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yes, because from what I've read and understood, the company is just paying you more upfront to match what you would eventually get when you start receiving social security. Then when you do start receiving social security, they decrease your pension. So your retirement payout is even during your retired years. So no real money is coming from SS.
And it is a pretty good deal if you die before you start SS. Well, financially that is. You will have already received a higher pension for a while from your employer.
Then there must be some other way to qualify for this pension benefit besides being 55.
Did you note that your link is to a particular pension organization, and NOT to the Social Security Administration? That's how you know this is not an SS program.
Are you saying the pension program is the one that takes part of your otherwise larger SS check for life? Because somehow the check sent by SS directly to you will be smaller if you opt for this. They must play SOME role in it...
Are you saying the pension program is the one that takes part of your otherwise larger SS check for life? Because somehow the check sent by SS directly to you will be smaller if you opt for this. They must play SOME role in it...
no , your pension is reduced later on when ss kicks in .
to even out your income the pension gives you your pension money due you plus actually adds additional money to it , which is what you would get from social security when it kicks in too so your check is higher early on before you can file for ss .
once social security kicks in you would be getting a lot more so your pension is now reduced smaller than what you normally would get and ss brings you back up .
so now that ss kicked in they reduce your pension to even less than it would have been .
in effect they loan you the ss money early through your pension , then once it kicks in take the money they fronted you back .
Okay, I called for clarification. All adjustments (first the early payments, then the reduced payments) are made by our pension program in the checks coming from them; the SS amount remains unaltered. It wasn't explained correctly, and the name of this maneuver is very misleading. I get that it alters when SS begins, but why not just call it the Early Pension Adjustment Option? Anyway, I hope that settles it...
Last edited by otterhere; 05-19-2017 at 12:47 PM..
Okay, I called for clarification. All adjustments (first the early payments, then the reduced payments) are made by our pension program in the checks coming from them; the SS amount remains unaltered. It wasn't explained correctly, and the name of this maneuver is very misleading. I get that it alters when SS begins, but why not just call it the Early Pension Adjustment Option? Anyway, I hope that settles it...
It does not alter when SS begins.
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