Reply to Pension without social security

Forum Index » Money and Finances

Reply to "Pension without social security "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]

What's the appeal of pension if one can't have social security? Or is it specific to some companies where you choose one or the other. This person I think retired as a teacher but I don't know the state.[/quote]

Teachers in about 14 states don't contribute to Social Security. Instead they pay more percentage of their salary to their state teacher retirement system, which is supposed to function for them the same as Social Security does. So they typically get a larger pension when they retire than those of us who teach in states where we do pay into SS.

In the past, such teachers who happened to also occasionally work Social Security jobs (working in high school and college, summer non teaching jobs, evening and weekend gigs, etc) contributed to SS in those paychecks. But didn't qualify for any SS benefits later on.

Now, people like your friend shoulw take a look at their Social Secuity history. If you have 40 credits of work (that's 10 years) where you paid into Social Security, even a teacher in one of these states should be able to claim a little benefit from SS now.  It doesn't take much in earnings to get to one full credit. Your friend may well have earned a credit or two in high school; some credits for work in college, and maybe some other jobs.

Depending on his circumstances, he might already have 40 credits, or be very close. In that case it would make sense for him to get a part time job and pay into social security to be able to secure the minimum benefit.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics