SOCIAL SECURITY WITH PENSION PLAN
I PLAN TO RETIRE AT AGE 68 FROM MY CITY JOB. I HAVE PAID INTO SOCIAL SECURITY ALL MY WORKING CAREER INCLUDING MY 20 YEARS WITH THE CITY. HAVING PAID MY FULL SHARE INTO SOCIAL SECURITY WHILE WITH THE CITY AM I GOING TO BE PENALIZED WHEN I RETIRE AT AGE 68 BECAUSE I WILL ALSO HAVE A RETIREMENT COMING FROM THE CITY THAT I ALSO CONTRIBUTED TO?
Wendy: Heck No! You were fortunate to work for an employer who pays a pension as a benefit to you. Others have IRA or 401K Rollovers. Still others (many) have no pension benefits at all.
Either way, like any of these folks, you and your employer paid into Social Security and you will get the same monthly benefit that anyone with your income, age, and years worked would get.
In fact, since you waited to draw your Social Security and get a 20 year pension, I'd bet you have a higher income in retirement than you do working full time. If you don't understand this, email me privately using the "contact me" at the bottom left!
You can also read more at the bottom of this page... look for NET TO NET explanation.
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