Can you collect Social Security and pension at the same time?

Yes, you can generally collect a pension and Social Security at the same time, and recent law changes (Social Security Fairness Act of 2023) removed reductions that previously applied if you received a public pension (like a teacher's or government job) where you didn't pay Social Security taxes, meaning you won't lose your full Social Security benefit due to your public pension. Pensions usually don't affect your Social Security benefit amount unless they come from non-covered work, but the new law makes collecting both much easier, allowing full benefits from both sources.

Can you collect a pension and Social Security?

Yes, you can generally collect a pension and Social Security at the same time, and recent law changes (Social Security Fairness Act of 2023) eliminated past reductions like the Windfall Elimination Provision (WEP) for most public pensions, meaning your Social Security won't be lowered due to a non-covered government pension for benefits starting 2024. However, your total taxable income will increase, potentially putting more of your Social Security benefit into the taxable category, and the Government Pension Offset (GPO) still applies if you receive a pension from a job not covered by Social Security AND claim Social Security spousal or survivor benefits. 

How much Social Security will I get if I also have a pension?

Under GPO, we would reduce your Social Security benefits by two-thirds of your government pension. For example, if you got a monthly civil service pension of $3,000, two-thirds of that, or $2,000, would be deducted from your Social Security benefits.

When should I collect Social Security if I have a pension?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

What is the new law regarding Social Security and pensions?

Changes in Law

On January 5, 2025, the Social Security Fairness Act (HR 82) addressing the WEP and GPO was signed into law by President Biden. This act removes the reduction in Social Security benefits for those receiving pensions from employment where Social Security taxes were not withheld.

Can you collect Social Security and a pension at the same time?

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

How to get $3000 a month in Social Security?

To get $3,000 a month from Social Security, you generally need a high lifetime income, averaging around $9,000+ monthly over your best 35 years, and ideally wait until at least your full retirement age (FRA), or even age 70, for maximum benefits, as claiming early reduces payments significantly; increasing high-earning years by working longer or in higher-paying jobs are the main strategies to reach this goal. 

How much income can I have and still get the pension?

How much income can I have and still get the Age Pension? If you're single, you can earn up to $2,575.40 per fortnight and still receive a part pension. Couples can earn up to $3,934.00 combined. Transitional rate pensioners and those living apart due to ill health may have higher thresholds.

Can you retire with $500,000 with a pension and Social Security?

Yes, it is possible to retire comfortably on $500k. This amount allows for an annual withdrawal of $30,000 and below from the age of 60 to 85, covering 25 years. If $20,000 a year, or $1,667 a month, meets your lifestyle needs, then $500k is enough for your retirement.

What are the disadvantages of a pension?

Disadvantages of pensions include lack of control and flexibility, as you can't easily access funds or choose investments, and portability issues if you change jobs before vesting. There's also employer financial risk, potential inflation erosion (especially in corporate plans), and complex management if you have multiple pensions. 

Do pensions reduce Social Security benefits?

No, not anymore! Thanks to the Social Security Fairness Act of 2023 (effective January 2024), your Social Security benefits are not reduced by pensions from jobs where you didn't pay Social Security taxes, like many government or foreign jobs. The old Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) rules that used to cut benefits for these pensions were removed, and the SSA is even repaying past reductions. 

What is a good pension amount?

A good pension amount replaces 70-80% of your pre-retirement income, meaning if you earned $100k, aim for $70k-$80k annually, but it varies; a comfortable monthly income is often cited around $4,000-$8,000+, depending on lifestyle, location, and other income sources like Social Security, with many financial experts suggesting a total retirement income replacing about 80% of your final salary for stability. 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

Can I live on my pension and Social Security?

Starting in January 2024, if you receive a pension from work where you didn't pay Social Security taxes, your pension won't reduce your Social Security benefits or your spouse's benefits. This change is because of the Social Security Fairness Act (SSFA) of 2023, which was signed into law in January 2024.

Do I get my husband's state pension if he dies?

In most cases, the State Pension cannot be passed on to anyone else. But you might be able to claim some of the money or increase your own State Pension if you were: married, or.

Why will some Social Security recipients get two checks in December?

Some Social Security recipients, specifically those receiving Supplemental Security Income (SSI), got two checks in December 2025 because January 1st, New Year's Day, is a federal holiday, causing the January 2026 payment to be moved up to December 31st, resulting in December's payment (Dec 1st) and January's payment (Dec 31st) both landing in December. This is a standard Social Security Administration (SSA) practice for SSI payments, not a bonus, ensuring funds are available before holidays or weekends. 

What is a good monthly retirement income?

A good monthly retirement income is often cited as 70% to 80% of your pre-retirement income, but it varies greatly by lifestyle, location, and expenses, with many needing $4,000 to $8,000+ monthly, depending on if they seek a modest, comfortable, or affluent retirement, while accounting for inflation and unique costs like healthcare. 

What are the biggest retirement mistakes?

The biggest retirement mistakes involve poor planning (starting late, underestimating costs like healthcare/inflation, not having a budget) and bad financial decisions (claiming Social Security too early, taking big investment risks or being too conservative, cashing out accounts, having too much debt). Many also neglect the non-financial aspects, like adjusting lifestyle or planning for longevity, leading to running out of money or feeling unfulfilled. 

Can I live off the interest of $500,000?

"It depends on what you want out of life. It's all about lifestyle," he said in a 2023 YouTube short. "You can live off $500,000 in the bank and do nothing else to make money, because you can make off that about 5% in fixed income with very little risk.

Can I spend my entire super and then get the pension?

Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.

Does my pension count as income for social security if I?

Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes.

Can you take your pension and still work?

The short answer is yes, you are able to take your pension and still continue to work. These days, in the UK at least, there is not necessarily a retirement age for anyone. You can continue working for as long as you like and, from the age of 55 (57 from April 2028), access most private pensions in various ways.

Why are Americans getting a $4800 check today?

Americans are set to receive a Social Security check worth up to $4,800 today, but not all seniors are happy about the increase in monthly payments. Social Security benefits grew by 3.2 percent this year, in accordance with this year's calculated cost of living adjustment (COLA).

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium.