Pension and social security
I am retired from a college I am on social security I want to take my pension how will that affect my SS Thank you
Terry Says
Check with the pension office at your university. As long as there is no “pension offset” for your payments, it should not impact your Social Security payment. And only the financial people at your school can tell you if there is an “offset.”
The one other impact could occur depends on your total income, which will increase because of your pension. This will give you a rough idea of the impact based on 2021 numbers:
For 2021, couples filing jointly with combined income between $32,000 and $44,000 will have to pay tax on up to 50% of their benefits. If combined income is more than $44,000, they’ll be taxed on up to 85% of their benefits.1
For singles, those income thresholds are between $25,000 and $34,000 for 50%, and more than $34,000 for 85%.
