Will my small pension be cut in half when I collect social security benefits?
Terry asked:
I receive 300 dollars each month from a pension. Next year I will collect social security. My neighbor says my pension will be cut in half when I start collecting social security benefits. Is he correct or will I still get the three hundred dollars each month?
Marion
I receive 300 dollars each month from a pension. Next year I will collect social security. My neighbor says my pension will be cut in half when I start collecting social security benefits. Is he correct or will I still get the three hundred dollars each month?
Marion
Charles
Call your plan administrator – usually, pensions are a fixed amount based on salary and years of service and do not change regardless of circumstances. What sometimes changes is the amount dedicated to health care expenses.
Lloyd
There is a worksheet you fill out in the 1040 instruction booklet, regarding taxable amounts of pensions and SS. You may have to pay tax on the combined pension/SS, but your pension will not be affected by receiving SS.