Answers

  • NewRetirement User

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  • Does "WIN Penalty" refer to work incentive penalties?

    I have not found anything related to changing the way Social Security views work.

    Social security benefits are based on your top 35 earning years. Depending on your work history, working past the traditional retirement age could have a significant impact on your Social Security benefit payments. By working longer, you could insure a bigger monthly Social Security check. And, working full or part time after retirement does not impact receiving your benefits after you have reached your "Full Retirement Age" as defined by the Social Security Administration. You can claim full Social Security benefits after you have reached your "Full Retirement Age" and still work full time.

    To learn more about what your full retirement age is, visit Find Your Retirement Age. http://www.ssa.gov/retire2/agereduction.htm

    If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security. http://www.socialsecurity.gov/retire2/whileworking.htm

  • Login to rate this answer:   Answered on 4/14/2008
  • NewRetirement User

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  • My question is related to penalty assessed against retiree receiving a government pension (PERS). I am a widow elgible for my deceased husband's SS at age 60, but I have only recently discovered that I will be assessed a 2/3 penalty of my pension subtracted from SS widow's survivor benefit at age 60. In my case, I will receive NO SS benefit. Waiting for full benefit elgibility at age 66 for me still allows me only a small portion of SS based on subtracting 2/3 of my pension from survivor's benefit. I had heard there was a bill in congress to eliminate this penalty. It also affects those covered under the TRS (teachers) pension program.

  • Login to rate this answer:   Answered on 4/14/2008
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.