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?
No. You get out of Social Security what you have put in. It has nothing to do with economic need or anything like that.
No, social security is not a retirement plan and is not affected with your plans. The only time it would change is if you were receiving a VA pension.
No. Not true. You will get your social security monies regardless of what other retirement plans you might have.
Yes! It is called Windfall Elimination Provision. See SSA Publication No. 05-10045.