Does ss affect my pension

jd1872

Member
I will be applying for ss at 62. Will that affect the amount of my company pension? I have heard rumors that it will or it shouldnt.
 

Brownwifey

Member
Lol, no. Unless you are an employee of state or federal government, your pension will have no effect on SS benefits. Unitl you reach full retirement age, SS will be decreased $1 for every $2 earned over $18240. Changes to $1 for every $3 earned over $48600 in the year you reach full retirement age (usually 66-67). Soooo, unless you get a job that pays more than $18k, your pension will have no effect on your SS benefits.
 

jd1872

Member
Lol, no. Unless you are an employee of state or federal government, your pension will have no effect on SS benefits. Unitl you reach full retirement age, SS will be decreased $1 for every $2 earned over $18240. Changes to $1 for every $3 earned over $48600 in the year you reach full retirement age (usually 66-67). Soooo, unless you get a job that pays more than $18k, your pension will have no effect on your SS benefits.
and uit shouldnt go the other way, a reduction in pension when ss kicks in, im guessing
 

DiadDude

Well-Known Member
Sorry....should have fact checked before I posted. This one is incorrect...See post below

Your pension benefit is reduced dollar for dollar by any SS benefit you receive
 
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DiadDude

Well-Known Member
Your pension benefit is reduced dollar for dollar by any SS benefit you receive
Sorry....Misread it.

In the management Grandfathered Integrated Pension Formula, there is a Benefit Service Factor that tops out at 58%

Normal benefit is FAC × BSF

Benefit is reduced by SS × BSF (so a portion of SS) when you begin drawing SS
 

Shiftless

Well-Known Member
Well, I got out almost 15 years ago so things may have changed.

I too was in the Western Conference and I elected the option of reduction when I hit 62. It was on the limited option list they offered. I think the drop was $200 or $250??? Can't remember 2 plus years back? Go figure? I must be having a great time I guess! More so I really wanted health care! Added bonus getting a pension!

You will find here some say get out as early as you can and collect every thing you can when at its earliest offering.

BUT REALLY I want every one to work till they puke and not take SS until its mandatory! No sense passing up UPS bucks, build that SS to bring in the maximum! Triple dipping is da BOMB!

Of course I didn't think the above "BUT REALLY" statement worked for me! I was 49 and the option was there to exercise. It is not for everyone but it sure was GREAT for me!

BEST THING I EVER DID!
 

Shiftless

Well-Known Member
I will be applying for ss at 62. Will that affect the amount of my company pension? I have heard rumors that it will or it shouldnt.
MY bad! You are in management? Company pension you said? Different set of rules apply!
 

Old Man Jingles

Rat out of a cage
I will be applying for ss at 62. Will that affect the amount of my company pension? I have heard rumors that it will or it shouldnt.
You are posting in the Management Forum so I can assume you are retired management.
The answer is no.
If you posted in the wrong forum, a retired Union member, it depends on your local/area.
 
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