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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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After 25 years in private sector i worked years in public

Customer Question

After 25 years in private sector i worked for six years in public safety before retiring this month. My local social security office informed me a pension offset law will deduct 66% of my state pension from my monthly social security check. what was not made clear was if this offset applies only to my monthly pension check or to all state retirement funds. Six years of public service earned only $224/ month in state pension. 66% of that amount equals 149.33 being deducted from each months social security check. What is unclear to me is if this deduction applies to all of my state retirement savings, some $130,000 in three seperate accounts. Can you clarify this issue?
Phil Thornton ***@******.***
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Thank you for your question, Phil -- this does not relate to your savings, only your pension given to you which was the $224 a month. If you work 5 more years in private sector, then you won't even have that reduction anymore - so if you can get a little part time job to stay busy that may help. This is you are not docked after 30 years of substantial earnings.

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