a social security question

[Dznypal]

I retired in AUg 2016 well actually on my paperwork it said job elimanation/re-organization so that qualified me to get unemployment after my severence ran out I did get my 403B and pension--took in a lump and invested it

so from aug 31 to oct 31 I got severence
from 11-1 to 5-1 I got unemployment

I wont be able to collect social security until the end of sept (I turn 62 in July but then theres the month waiting so it will be the end of sept dont know why they hold a month since youll never collect it not like a job where they hold a check but youll get that after you leave--here once you pass so does the SS

well anyway off track

Im going to be going back as pool--filling in holes in the schedule an if someone wants off they can call me

so will they still take SS out of my checks--even after I start collecting--my DH is a subitute teacher and all they take out is federal and state tax

it would odd to be collecting SS and yet its still coming out of my check

just wondering thanks

 

[disneychrista]

Yes SS is a statutory deduction. I know of no exemption for an employee currently collecting Social Security.

 

[lanejudy]

I believe in some states teachers do not pay into social security, but they also will never be eligible to collect; instead they pay into a state teacher's retirement fund or something. That's why your husband does not pay SS tax.

Yes, you will be paying SS tax if you continue to earn a paycheck even while collecting SS benefits. You are not exempt, and in fact I believe there is a limit on the wages you may earn without it impacting your SS benefit. I suggest you speak with a financial advisor to understand how it all works.

Enjoy your retirement!

 

[SMD]

I believe in some states teachers do not pay into social security, but they also will never be eligible to collect; instead they pay into a state teacher's retirement fund or something. That's why your husband does not pay SS tax.

Yes, you will be paying SS tax if you continue to earn a paycheck even while collecting SS benefits. You are not exempt, and in fact I believe there is a limit on the wages you may earn without it impacting your SS benefit. I suggest you speak with a financial advisor to understand how it all works.

Enjoy your retirement!

I think they reduce your SS by $1 or every $2 you earn in the month while working. I'm not sure if you're allowed to earn a certain amount before that kicks in, or if it's off every dollar earned.

 

[kymom99]

I believe in some states teachers do not pay into social security, but they also will never be eligible to collect; instead they pay into a state teacher's retirement fund or something. That's why your husband does not pay SS tax.

Yes, you will be paying SS tax if you continue to earn a paycheck even while collecting SS benefits. You are not exempt, and in fact I believe there is a limit on the wages you may earn without it impacting your SS benefit. I suggest you speak with a financial advisor to understand how it all works.

Enjoy your retirement!

This is true in my state. I paid teacher retirement a hefty amount but didn't pay SS out of my teacher checks. And when I sub, they take teacher retirement out even though I am drawing my retirement pension. It's also true I cannot draw SS, even though I paid into it through other employment over the years. We cannot get our spouse's SS if they predecease us either.

 

[Alexle2007]

Here is the relevant SSA information: https://www.ssa.gov/planners/retire/whileworking.html. They have been my employer for 25 years.

 

[Dznypal]

thanks all for all the great information--it was really helpful---I dont mind having to pay into SS when I go pool but to me it seems silly paying into it and collecting it at the same time

also as pool I wont be anywhere near the limit for having to pay some of it back

maybe you could explain Alexia 2007 why then SS holds your first check---Ill be 62 in July I wont get my first check till Sept--if I turn 62 in July I should get my first check in August---its not like starting a new job where they hold a check but after you leave you get one last check--once you pass the SS ends just one more thing that doesnt make sense

but once again thanks all

 

[aprilgail]

I believe in some states teachers do not pay into social security, but they also will never be eligible to collect; instead they pay into a state teacher's retirement fund or something. That's why your husband does not pay SS tax.

!

Railroad workers don't pay into social security either- we pay into railroad retirement- we pay more than you would on social security but also collect more- I start my full benefit at 60 years old. I collect a pension from 50-60 then at 60 railroad retirement kicks in more than doubling my pension.
Right now I am working part time since I retired and it kills me to have to pay into social security, I will never see that money back.

 

[Alexle2007]

maybe you could explain Alexia 2007 why then SS holds your first check---Ill be 62 in July I wont get my first check till Sept--if I turn 62 in July I should get my first check in August---its not like starting a new job where they hold a check but after you leave you get one last check--once you pass the SS ends just one more thing that doesnt make sense

but once again thanks all

This explains better than I can- https://www.thebalance.com/when-and-how-social-security-checks-should-arrive-2388919

Just a funky rule that only applies to age 62.