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January 31, 2020
Category:
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