How Will Social Security Affect My Teacher Retirement?

Feb 26 2017 - 7:15am

I will be 62 in November. I can begin drawing teacher retirement in 3 years and want to know if I can begin drawing Social Security at 62. How will this affect my teacher retirement?

Hi,

If you are insured for Social Security benefits (https://www.ssa.gov/oact/progdata/insured.html), you can start drawing them at a reduced rate at age 62, but your benefits would be subject to withholding if you continue to work and earn too much (https://www.ssa.gov/planners/retire/whileworking2.html).

I doubt if Social Security would have any affect on your teacher's retirement, but your teacher's pension may cause you to receive a lower Social Security benefit rate if your earnings as a teacher were exempt from Social Security taxes. For more information on this provision, refer to Social Security's website: https://www.ssa.gov/pubs/EN-05-10045.pdf.

The maximization software available on this website is programmed to handle the effects of the Windfall Elimination Provision as well as the Social Security earnings test, so you may want to use it to help you with your retirement planning.

Best, Jerry