When workers have both pensions and Social Security benefits, their Social Security benefits may be adjusted to reflect that. This adjustment has affected the retirement plans of a couple in Tampa, Florida, who have had to live on a lower income than expected.
When they have both, their Social Security benefits may be adjusted to reflect that."We knew there was going to be a reduced pension because of the early out," said Phyllis Bernstein, Dave's wife, who is 84.While Dave was expecting a monthly Social Security check of around $800, it ended up being just about half that amount – around $415 – even though he had earned the required 40 credits to be fully insured by the program.
The benefits were adjusted based on rules for workers who earn both pension and Social Security benefits.The couple, who reside in Tampa, Florida, have had a different retirement than they envisioned due to the lower income.Their lifestyle is frugal, with home-cooked meals and cars they kept for 20 years, or "until the wheels were falling off," the couple jokes. But their limited resources have made traveling to Australia and New Zealand – Phyllis' dream – out of reac
Social Security Benefits Pensions Retirement Income Tampa Florida
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