3 Replies Latest reply on Jan 17, 2013 4:13 PM by RJones

    social security to higher ed

      I have worked in corporate sector until age 57 - paying into social security. I joined higher education sector after that and plan to retire at age 62. Does this impact my social security payments, or will there be an offset of some sort, for the years I haven't paid into to social security. I do not plan to collect social security until age 66 (at which time I should be eligible to collect full social security). How does the math work?
        • Re: social security to higher ed
          AngeloC
          Your social security benefits are caculated based on your contributions over your working years. They look for the highest 35 years to do the calculation. If you didn't work/contribute for 35 years, they factor in zeros. For example, if you worked and contributed to social security for 30 years, then five years of zero contribution would be factored into the calculation for your benefits. You can get an estimate of your benefits (and see your earnings history) at the social security web site.
            • Re: social security to higher ed
              I was wondering about Windfall Elimination provisions.. wherein if you have paid into for less than 30 years into social security, how that gets affected due to working for a few years without paying social security system(e.g., last 6 years)
                • Re: social security to higher ed
                  RJones
                  tiaababu said...
                  I was wondering about Windfall Elimination provisions.. wherein if you have paid into for less than 30 years into social security, how that gets affected due to working for a few years without paying social security system(e.g., last 6 years)

                  It's my understanding that you will have a 5% reduction of your benefit for each year worked less than 30   The reduction stops at 20 or less years of earnings.  See SSA publication 05-10045 for a clearer explanation.