Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Social Security and pension
Old 12-18-2007, 01:49 AM   #1
Recycles dryer sheets
 
Join Date: Apr 2005
Posts: 58
Social Security and pension

After discussing my wife's case for social security disability for three years, she finally received a favorable decision. Prior to her becoming ill, she worked as a nurse at a local hospital. My wife is 53. Is it necessary to wait until she is 59 to start receiving her pension? Ideally, I'd like to take it as a lump sum and invested in an appropriate fund.

Thanks!!! for your help --I've learned quite a bit over the years from this board. Have a Merry Christmas and a safe and healthy new year.

Dan
__________________

__________________
dwk is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-18-2007, 02:15 AM   #2
Full time employment: Posting here.
old woman's Avatar
 
Join Date: Dec 2005
Posts: 551
Every pension plan is different
__________________

__________________
old woman is offline   Reply With Quote
Old 12-18-2007, 09:58 AM   #3
Dryer sheet aficionado
 
Join Date: Jul 2005
Posts: 36
Yes, every pension plan is different. Your wife's pension may or may not have a lump sum option. Often when separation from service occurs before age 55 the pension is not payable until age 65 or 66. Separation after age 55 often allows a reduced pension immediately, but your plan will be what it is. In some cases a disability early retirement is part of the pension plan and could allow starting payment before age 55, but that would have to be a provision of the particular plan. Private plans are different from federeal plans such as CSRS or FERS which are different from state and local public employee plans, teacher plans, or Railroad Retirement provisions. Disability for plan purposes is not the same a SS disability. I assume there was no long term disability covereage from the employer?

The best action is to take your questions to the employer to determine what benefits you have.
__________________
dbr is offline   Reply With Quote
Old 12-18-2007, 03:28 PM   #4
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,132
Quote:
Originally Posted by dwk View Post
After discussing my wife's case for social security disability for three years, she finally received a favorable decision. Prior to her becoming ill, she worked as a nurse at a local hospital. My wife is 53. Is it necessary to wait until she is 59 to start receiving her pension? Ideally, I'd like to take it as a lump sum and invested in an appropriate fund.
You need to discuss this with the HR folks where she works. e.g. my company will allow a reduced pension between 50 and normal retirement age for health reasons. Also, I pay disability insurance through the company which pays full pay for 6 months, then 50% for another 12 months, so if I was in a similar situation I would do the math since the reduced pension is lowered based on the number of years away from 62, so running out the disability insurance cover may well be more cost effective.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Reply

Tags
social security


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
MOVED: Delay Pension and/or Social Security Cut-Throat FIRE and Money 0 01-26-2007 08:39 AM
Social Security Again Again??? greg Other topics 60 11-13-2006 05:06 PM
Do you think Social Security will be there? GTM Other topics 23 01-06-2006 02:38 PM
Does a State Pension Reduce Social Security? Craig Young Dreamers 4 04-01-2005 09:00 PM
Social Security and Pension question guest FIRE and Money 31 06-24-2004 06:19 PM

 

 
All times are GMT -6. The time now is 04:51 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.