- How It Works
- ServicesServicesOverviewChoose the right level of support for your plan and needsExpert ReviewA comprehensive review of inputs and reports to get you on the right pathFiling AssistanceLet our experts deal with Social Security for youClawback AssistanceFor those who need help fighting a Social Security benefit clawback
.png)
- Why Choose Us
- ResourcesResourcesBooksFrom the world-renowned economist behind Maximize My Social SecurityWebinars & PodcastsExpert tips and guides to help you get the maximum from Maximize My Social SecurtyArticlesIn-depth commentary on Social Security from our founderAsk LarryThousands of questions answered by our Social Security expertsBlogSocial Security insights to help you maximize your lifetime benefitsFAQYour most pressing questions answered
- Pricing
Ask Larry
Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
If I Pull My Pension Will I Receive My Full Social Security Benefits?
I worked in the public sector for 30 yrs, also have all my quarters. Currently I'm retired collecting Soc. Sec, and my pension. If I pull my pension will I receive full Soc. Sec, benefits and must I invest my pension or can I deposit in the bank
Hi,
I'm not sure what you mean by pulling your pension. But, if it means some type of conversion from a monthly payment to a lump sum distribution, then you'll likely still be subject to a potential reduction in your Social Security benefit rate due to the Windfall Elimination Provision (WEP).
People who have the option of taking a lump sum payment in lieu of a pension that's based on their earnings which were exempt from Social Security taxes can still be subject to a WEP reduction. When a lump sum is involved, the lump sum is prorated by Social Security into a monthly rate. Whether or not a conversion like that would change your Social Security benefit rate would depend on the amounts involved.
Best, Jerry
Category:
Posted:
January 31, 2020