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preciouslove
I love my DS!!!
Member since 5/05 9340 total posts
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About working part-time and retiring...
If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?
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Posted 2/3/06 11:47 AM  |
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Re: About working part-time and retiring...
I am pretty sure my dad does. He worked full time at the same place for many, many years. There were some issues at his workplace that made him decided that it was time to go. He didn't want to sit at home full time, so he found something part time that he liked. The salary and benefits were better for FT so he decided to do that. He still gets his pension. He'd have to pay for health ins. but he gets that through his new job.
ETA: I actually misunderstood your question the first time, sorry.
Message edited 2/3/2006 11:52:26 AM.
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| Posted 2/3/06 11:51 AM |
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CathyB
Member since 5/05 19403 total posts
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Re: About working part-time and retiring...
It depends on the situation I think. Like I used to work for a non-profit, and if I switched I would not keep my retirement benefits.
However, my BIL is a NYC teacher, and I believe that the union contract states that once he's been in the union for 5 years, he would keep his health benefits upon retirement, even if he left to take another job after those 5 years.
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| Posted 2/3/06 12:03 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
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Re: About working part-time and retiring...
Posted by bedda26
If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?
Do you mean social security? If so, it depends on how much you make and how many credits you have.
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| Posted 2/3/06 12:26 PM |
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preciouslove
I love my DS!!!
Member since 5/05 9340 total posts
Name:
Blank
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Re: About working part-time and retiring...
Posted by shamrock12472
Posted by bedda26
If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?
Do you mean social security? If so, it depends on how much you make and how many credits you have.
Yeah I guess I do mean Social Security. What do you mean by credits?
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| Posted 2/3/06 12:32 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: About working part-time and retiring...
Posted by bedda26
Posted by shamrock12472
Posted by bedda26
If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?
Do you mean social security? If so, it depends on how much you make and how many credits you have.
Yeah I guess I do mean Social Security. What do you mean by credits?
Your social security benefit is only based on income of up to $94,200 for 2006 and was $90,000 for 2005.
This I copied from the SS website and explains what credits are:
"Credits are the "building blocks" we use to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefits. If you stop working before you have enough credits to qualify for benefits, your credits will stay on your record. If you return to work later, you can add more credits so that you can qualify. No benefits can be paid if you do not have enough credits.
You earn up to a maximum of 4 credits for each year by working in jobs covered by Social Security or by operating your own business as a self-employed person.
Before 1978, when employers reported your wages every 3 months, we called credits "quarters of coverage", or QCs. Back then, you got a QC or credit if you earned at least $50 in a 3-month calendar quarter.
Starting with 1978, employers report earnings just once a year. Credits are now based on your total wages and self-employment income during the year, no matter when you do the actual work. You might work all year to earn your 4 credits, or you might earn enough for all 4 in a much shorter length of time.
The amount of earnings it now takes to earn a credit changes each year. In 2006, you earn one credit for each $970 of your earnings. So if you have earned at least $3880 during the year, you get the maximum 4 credits.
During your lifetime, you will probably earn more credits than the minimum number you need to be eligible for benefits. These extra credits don't increase your benefit amount, however; it is your average earnings over your working years that determine how much your monthly payment will be. (NOTE: You do not earn credits for pension payments or for interest or dividends on savings and investments. You do not pay Social Security tax on that kind of income.)"
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| Posted 2/3/06 1:27 PM |
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preciouslove
I love my DS!!!
Member since 5/05 9340 total posts
Name:
Blank
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Re: About working part-time and retiring...
Posted by shamrock12472
Posted by bedda26
Posted by shamrock12472
Posted by bedda26
If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?
Do you mean social security? If so, it depends on how much you make and how many credits you have.
Yeah I guess I do mean Social Security. What do you mean by credits?
Your social security benefit is only based on income of up to $94,200 for 2006 and was $90,000 for 2005.
This I copied from the SS website and explains what credits are:
"Credits are the "building blocks" we use to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefits. If you stop working before you have enough credits to qualify for benefits, your credits will stay on your record. If you return to work later, you can add more credits so that you can qualify. No benefits can be paid if you do not have enough credits.
You earn up to a maximum of 4 credits for each year by working in jobs covered by Social Security or by operating your own business as a self-employed person.
Before 1978, when employers reported your wages every 3 months, we called credits "quarters of coverage", or QCs. Back then, you got a QC or credit if you earned at least $50 in a 3-month calendar quarter.
Starting with 1978, employers report earnings just once a year. Credits are now based on your total wages and self-employment income during the year, no matter when you do the actual work. You might work all year to earn your 4 credits, or you might earn enough for all 4 in a much shorter length of time.
The amount of earnings it now takes to earn a credit changes each year. In 2006, you earn one credit for each $970 of your earnings. So if you have earned at least $3880 during the year, you get the maximum 4 credits.
During your lifetime, you will probably earn more credits than the minimum number you need to be eligible for benefits. These extra credits don't increase your benefit amount, however; it is your average earnings over your working years that determine how much your monthly payment will be. (NOTE: You do not earn credits for pension payments or for interest or dividends on savings and investments. You do not pay Social Security tax on that kind of income.)"
Thanks for the info...I appreciate it  \
The only thing I don't understand (and maybe it's just me) is how many credits do you need in order to get your full SSI benefits when you retire? I have been working Full time for about 11 years so I guess that makes it 44 credits for me...but I'm not sure how much I need under my belt...
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| Posted 2/3/06 2:52 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: About working part-time and retiring...
40 credits to qualify for social security retirement benefits.
For social security disability benefits:
If you become disabled before age 24, you generally need 1½ years of work (six credits) in the three years before you became disabled.
If you are 24 through 30, you generally need credits for half of the time between age 21 and the time you became disabled.
If you are disabled at age 31 or older, you generally need at least 20 credits in the 10 years immediately before you became disabled. The following table shows examples of how many credits you would need if you became disabled at various selected ages. This table does not cover all situations
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| Posted 2/3/06 2:59 PM |
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