does social securty penalize you if you have another retirement plan?

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.

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Comments

  1. Mimi Says:

    No. You get out of Social Security what you have put in. It has nothing to do with economic need or anything like that.
    References :

  2. George Says:

    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.
    References :

  3. KCNY1 Says:

    No. Not true. You will get your social security monies regardless of what other retirement plans you might have.
    References :

  4. Auntie Mame Says:

    Yes! It is called Windfall Elimination Provision. See SSA Publication No. 05-10045.
    References :
    http://www.ssa.gov/pubs/10045.html