I have been offered a job at a local VA hospital in Tampa. I have accepted the offer because everyone tells me of better benefits they provide as compared to the local 'private sector' hospital I currently work. My problem now is this: I looked into my Social Security estimated benefits when I plan to retire at about 70 years of age if I continue to work at my current job and saw that it will be twice as much on a monthly basis as compared to the FERS benefits after 20 years of service.
Am I overlooking something? What happens to the monies I have already contributed to Social Security before I would have started working in the VA? Will I receive 2 retirement benefits? ( one from the Social Security benefits I have worked for before starting to work in the VA + one from FERS after 20 years of service).
I also plan to continue working part time at the 'private sector' hospital where I currently work for supplemental income after I start working for the VA; will this endeavor be of benefit to me or will it serve as detrimental to enjoy my retirement years?
I need your help in this matter. I have attempted to search for answers but have found none.
Thank you Larry!
Yes, if you work long enough to qualify for Social Security benefits and a FERS (Federal Employee Retirement System) pension, you can receive both of them when you become eligible. And, since you will continue to pay Social Security taxes on your earnings at the VA, your FERS pension will not cause any reduction in your Social Security benefit rate. For more information on FERS, see the following reference: https://www.opm.gov/retirement-services/fers-information/.