Is it true that if I work 25 years straight for the same company, I can begin to collect partial social security checks (retirement) until I fully retire?
2007-12-27 11:41:39 · 5 answers · asked by counselor23 2 in Business & Finance ➔ Personal Finance
No, that is not true. Social Security benefits have no link to the amount of time you worked continuously for any given company. It factors in years worked, amounts earned in those years, and age of "retirement" (when you start collecting SS) to determine your payout. When you can start collecting depends on how old you are now, as NRA "Normal Retirement Age" gets pushed back further and further.
2007-12-27 12:45:38 · answer #1 · answered by moneyguy 2 · 1⤊ 0⤋
the 25 years has nothing to do with when you can start collecting SS payments.
if you have SS payments coming to you, you can start taking a reduced amount @ age 62. you will then be locked into that dollar amount for as long as you collect SS.
if you wait till 63, 64, 65, 66, etc. to start collecting your SS, then the monthly amount will be bigger.
the length of time you have worked and the amount of dollars you made both affect how much you will be eligible for in retirement from SS. it makes no difference if the years you worked were for one or twenty companies.
now if you are talking about a pension plan, that's a whole other can-o-worms. they are two different things, SS and pensions. you probably have received some information over the years on how that works, otherwise you can contact the human resource person w/ the company. they should be able to help or guide you.
2007-12-27 20:54:37 · answer #2 · answered by STEVEO 2 · 1⤊ 0⤋
If you live in the U.S.A., you can only collect it when you turn 62 years of age.
But if you wait until you are 65, your Social Security check will be more money than if you collect it at 62.
And if you are still working, you need to call the Soc. Sec. office in your town and ask if you will be illegible and how much you can get.
They are friendly and usually fast, over the phone.
2007-12-27 19:52:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
no that is not true!!!
2007-12-31 11:19:47 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
It depends on the comapany. My husband retired to years ago and he worked for the City for 30 years. We never saw anything from SS. You have to be smart. Start contributing to a 401K.
2007-12-27 19:46:40 · answer #5 · answered by kim 3 · 0⤊ 1⤋