It depends on several factors. First of all if your entire working career has been as a teacher in one of the 14 states whose teachers do not pay into social security, then the answer would be that you would receive no social security benefit because you never paid any money into it. Now, lets say you work as a teacher for 15 years in a state whose teachers DO pay into social security, such as Pennsylvania. You then decide to work for 15 years as a teacher in Ohio whose teachers do NOT pay into social security. Once you retire, you would indeed get social security due to the fact you worked 15 years in PA and paid into SS. HOWEVER, you would take a hit (called the Windfall Provision) because you are also collecting money from Ohio's pension.
It depends on several factors. First of all if your entire working career has been as a teacher in one of the 14 states whose teachers do not pay into social security, then the answer would be that you would receive no social security benefit because you never paid any money into it. Now, lets say you work as a teacher for 15 years in a state whose teachers DO pay into social security, such as Pennsylvania. You then decide to work for 15 years as a teacher in Ohio whose teachers do NOT pay into social security. Once you retire, you would indeed get social security due to the fact you worked 15 years in PA and paid into SS. HOWEVER, you would take a hit (called the Windfall Provision) because you are also collecting money from Ohio's pension.
Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.
First, you need to estimate how much you'll spend in retirement. Then you must consider the income you'll collect in retirement from pensions and Social Security - as well as the amount you can afford to draw from your personal savings or other sources. To help bring the retirement picture into better focus, try plugging all your pertinent financial information - including pensions, Social Security, retirement investment accounts and anticipated retirement expenses - into an online calculator.
Yes, you can. As you said, teachers in Ohio do NOT pay social security. Teachers in Pennsylvania DO pay social security. HOWEVER (and there is a big however), when you start to collect social security, you will take a hit from social security. This is called a Windfall Provision. Spousal benefits are also affected. With that said, PLEASE CONSULT YOUR ATTORNEY AND TAX ADVISOR. I am not an expert.
Yes
If you have 40 or more quarters that you have paid into Social Security--you are eligible for Medicare AND can collect a PORTION of your SS. There is an offset because of your teacher pension.
You can collect Social Security retirement benefits as early as age 62 in 2014, but they will only be approximately 75% of the amount you can collect at your full retirement age of 66, in 2018.
Yes, you can collect Social Security and unearned income at the same time. There is no limit to the amount of unearned income (from investments, pensions, rental income, etc.) that you can receive while collecting Social Security retirement benefits. You are limited to how much earned income you can have (from wages or salary) if you are collecting Social Security before you reach your full retirement age, but there is no limit to the amount of unearned income you can have.
Yes she can.
YES
In most cases, if you are receiving long-term disability insurance benefits, it should not impact your ability to also receive Social Security retirement benefits. However, it's important to review your specific policy and situation to ensure there are no restrictions or limitations that could affect your eligibility for both benefits simultaneously. Consulting with a financial advisor or Social Security representative can provide more tailored guidance.
Because question #19 on ?Florida's application for unemployment addresses Retirement Pensions, it is possible to file when you have one, but it could also affect the amount of your benefits.
The age for retirement varies depending on the amount of time you have worked. For a list of Social Security benefit requirements go her to the governments social security website found at www.ssa.gov.