Sunday, 26 April 2020

Pensions and Social Security?

Riley Migl: Sure, a large majority of retirees have private or company pensions as well as social security. People who have retired from companies like Ford, General Motors, state government, city government etc have their company retirement and social security.

Alphonso Brake: Absolutely! I'll be collecting at least 5 when I retire: Military retirement (which I already receive), Social Security, and payouts from various tax deferred pension plans that I've participated in over the years.The only time that you take it in the shorts with Social Security is if you are also receiving a pension from employment that was not covered by Social Security, such as many state teacher's pensions. Those may be subject to the windfall elimination provisions of Social Security law which could reduce your SSR benefits....Show more

Mickey Isle: Generally yes, unless its a pension earned at a job where you didn't pay social security taxes. Then it gets more complicated. T! he biggest example of that is federal employees (hired before 1984 or so) on the CSRS retirement system. Even then, you can have both but your federal pension will be reduced somewhat. But for most people, its not an issue and in fact the creators of social security envisioned SS and pensions along with personal savings as the three equal legs of a retirement "stool"....Show more

Rosalyn Olivera: Yes, you can.

Zora Mazzie: Yes.I'm currently receiving a retirement pension from the Navy, and I plan to apply for Social Security as soon as I'm old enough.

May Stands: yes

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