I paid into both Social Security and Ohio Public Employees Retirement OPERs. Why can't I collect both?
After working full time and paying SS for about 10 years I quit my job to raise a family. I occasionally worked part time during those years when things were lean. I have a substantial investment in SS. When the kids were raised I took a job (which I love) as an Ohio county employee paying into the State pension plan OPERS. I invested 3.5 years working part time to land my present full time position. I recently heard that I can't collect both the Social Security that I earned and the OPERS pension. It's called "double dipping" I DO NOT UNDERSTAND why this is double dipping. I worked hard and earned the social security benefits. I am paying into OPERS. I may not have taken this job if I had understood the impact it would have on my pension. I am 58 years old and nearing the end of my working years. Can someone explain this to me? I am not just venting. I honestly do not understand why I can't have everything that I have worked for. I earned both. Thank you!
What is Social Security Employee, Medicare Employee, CA-Disability Employee, from your paycheck?
Fica or Social Security is your contribution to the Social Security Program. Under the current law, this money will be set aside for you until you reach retirement age, then it will be paid out to you in monthly installments. Every year about 3 months before your birthday, you will receive a statement from Social Security. It will tell you how much you can expect to receive when you retire. Try not to laugh when you open the envelope!. You should check this form when you receive it because it lists all the wages you received for every tax year that you worked. You want to be sure that all of your earnings were reported to Social Security. Medicare Employee is your contribution to the Medicare system which supplies elderly people with health care. This system is suppose to cover your health care when you reach retirement age. CA - Disability is tax withheld by the state of California. This money is collected from able workers and paid out to disabled workers. If you should ever have a disability, you will receive payments from the State to help you survive while you are out of work.
What are the differences between Social Protection and Social Security?
It is enormous. Typically Social Protection is policies and programs designed to lower poverty or some type of human misfortune. Social Security has no means test in it. In fact the highest level of benefits go to the people who had the best job over the longest career.Social Security is closer to old-age insurance which is a prudent expense. It will lower poverty in the elderly just as auto-insurance or health-insurance does.Social Security provides old-age insurance. While high-wage earners tend to pay more for benefits, they also collect higher benefit levels. This means that Social Security really isn’t a safety-net. It has no means-test on which benefits are provided. About 1/5th of our poorest seniors do not even qualify for benefits.Social Protection generally consists of policies and programs designed to reduce poverty and vulnerability by promoting efficient labor markets, diminishing people's exposure to risks, and enhancing their capacity to manage economic and social risks, such as unemployment, exclusion, sickness, disability and old age.thanks for the A2A
Pres Reagan cut Social Security benefits for Civil Service employees. What is the basis and or double dipping?
The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote. The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer's total income exceeded certain thresholds. The taxation of benefits was a proposal which came from the Greenspan Commission appointed by President Reagan and chaired by Alan Greenspan.
Do movie stars pay into Social Security?
Yes. Movie stars are often self-employed and if they net over $400 they must pay social security taxes. If they are an employee of a studio then the studio deducts taxes just like any employer would. They can collect benefits under full retirement age (currently age 66 going up to age 67) only if they net $15,120 or less each year. Once anyone reaches full retirement age they can earn as much as they like and still collect their benefits. I wonder how many of them bother to file a claim for them? Federal employees have been under the social security system since 1983 or 1984 (don't remember which year) and that includes the President, VP, Congressmen and Supreme Court. Religious organization/churches can opt out of social security if they like as well as state and local governmental agencies. Also colleges and universities. Railroad employees aren't covered under social security (or at least they didn't used to be) because they had their own system long before social security came into being.
Why would a social security card say "not valid for employment"?
Social Security numbers are designed to keep track of your contributions into the Social Security system. Having a Social Security number does not mean that you are currently eligible to work in the United States. Just as one example, you could have gotten your so Social Security number working in the United States on a temporary visa. Even though the visa has expired, you would keep your Social Security number for life even though you did not have a work visa. Having the Social Security card would not prove your current eligibility to work.
Should Government workers have Social Security as their retirement package?
Currently most government employees get a much better retirement package than do the rest of us. If they work for 20-30 years in government they retire at somewhere around 90% of their salary (congress is even better). Then the government borrows from social security, doesn't pay it back, so they raise the retirement age or reduce benefits at will. Not so with their own packages, however. And they don't pay social security taxes. Unless of course they work another job during their career in which case they get both. If these government workers were forced to use the same Social Security system as the rest of us would they maybe work to improve it. Would they be less likely to steal from Social Security to fund their pork projects. We have been hearing for years that Social Security is going broke and all the time government continues to borrow from it and threaten to raise the retirement age or reduce benefits as the only solution. How about this solution, STOP BORROWING FROM IT.
Do teacher's in Virginia pay into social security?
I just heard that state employees (or county employees enrolled under state retirement programs) don't get social security. Upon further research it appears that state employees don't get social security if they have a state issued pension, and don't pay into social security (which makes sense). However, if the state has a Section 218 agreement which specifies teachers, and the teachers pay into social security, they receive social security like everyone else. My girlfriend is a teacher, and is enrolled with the Virginia Retirement System (which also includes teachers employed by our county). Does anyone know if Virginia teachers pay into social security, and more importantly, if they will receive social security? I guess I could just ask to look at one of her pay stubs tonight, but I'm impatient... I couldn't find anything online regarding Virginia's section 218 agreement, nor if Virginia teachers pay into social security. Thanks for your help.