Will My Pension Reduce The Amount Of My Social Security Benefit?
If you are drawing a pension from a government employer, you should ask yourself, “Will my pension reduce the amount of my Social Security benefit?”
It is a nice thing to know that there will be income for you to live on when you retire. That income in some cases is provided by a regular retirement plan, but in other cases it is through a government employment pension. Will my pension reduce the amount of my Social Security benefit?
Will my pension reduce the amount of my Social Security benefit?”
That is a valid question when you consider that government jobs do not always withhold Social Security taxes from the paychecks of employees. The answer to the question is that sometimes it does.
When will my pension reduce the amount of my Social Security benefit??
Your pension will affect the amount of Social Security benefits that you get when your government employer did not withhold Social Security taxes from your pay. If you did not pay into the system then the benefits may be non existent.
I worked for a government employer that did withhold Social Security taxes.
If you worked for an employer that did withhold Social Security taxes then your benefits will not be affected by your pension.
What affects my Social Security benefits?
If you paid into the Social Security system and have accumulated the 40 points that are required for full retirement benefits the only thing that will affect the amount of your benefits will be the age you are when you retire, the average amount of your annual income and the year of your birth.
Will my pension reduce the amount of my Social Security benefit?
The answer is that yes sometimes it can affect your Social Security benefits. You should contact your employer or the Social Security Administration office to make sure.
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