Hey everyone, in today's video, we're talking about how Social Security works for educators and other public servants who have a pension from work where they did not pay Social Security taxes. Stay tuned and I'll make it easy to understand. Music hey, I'm Devin Carolyn on this channel. I break down Social Security and make it easy to understand. You know, YouTube is a big place and you may never see me again unless you hit that subscribe button and then click the notifications bell. This way, you'll be notified as soon as I publish new content. There's no doubt that the integration of teachers' retirement and Social Security can be a super complex topic. Most of the teachers that I've talked to have seen lots of conflicting information. So, I want to help clear up those murky waters if I can. To help with that, I've already released my book, "The Hero's Penalty: How Social Security Works for Educators." It's on [insert platform]. And I want to continue clarifying this topic with this video today. So, in the beginning, Social Security didn't cover any public sector employees. However, over the years, many states dropped their own pension plans and adopted coverage agreements with the Social Security Administration. But today, there are still about 15 states that participate almost solely in their own pension plans instead of Social Security. For the educators in these states, it can be difficult to plan for their retirement. It takes a lot of educators by surprise to find out that their Social Security statement does not reflect any reduction in benefits due to a teacher's pension. Instead, the Social Security Administration will wait until you file to tell you what the reduction is. If you qualify for both Social Security and a teacher's pension, I've talked to...
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Civil service retirement system and social security Form: What You Should Know
Your benefits would be cut by a year. In many cases, you'll be able to reduce your Social Sect- Government Pension Offset — Social Security You may be eligible for Government pension offsets, which reduce your Social Security benefits. Here are the possible types. Government Pension Offset — Social Security Government Pension Offsets allow you to: reduce your Social Security benefits to below the official limits cut benefits to an acceptable amount for a period of time after retiring or ceasing to be hired if you no. 1 Are you a federal civil service employee? If you are a federal civil service employee, here are the steps you'll need to take to : Take the Civil Service Retirement System and Pension Discharge Application for your retirement. Complete a government pension offset application for reducing Social Security benefits that you will receive if you: retire from service with the federal government retire from federal employment because your pension is less than the official cap. If you don't meet the above three criteria, you're unlikely to be able to reduce your Social Sect- Government Pension Offset — Social Security Government Pension offsets are available to federal employees. You'll need to: 1) Complete a Government Pension Offset application, which will have to be completed by the employee(s) whose name appears on the discharge application, and the responsible Social Security Administration official. 2) The Federal government will automatically calculate a government pension offset for your Social Security benefits. In other words, your benefits will be cut by a year after you collect them. 3) These offsets apply only to government employees who retired while employed by the United States government.
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