I have been receiving a state retirement check since I was 44 , if I work 12 years and pay into as those years, about how much would I receive at age 62 for as benefits ?
There is not an exact value that can be calculated. It is based on how much you have contributed via your working income. If you have more questions about social security or other aspects of retirement, feel free to reach out to our team via our website!
This is a very complicated subject. I live in NYC there are many retired city workers here. The NYC pension plan knocks out their SS.amy men in LA aw enforcement are divorced and their ex-wife gets half their pension. This makes retirement much tougher. If they are remarried and die. Their second wife gets nothing.
Ok I may need to do more research. So as primary and looking to retire under FERS in about 5 years will this affect me or my wife (who is not getting a pension?)
I am 63 and have 21 years of teaching in Tx. I also can retire from SS but will get affected by WEP. I have worked about 26 yrs and paid SD but only 21 are substantial. Im still working part-time but make 13 thousand a year. Would those count at all for the substantial earning. Am I just donating the taxes that the government collects. Should i claim dependents so i can collect more?
Great question! Substantial earnings are defined as $31,275 or more for 2024 (up from $29,700 for 2023). Is there anyway you could work a few more hours to increase your earnings? As soon as you get to 30 years of substantial earnings, the wind fall elimination provision goes away which should be great for you.
Great question! Generally, there is no reduction of Social Security benefits because of your daughter’s military retirement benefits. She will get her Social Security benefit based on her earnings and the age she chooses to start receiving benefits. While you're in military service, you pay Social Security taxes, just as civilian employees do.
Can you clarify this a bit? Is your benefit affected by WEP? Are you asking if you can take your benefit which is affected by WEP and then switch over to the spousal benefit?
The one thing is if you paid into social security the correct amount quarters then and onl then you should receive your full amount of social security not a reduced rate. This has cheated 8-10 states of people that have paid social security. Robbing the payee of there own benefits
Good points! Feel free to schedule a call if you have any questions or need assistance. schedule.seasidewealth.com/c/mattcallahan/introductory-call?bv=d460cdf5-ea29-4ddd-a33b-046addb26bfd
But SS is not linear. You know how the rich gets to pay at a higher tax rate? Well SS is also progressive. Lower earners get a higher replacement rate than higher earners; 90% for the lowest and about 28% for those at max. Because of your non-covered earnings that SS did not know about, you are a higher earner than you appear to be. So SS effectively slides you up the scale; by giving you a 40% replacement rate, rather than the 90% replacement rate. Please note that non-gmvt folks would get a 32% replacement rate for earning from a second/additional job. I find it interesting that most planners, who should absolutely understand the math and the 'why', seem to placate their potential customers, rather than explaining.
I am on VA Pension as a Persian Gulf War-era veteran and I have an SSDI hearing this April 23, 2024. Is it possible to keep both my VA Pension and SSDI (if I get approved)?
That’s a great question! You should speak to my partner and ask him. Here is a link to schedule a call w Matt: calendly.com/matt_seaside/introductory-call
![[UNCUT] "บอสณวัฒน์" แฉ! แหล่งซุกเงินแก๊งบอส ขยันผิดที่ไม่กี่ปีก็เข้าคุก l คนดังนั่งเคลียร์ l17ต.ค.67](http://i.ytimg.com/vi/BL56qIfXYZM/mqdefault.jpg)
I have been receiving a state retirement check since I was 44 , if I work 12 years and pay into as those years, about how much would I receive at age 62 for as benefits ?
There is not an exact value that can be calculated. It is based on how much you have contributed via your working income. If you have more questions about social security or other aspects of retirement, feel free to reach out to our team via our website!
This is a very complicated subject. I live in NYC there are many retired city workers here. The NYC pension plan knocks out their SS.amy men in LA aw enforcement are divorced and their ex-wife gets half their pension. This makes retirement much tougher. If they are remarried and die. Their second wife gets nothing.
That sounds like it’s challenging to navigate. What do you do for work? When do you want to retire?
@@SeasideWealth I am regional director for ICan Financial. We are an insurance brokerage.
Ok I may need to do more research. So as primary and looking to retire under FERS in about 5 years will this affect me or my wife (who is not getting a pension?)
Your FERS should not affect your wife’s Social Security. Do you have your own social security benefit?
@@SeasideWealth yes of course. Mine will be higher so hoping to start my wife’s benefit at 62 and then mine at 67
I am 63 and have 21 years of teaching in Tx. I also can retire from SS but will get affected by WEP. I have worked about 26 yrs and paid SD but only 21 are substantial. Im still working part-time but make 13 thousand a year. Would those count at all for the substantial earning. Am I just donating the taxes that the government collects. Should i claim dependents so i can collect more?
Great question! Substantial earnings are defined as $31,275 or more for 2024 (up from $29,700 for 2023). Is there anyway you could work a few more hours to increase your earnings? As soon as you get to 30 years of substantial earnings, the wind fall elimination provision goes away which should be great for you.
What about serving in the U.S. Military? My daughter has been serving in the USAF for over 11 yrs so far. How will SS be affected?
Great question! Generally, there is no reduction of Social Security benefits because of your daughter’s military retirement benefits. She will get her Social Security benefit based on her earnings and the age she chooses to start receiving benefits. While you're in military service, you pay Social Security taxes, just as civilian employees do.
Is she going to put in 20 years and get a pension? What does she want to do afterwards?
@@SeasideWealth thank you for your reply.
So if you recieved a pension and your recieving Social Security at age 63 you have tivreport that to Social Security ?
It depends on your combined income to determine how your benefit will be taxed
If I collect under WEP can I then collect under spousal benefits
Can you clarify this a bit? Is your benefit affected by WEP? Are you asking if you can take your benefit which is affected by WEP and then switch over to the spousal benefit?
The one thing is if you paid into social security the correct amount quarters then and onl then you should receive your full amount of social security not a reduced rate. This has cheated 8-10 states of people that have paid social security. Robbing the payee of there own benefits
Good points! Feel free to schedule a call if you have any questions or need assistance.
schedule.seasidewealth.com/c/mattcallahan/introductory-call?bv=d460cdf5-ea29-4ddd-a33b-046addb26bfd
But SS is not linear. You know how the rich gets to pay at a higher tax rate? Well SS is also progressive. Lower earners get a higher replacement rate than higher earners; 90% for the lowest and about 28% for those at max. Because of your non-covered earnings that SS did not know about, you are a higher earner than you appear to be. So SS effectively slides you up the scale; by giving you a 40% replacement rate, rather than the 90% replacement rate.
Please note that non-gmvt folks would get a 32% replacement rate for earning from a second/additional job.
I find it interesting that most planners, who should absolutely understand the math and the 'why', seem to placate their potential customers, rather than explaining.
@charleslemaire8137 if I paid in a decade just as everyone else, why should I be robbed of what I am rightfully due?
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I am on VA Pension as a Persian Gulf War-era veteran and I have an SSDI hearing this April 23, 2024. Is it possible to keep both my VA Pension and SSDI (if I get approved)?
That’s a great question! You should speak to my partner and ask him. Here is a link to schedule a call w Matt:
calendly.com/matt_seaside/introductory-call