Will Teacher Benefit Reduce SS Payment?

chisueMay 12, 2008

My DH did some volunteering and a bit of paid subbing at the high school after he retired. He has about $2000 in contributions to the teacher retirement fund in our state. He's over 65 and receiving Soc. Sec.

He's not planning to continue with any paid work at the school and wants to close out the teacher fund. The fund offers him two options: 1) Take the money he paid in; 2) Take the 'Pension Benefit', which is about double ($4000). Either one would be a lump sum, small as it is.

If he takes the benefit, how does that affect his Soc. Sec. payments?

I also receive SS. My payments are based on his earnings. If his payment is docked, will mine be, too?

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stargazzer

When my husband retired we cashed in his VIP (IRA) and it didn't affect his soc sec, it was not earned that year. We did get billed by soc sec for his separation pay, but that was a mistake on their part and our accountant took care of it.

    Bookmark   May 12, 2008 at 9:37PM
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