In Beaumont, the
program brought $38 million to the
surrounding areas since it began in
1983. The Center in Beaumont has
been responsible for the creation of
388 new jobs and the retention of
240 jobs which would have been lost
except • for the defense contracts
generated.
The Bid Resource Center in Vic-
toria will operate under the Procure-
ment Technical Cooperative Agree-
ment Program which will receive $5
million dollars from the Defense
Logistics Agency for similar pro-
grams across the country.
The total cost for the program
will be $83,000 dollars. Of that, the
Defense Logistics Agency will pro-
vide $33,000 in federal funds. The
Victoria Economic Corporation will
provide the difference — $33,000 in
an actual crash outlay, and $17,000
in in-kind computer sharing.
Sweeney expects the official an-
nouncement of funding for the Vic-
toria Bid Resource Center to be
made soon.
one quarter of coverage, up to a
maximum of four quarters. I hen.
when you apply for Social Security
benefits, we’ll check your earnings
record to make sure you have
enough quarters to qualify for
benefits. The number of quarters
you’ll need depends on the year you
reach 62 But no one ever needs
more than 40 quarters of coverage.
Question: Is it possible to get
Social Security checks and SSI
payments too?
Answer: In some cases it is. If
youi monthly income is low, less
than $336 - after certain exclusions
-from all sources, including your
Social Security checks, you may
qualify for special assistance
through supplemental security in-
come. SSI is for aged, blind, or
disabled people with few resources
and little or no income. If you’d like
to find out if you qualify for mon-
thly payments, call the Victoria
Social Security office at (512)
575-8252 for details.
Questions you would like
answered in this column should be
addressed to Social Security Ques-
tion Box, P.O. Drawer 4909, Vic-
toria, TX 77903.
LA-Z-DOY
Reclina-Rocker
For traditional or colonial
decor, chooso this Americana
design with pine arms and
*"•>»««« save
$102
anmirei
NOW
$398.
Pulaski “Keepsakes" golden oak fur-
niture. “Close-Out" Now save 30% off
all “Keepsakes" in stock.
II
r* \ Old Mill"
Country Charm
^ - Rustic light pine
- ~ with brass hard-
ware
T 5
-j$>
- *
±:
t-
i
i
rm-i
i ci a i i
LX a 71 jm a I a I
Iv'1
•DRESSER/MIRROR
•HEADBOARD W
•NIGHTSTAND
t# * V
s778.
DOOR
CHEST
SI 98
----—
M
PM
Velvet Swivel Rockers by Stylecraft,
2 styles to choose from In an array of
colors. $198. each.
m
8.6%
Beautiful traditional tables
with hand-rubbad finish,
accented with beveled glass
taps. Hexagon lamp table,
rectangular and table or
rectangular cocktail
NOW
a.p.r.
LOW FINANCING
each
SAVE $41. each
We are throwing this
celebration in honor of
you, our customer. This I
our way of saying Thank
You for 64 years of mak-
ing beautiful rooms with
us. We have marked down
every item in every
department with Anniver-
sary Sale Savings.
NO FINANCE
CHARGES
When you pay our 12
month contract in 90
days.
NO DOWN
PAYMENT
with approved credit.
Imperial Spinal Guard bedding by
KING KOIL. KING, QUEEN, FULL
OR TWIN $138. each piece. Saw m mu only
Beautiful Pina
dining room, with
brass finished
hardware.
5 Piece
Dining Room
*798.
China
*698
:'HH
SAVINGS
up to
Tr
li t
63%
OFF
FREE DELIVERY
Stimson’s low price
guarantee is your
assurance of the
best value for your
dollar.
Tell City hard rock maple earlv
American dining rooms. Now save
30% on all Tell City Dining Rooms
in stock.
125 E. CHURCH
CUERO
275-6103
Weekdays
9-5:30
Saturday
9-5
YOUR
CHOICE
a
m BRASS
FLOOR
LAMPS
$4488
each
Sofa $448.
Loveseat s348.
SAVE $251.95
SAVE $251.95
Long wearing decorator styled tabric is accented
with lovely oak trim on the arms and front Rever-
sible seat cushions jnd attached pillow backs.
STiMSON
me .Furniture_
Both tho multi-lamp
candelabra stylo and
tho extendable swing-
arm design stand 57“
tall and come with
pleated shades,
weighted bases and
3-way switches
Polished brass finish
Visa and Mastercard
also accepted.
DECORATIVE HUME FURNISHINGS
CaeyrtiM 1SSS, Sttmtan Furnttura
Wed
t t
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Berner, Homer H. The Cuero Record (Cuero, Tex.), Vol. 90, No. 67, Ed. 1 Wednesday, August 20, 1986, newspaper, August 20, 1986; Cuero, Texas. (https://texashistory.unt.edu/ark:/67531/metapth844347/m1/4/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Cuero Public Library.