LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

About working part-time and retiring...

Posted By Message

preciouslove
I love my DS!!!

Member since 5/05

9340 total posts

Name:
Blank

About working part-time and retiring...

If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?

Posted 2/3/06 11:47 AM
 
Long Island Weddings
Long Island's Largest Bridal Resource

MrsProfessor
hi

Member since 5/05

14279 total posts

Name:

Re: About working part-time and retiring...

I am pretty sure my dad does. He worked full time at the same place for many, many years. There were some issues at his workplace that made him decided that it was time to go. He didn't want to sit at home full time, so he found something part time that he liked. The salary and benefits were better for FT so he decided to do that. He still gets his pension. He'd have to pay for health ins. but he gets that through his new job.

ETA: I actually misunderstood your question the first time, sorry.

Message edited 2/3/2006 11:52:26 AM.

Posted 2/3/06 11:51 AM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: About working part-time and retiring...

It depends on the situation I think. Like I used to work for a non-profit, and if I switched I would not keep my retirement benefits.

However, my BIL is a NYC teacher, and I believe that the union contract states that once he's been in the union for 5 years, he would keep his health benefits upon retirement, even if he left to take another job after those 5 years.

Posted 2/3/06 12:03 PM
 

CookiePuss
Cake from Outer Space!

Member since 5/05

14021 total posts

Name:

Re: About working part-time and retiring...

Posted by bedda26

If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?



Do you mean social security? If so, it depends on how much you make and how many credits you have.

Posted 2/3/06 12:26 PM
 

preciouslove
I love my DS!!!

Member since 5/05

9340 total posts

Name:
Blank

Re: About working part-time and retiring...

Posted by shamrock12472

Posted by bedda26

If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?



Do you mean social security? If so, it depends on how much you make and how many credits you have.



Yeah I guess I do mean Social Security. What do you mean by credits?

Posted 2/3/06 12:32 PM
 

CookiePuss
Cake from Outer Space!

Member since 5/05

14021 total posts

Name:

Re: About working part-time and retiring...

Posted by bedda26

Posted by shamrock12472

Posted by bedda26

If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?



Do you mean social security? If so, it depends on how much you make and how many credits you have.



Yeah I guess I do mean Social Security. What do you mean by credits?



Your social security benefit is only based on income of up to $94,200 for 2006 and was $90,000 for 2005.

This I copied from the SS website and explains what credits are:

"Credits are the "building blocks" we use to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefits. If you stop working before you have enough credits to qualify for benefits, your credits will stay on your record. If you return to work later, you can add more credits so that you can qualify. No benefits can be paid if you do not have enough credits.

You earn up to a maximum of 4 credits for each year by working in jobs covered by Social Security or by operating your own business as a self-employed person.

Before 1978, when employers reported your wages every 3 months, we called credits "quarters of coverage", or QCs. Back then, you got a QC or credit if you earned at least $50 in a 3-month calendar quarter.

Starting with 1978, employers report earnings just once a year. Credits are now based on your total wages and self-employment income during the year, no matter when you do the actual work. You might work all year to earn your 4 credits, or you might earn enough for all 4 in a much shorter length of time.

The amount of earnings it now takes to earn a credit changes each year. In 2006, you earn one credit for each $970 of your earnings. So if you have earned at least $3880 during the year, you get the maximum 4 credits.

During your lifetime, you will probably earn more credits than the minimum number you need to be eligible for benefits. These extra credits don't increase your benefit amount, however; it is your average earnings over your working years that determine how much your monthly payment will be. (NOTE: You do not earn credits for pension payments or for interest or dividends on savings and investments. You do not pay Social Security tax on that kind of income.)"





Posted 2/3/06 1:27 PM
 

preciouslove
I love my DS!!!

Member since 5/05

9340 total posts

Name:
Blank

Re: About working part-time and retiring...

Posted by shamrock12472

Posted by bedda26

Posted by shamrock12472

Posted by bedda26

If you have been working full time and then switch jobs and get a part-time job would you still get your full benefits when you retire?



Do you mean social security? If so, it depends on how much you make and how many credits you have.



Yeah I guess I do mean Social Security. What do you mean by credits?



Your social security benefit is only based on income of up to $94,200 for 2006 and was $90,000 for 2005.

This I copied from the SS website and explains what credits are:

"Credits are the "building blocks" we use to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefits. If you stop working before you have enough credits to qualify for benefits, your credits will stay on your record. If you return to work later, you can add more credits so that you can qualify. No benefits can be paid if you do not have enough credits.

You earn up to a maximum of 4 credits for each year by working in jobs covered by Social Security or by operating your own business as a self-employed person.

Before 1978, when employers reported your wages every 3 months, we called credits "quarters of coverage", or QCs. Back then, you got a QC or credit if you earned at least $50 in a 3-month calendar quarter.

Starting with 1978, employers report earnings just once a year. Credits are now based on your total wages and self-employment income during the year, no matter when you do the actual work. You might work all year to earn your 4 credits, or you might earn enough for all 4 in a much shorter length of time.

The amount of earnings it now takes to earn a credit changes each year. In 2006, you earn one credit for each $970 of your earnings. So if you have earned at least $3880 during the year, you get the maximum 4 credits.

During your lifetime, you will probably earn more credits than the minimum number you need to be eligible for benefits. These extra credits don't increase your benefit amount, however; it is your average earnings over your working years that determine how much your monthly payment will be. (NOTE: You do not earn credits for pension payments or for interest or dividends on savings and investments. You do not pay Social Security tax on that kind of income.)"








Thanks for the info...I appreciate it Chat Icon \

The only thing I don't understand (and maybe it's just me) is how many credits do you need in order to get your full SSI benefits when you retire? I have been working Full time for about 11 years so I guess that makes it 44 credits for me...but I'm not sure how much I need under my belt...

Posted 2/3/06 2:52 PM
 

CookiePuss
Cake from Outer Space!

Member since 5/05

14021 total posts

Name:

Re: About working part-time and retiring...

40 credits to qualify for social security retirement benefits.

For social security disability benefits:

If you become disabled before age 24, you generally need 1½ years of work (six credits) in the three years before you became disabled.
If you are 24 through 30, you generally need credits for half of the time between age 21 and the time you became disabled.
If you are disabled at age 31 or older, you generally need at least 20 credits in the 10 years immediately before you became disabled. The following table shows examples of how many credits you would need if you became disabled at various selected ages. This table does not cover all situations

Posted 2/3/06 2:59 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Personal question- after working all day, when do you have time to"get intimate" raken40 5/3/06 7 Families Helping Families ™
Working Moms: how do you make time to work out? BabyAvocado 3/13/06 16 Parenting
At what time during your pregnancy will you stop working? tiki03 2/15/06 16 Pregnancy
Working Full-time and going to school Full-time? School on Saturdays? julz33 5/6/06 14 Families Helping Families ™
Having such a hard time! itsbabytime 8/21/06 5 Travel & Vacations
SAHM/Working part-time/Working from home? dandr10199 10/21/05 15 Pregnancy
 
Quick navigation:   
Currently 326480 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows