Unions are as good as a Ponzi scheme! Look at who is really pushing it! If you are paying Union dues, it is not being saved for your pension but going to those collecting pensions now, to lawyers and to political races like Campaign contributions like Obama! The well will dry out eventually. Depending on what type of pension you have, you might receive no Social Security benefits, even if you contributed at least some money to the Social Security system in your life. Pension plan offset rules vary so much that you may need a financial planner to sort out exactly how much you will receive in retirement. Many employers integrate their plans to account for the effect of Social Security.You can collect a pension and Social Security concurrently, but you may not receive the amount promised by the plans. If you get a pension from work in which you paid Social Security taxes, that pension will not affect your Social Security benefits. If you work for a government agency, Social Security reduces your benefits by two-thirds of your government pension due to two provisions: windfall elimination provision for government pensioners and the government pension offset for widowers collecting benefits. For instance, if you have a $600 monthly pension payment, Social Security reduces your Supplemental Security Income (SSI) benefits by $400. The Social Security Administration does this because government workers usually do not pay Social Security taxes.
Posted on: Mon, 17 Nov 2014 23:37:43 +0000
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