A. The answer is it depends on what kind of pension do you receive, and do you consider your social security benefits only or the after-tax social security benefits you would actually receive.
Corporate Pensions
If you have a corporate pension, it will not affect your social security benefits payment. However, your pension will impact your after-tax social security benefits.
Government Pensions
There are Federal pension, state pension and local pensions.
If you receive Federal pension, chances are you will not receive social security benefits.
If you receive state or local pensions, it depends on whether your state or local government agencies participate Social Security program. If they do, they you won't see any impact on your social security benefits, but like corporate pensions, you will see impact on your after-tax social security benefits. If they do not, then you will not have social security benefits.
In our next blog post, we will discuss how your pension will affect how much your social security benefits will be taxed.