Question : does social securty penalize you if you have another retirement plan?
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?
- asked by cook90022
All Answers:
Answer #1
No. You get out of Social Security what you haveput in. It has nothing to do with economic need oranything like that.
- answered by Mimi
Answer #2
No, social security is not a retirement plan andis not affected with your plans. The only time itwould change is if you were receiving a VApension.
- answered by George
Answer #3
No. Not true. You will get your social securitymonies regardless of what other retirement plansyou might have.
- answered by KCNY1
Answer #4
Yes! It is called Windfall Elimination Provision.See SSA Publication No. 05-10045.
- answered by Auntie Mame
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