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does social securty penalize you if you have another retirement plan?
By Tom Dunn | April 4, 2007
cook90022 asked:
I am a government worker, and I will eventually have a 20 year military reserve retirement plan set, another Gov retirement paln, and social security since I’ve been paying into from 1987 to the present? A friend of mine informed me that since I will drawing other retirements, SS will give me a lower amount when I retire is this true?
Leroy
I am a government worker, and I will eventually have a 20 year military reserve retirement plan set, another Gov retirement paln, and social security since I’ve been paying into from 1987 to the present? A friend of mine informed me that since I will drawing other retirements, SS will give me a lower amount when I retire is this true?
Leroy
Topics: retirement planning |
April 5th, 2007 at 2:47 pm
No. You get out of Social Security what you have put in. It has nothing to do with economic need or anything like that.
April 8th, 2007 at 1:16 am
No, social security is not a retirement plan and is not affected with your plans. The only time it would change is if you were receiving a VA pension.
April 10th, 2007 at 6:18 pm
No. Not true. You will get your social security monies regardless of what other retirement plans you might have.
April 13th, 2007 at 3:53 am
Yes! It is called Windfall Elimination Provision. See SSA Publication No. 05-10045.