Can I collect Social Security and a pension at the same time?

The answer is yes, you can collect Social Security and a pension at the same time. Social Security benefits increase from the full retirement age up to age 70 at a rate of 8% per year, while most pensions do not have cost-of-living adjustments. As a result, it’s usually more beneficial for most individuals to wait till age 70 to take Social Security. Since most pensions don’t have cost-of-living adjustments, it doesn’t matter when you take it because it’s going to be the same amount every time. Financial planning is crucial in determining the optimal time for you to collect Social Security.

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Casey Smith
President, Wiser Wealth Management

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