I am a government worker, and I will eventually have a 20 year military reserve retirement plan set, another Gov retirement paln, and social security since I’ve been paying into from 1987 to the present? A friend of mine informed me that since I will drawing other retirements, SS will give me a lower amount when I retire is this true?
Yes! It is called Windfall Elimination Provision. See SSA Publication No. 05-10045.
No. You get out of Social Security what you have put in. It has nothing to do with economic need or anything like that.
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No, social security is not a retirement plan and is not affected with your plans. The only time it would change is if you were receiving a VA pension.
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No. Not true. You will get your social security monies regardless of what other retirement plans you might have.
References :
Yes! It is called Windfall Elimination Provision. See SSA Publication No. 05-10045.
References :
http://www.ssa.gov/pubs/10045.html