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We've already established that SS doesn't have to be repaid. Beyond that, there's so much misinformation (and misunderstanding) about the NYSERS as it pertains to working after retirement, I just don't know where to begin.
Such requirements/restrictions are all made pursuant to RSSL 211/212, and the OP should get back on the horn to speak with someone who knows what s/he's talking about. That would be more effective than posting here, where people don't know the questions to ask such as, where did you work, how long did you work, which tier were you in, etc., etc., etc....the answers to any (or all) of which may prompt other questions and, ultimately, determine the answer(s).
We've already established that SS doesn't have to be repaid. Beyond that, there's so much misinformation (and misunderstanding) about the NYSERS as it pertains to working after retirement, I just don't know where to begin.
Such requirements/restrictions are all made pursuant to RSSL 211/212, and the OP should get back on the horn to speak with someone who knows what s/he's talking about. That would be more effective than posting here, where people don't know the questions to ask such as, where did you work, how long did you work, which tier were you in, etc., etc., etc....the answers to any (or all) of which may prompt other questions and, ultimately, determine the answer(s).
yes - all strange to me - would like to hear more about this
1) You don't have go back to work for the state.
You could do something else, for another company....whether in your field out out of it. People make that choice or change careers every day.
That's what I would do before I fooled around with paying back the pension amount. But you do you.
You are already getting SS and your pension -- how much more money do you need/want to make? You've been living off what you've been taking in so far.
God forbid, what happens if you die -- OR have to stop working -- before the pension money is paid back? Can the state make a claim against you ...dock the pension you would otherwise get or your estate?
2) As has been said, you don't have to pay back any Soc. Sec. However check the rule on when you can make as much as you want and not have to give up the 1-for-2 benefit withholding. Some posts said it's after age 65, but I believe it's actually once you reach your FRA -- and your FRA is 66, not 65.
As for the title of your thread. Your 'pension' isn't keeping you in poverty. It's likely keeping you OUT of poverty. You do know you're venting about a benefit most people don't even have, right?
I would like to work until I'm 75. Maybe even a little beyond that. So that means I will be working for at least 10 years providing there are no health issues, lay offs, or something else that happens.
You have been out of the full time workforce since 2010, and from that time to ? you were very ill and could not work. I understand you got some great medical care that got you back on your feet, but I think you are really pushing an unrealistic envelope thinking after no work for 7 years you can return to full time employment at age 64 x 10+ years. Maybe you should think about stopping your SS now and take a full time private sector job for the next 2 years to your SS FRA which will allow you to make up the income loss from stopping your SS plus possibly save additional $$. Then at your FRA claim your SS benefit with be around $1750 give or take compared to your age 62 benefit of $1200. Once you reach FRA and if you feel well enough you can continue working full time, or if you decide at that time part time work suits you better you can work either because FRA and beyond you will face no earning restrictions.
I can tell you at age 60 and although I work in nursing it is basically an 7:30-4:00 desk job, and after doing this type of work for so many years I no longer have to exert much mental effort to efficiently do my job. But despite no physical labor and minimal mental labor, with each passing year I am getting increasingly tired which I think has more to do with my commute than my job. And that being said working to my FRA of 66.6 I think for me is doable but to 75 no way Jose!!
Yes, it is my understanding that until you reached your FRA you will have to make only the limit, 16,920.
That is not correct. Anything you make over the limit will cause your SS to be reduced by a dollar for every two dollars you make, which is a 50% implied tax rate on top of whatever taxes you would otherwise pay, but that is (1) different than not being allowed to make anything and (2) you keep all the money you make (subject to ordinary taxes) beyond whatever amount is double your SS check.
You may also be able to suspend the SS check, eliminating the 50% tax. I don't know the rules but I'll bet your accountant does.
I've never heard of someone having to pay back their pension because they returned to work for the public sector. Could you work for another dept. or agency so you don't have to that? Doesn't make any sense sine you did work for those benefits and fulfilled those requirements.
This is why lower income retirees move to low cost areas. Few people re-enter the workforce after that big of a gap and at that age. Figure out where you can live that will stretch the pension and Social Security dollars as far as possible.
Karen, I don't know about your NY pension, but I will clarify some details about your Social Security pension and put in a link to that page on the SSA.gov website. I've researched this and have a pretty good handle on it.
First of all, you cannot withdraw your Social Security retirement claim and repay it if it's been more than one year since you filed - nor do they ask you to do that.
The earnings test/limit usually increases each year. In 2017, it is $16,920 for those who are not reaching their full retirement age (FRA) in 2017. If one earns more than that, benefits are reduced $1 for every $2 over.
For those who do reach FRA in 2017, they can earn $44,880 gross pay in the months prior to their FRA. If one earns more than that, benefits are reduced $1 for every $3 over. Your FRA appears to be age 66. For those born after 1954, it is higher. Once you reach FRA, your earnings beginnng that month will not affect your benefits.
The earnings test is a win-win situation, not a tax. First of all, one cannot voluntarily susupend one's benefits prior to FRA. One can do that after FRA to collect delayed retirement credits. However, earning over the limit gives one a similar result. After one reaches his/her FRA, SSA will recalculate the benefit, to give credit for the months one didn't get a full check. In other words, if one retired 40 months early and received 9.5 checks, one's benefit would be changed to the amount one would have received if one had retired 30 months early, effective with FRA.
If you do return to work, Karen, don't forget to notify SSA so they can hold out the proper number of checks and you won't be overpaid. If you are on Medicare part B later and not receiving a check, be sure to pay Medicare directly those months.
Do you have to pay back the money if you work for a private company? What skills do you have that are so specialized that they can't translate to the private sector?
That's what I'm wondering too. In fact, I'm VERY curious about it. Even highly specialized jobs in the military have skill sets that can be transferred to an entirely different occupation. And I'm sure she has other skills that she could tap to work in an entirely different type of position. Just because you've always done a particular job doesn't mean you can't enter a new field with the soft skills and education that years in the work force provides. Or perhaps get a similar job with the public sector in city or county government, or other municipal entities.
Another option with some state pensions is to go back part-time as a retired annuitant. I know that in the CalPERS system of CA, I could go back to work with my old employer and work up to 1,040 hours per year while still receiving my pension. I think you need to call back your HR department and ask a lot more questions.
You don't pay back SS if you go back to work.
For under 65 the income limit is $16,920. After that SS deducts $1 for every $2 you earn.
Over 65 there is no limit.
Many government jobs have a waiting period if you retire and then get reemployed.
Get rehired before the waiting period is over you may have to 1) repay, 2) get pension suspended or 3) collect both pension and new salary.
A few others have an age limit..under 65 and over 65.
I think you need to do some more investigation and getting written verification of what you need to do to go back to work.
ss deducts money up until your full retirement age. which may not be 65 . mine is 66 .
the year you turn fra there are special rules and that year you can earn up to 45k on a PRO-RATED BASIS .
Last edited by mathjak107; 09-24-2017 at 08:21 AM..
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