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Old 12-26-2015, 10:06 AM
 
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You are referring to the active income penalty if you draw your personal SS benefit before a certain age--

That isn't what I was referring to--
There are two penalties which impact someone's SS benefit either personal or spousal if that person also draws a pension from earnings that were not paying into SS

The WEP is applied to your individual SS benefit if you have earnings you didn't pay SS for
https://www.ssa.gov/pubs/EN-05-10045.pdf

The Offset Government Penalty impacts your spousal benefit if you are entitled to one under the new regulations--and if you receive a pension from earnings not tied to SS
https://www.ssa.gov/pubs/EN-05-10007.pdf
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Old 12-26-2015, 11:17 AM
 
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Quote:
Originally Posted by loves2read View Post
You are referring to the active income penalty if you draw your personal SS benefit before a certain age--

That isn't what I was referring to--
There are two penalties which impact someone's SS benefit either personal or spousal if that person also draws a pension from earnings that were not paying into SS

The WEP is applied to your individual SS benefit if you have earnings you didn't pay SS for
https://www.ssa.gov/pubs/EN-05-10045.pdf

The Offset Government Penalty impacts your spousal benefit if you are entitled to one under the new regulations--and if you receive a pension from earnings not tied to SS
https://www.ssa.gov/pubs/EN-05-10007.pdf
I need to learn about that, Thank you, will certainly read the link.

I do "already" have 30 or more years of substantial earnings under Social Security where SS was deducted, actually about 44+ yrs. 'Hopefully that would qualify me for an "exemption", to not having my benefits reduced.
(Even though I will have 10 yrs by age 67 of working for a job that did not deduct social security, but provides a government program pension).
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Old 12-27-2015, 07:49 AM
 
30,072 posts, read 47,320,143 times
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I know that some people are not penalized because of their individual situations--
I just wanted to make you aware the possibility existed...
There were many people teaching with me who had worked for years under SS earnings rules who went into teaching, expecting to be there long enough to collect a teacher's pension but did not realize their SS pension was likely to be reduced...and/or their spousal benefits...
The district's that do not pay into SS and into our state's teacher retirement system don't always inform new hires how they might be jeopardizing their SS pensions...
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Old 12-29-2015, 11:35 AM
 
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Loves2read - Thank you for the info and the heads up to be aware.

I know I resented 401K when the company adopted it, it had long been sold to the general public with the various "match" amounts, which no longer existed when they brought it to us. Then if many remember, before Enron's Collapse, most peoples 401K money was directly linked to the company they worked for, If I rememer correctly, it was a lock on it, which was removed after Enron, then there were limits to select Mutuals, and only in the last decade did it become open to select what you want.

I had some friends who retired when the company stock value was up, at the time it was touted people needed 300K to retire, soon as they reached that number, they got out and retired, took their money and went into the sunset. (I hope they are still doing well).

I think all people need as much info about retirement as possible.
Even if having no money is the situations, because after retirement, years will comes to some as Geriatrics years. in some cases having no money gives the best health care options, under Medicare and Medicaid combinations. Especially if one is "inbewtween" with not enough money, but too much money, that results to being denied certain things based on income and net worth. .
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