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pension Tag

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01 Aug Will I receive spousal or survivor Social Security if I have a government pension?

Will I receive spousal or survivor Social Security if I have a government pension?   Spousal and survivor Social Security benefits. Retirement plans and government pensions. Exceptions and more exceptions. You’re a government employee and you have a government pension coming, but what about your partner’s retirement plan? You may be entitled to some of their Social Security benefits, but does your government pension influence what you receive? It turns out it does, and the government has the details down to a T. First things first. What are you entitled to? You can collect up to 50% of your spouse’s Social Security benefits instead of...

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22 Jun Will I receive Social Security if I have CalSTRS or CalPERS?

Will I receive Social Security if I have CalSTRS or CalPERS?   If you’re a California public school teacher or public employee, you may have asked yourself this very question. In fact, I get asked it a lot from my clients. Understanding your CalSTRS retirement benefits if you’re a teacher or trying to figure out your CalPERS retirement as a public employee is not that simple. So when we start factoring in Social Security, of course there are going to be questions. That’s when the Windfall Elimination Provision comes breezing in. It turns out your tax withholdings and previous jobs make a big...

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14 Jun How to calculate your CalPERS retirement benefits

How to Calculate your CalPERS retirement benefits   More than 1.6 million California public employees, retirees, and their families. Managing one of the largest public pension funds in the US for that many people seems daunting, doesn’t it? And if you’re a recipient trying to calculate your retirement benefits, you may feel a bit lost. But terms like “benefit factor” and “final compensation” don’t have to be intimidating. Let’s break down the benefits, the variables, and get you informed and ready for retirement. First off . . . when can you retire? In most cases, you can retire at age 50 with 5 years of service...

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27 May How to calculate your CalSTRS retirement benefits

How to Calculate Your CalSTRS retirement benefits   If you ask a California public school teacher what CalSTRS is, they’ll likely respond that it has something to do with their retirement. But for many, that’s as much as they know. In fact, a lot of teachers that I work with have never calculated how much they’re expected to receive from their CalSTRS pension when they retire. Nor do they know when is a good age to retire to maximize their benefits. Why worry about CalSTRS now? As appealing as it may sound now to postpone the retirement discussion, it’s not necessarily in your best...

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