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Started By
Message
Pension/social security
Posted on 1/9/23 at 2:44 pm
Posted on 1/9/23 at 2:44 pm
Whoever receives a pension gets a reduced social security. My question, is there a certain percentage that is taken out or is it case by case basis?
5
Posted on 1/9/23 at 2:47 pm to whodat4ever
quote:
Whoever receives a pension gets a reduced social security.
This isn't 100% true. It can be true for some government employees.
Posted on 1/9/23 at 2:48 pm to whodat4ever
quote:
Whoever receives a pension gets a reduced social security
Some if not most government employees do not pay into SS. They just pay into Medicare.
ETA: You'll probably get a good answer if this is on the Money Board.
This post was edited on 1/9/23 at 2:49 pm
Posted on 1/9/23 at 2:49 pm to whodat4ever
Posted on 1/9/23 at 2:49 pm to MrJimBeam
Thanks!
Posted on 1/9/23 at 3:13 pm to ProjectP2294
Correct
Posted on 1/9/23 at 8:40 pm to wfallstiger
So if you are a retired teacher they calculate 2/3 of your state retirement and subtract that from spouse’s social security amount when spouse receiving ss dies?
Posted on 1/9/23 at 9:54 pm to tigger4ever
I cannot speak to teachers as such but I do know, in Texas at least, their teacher pension and social security do not mesh in terms of 'whole' pay outs.
Mine, however, does...paid into both systems and return is not contingent upon either.
Mine, however, does...paid into both systems and return is not contingent upon either.
Posted on 1/9/23 at 9:59 pm to MrJimBeam
quote:
Some if not most government employees do not pay into SS. They just pay into Medicare.
True of some state employees, not true for federal employees.
All federal employees hired in 1984 or later pay Social Security taxes. This includes the president, the vice president, and members of Congress. It also includes federal judges and most political appointees. They all pay the same amount of Social Security taxes as people working in the private sector.
Posted on 1/10/23 at 8:57 am to ProjectP2294
Correct. I draw a monthly pension from the company I worked for and draw my full SS amount.
Posted on 1/10/23 at 10:05 am to whodat4ever
If recipients aren't below the poverty line, the semi-Ponzi SS income is taxed.
Great return on investment given the "Trust Fund's" 2% interest when inflation has averaged around 4% for the last 40 years. Great return for government budget that is.
Great return on investment given the "Trust Fund's" 2% interest when inflation has averaged around 4% for the last 40 years. Great return for government budget that is.
Posted on 1/10/23 at 10:37 am to tigger4ever
quote:
they calculate 2/3 of your state retirement and subtract that from spouse’s social security amount when spouse receiving ss dies?
Exactly. If I kick the bucket my wife will get ZERO from my social security.
Posted on 1/10/23 at 12:43 pm to GabeK
Does retired teacher have to wait until spouse that draws the social security dies or can teacher draw it now?
Posted on 1/10/23 at 8:14 pm to whodat4ever
quote:
Whoever receives a pension gets a reduced social security. My question, is there a certain percentage that is taken out or is it case by case basis?
Not true in my case, paid into both pension and SS.
Posted on 1/12/23 at 9:27 am to Dawgfanman
quote:Not accurate. I have worked my entire career for a private company that I have a pension with. When I retire I will get full SS and the pension full out. What you are describing are the benefits of government workers of some sort.
Whoever receives a pension gets a reduced social security. My question, is there a certain percentage that is taken out or is it case by case basis?
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