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If you are full retirement age drawing Social Security can you draw unemployment if you worked full time and was just laid off?
Yes. There are four states that will offset your Social Security against your unemployment benefits, but all the rest will pay compensation in spite of the Social Security. As long as you qualify under your state's rules concerning unemployment you're safe to go!
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As long as you qualify as any other worker who is applying for unemployment, your age does not matter. In fact, just the opposite may apply. If you could establish you were fi…red BECAUSE of your age, you might be eligible under the Federal Age Discrimination laws that prohibit discharges due to age. In that case, you could receive substantially more than unemployment benefits would provide.
According to page 8 in the Related Link below, you not only can collect Social Security AND unemployment, but your unemployment benefits are not reduced because of your SS ben…efits.
Unemployment is offset (reduced) by a portion of SS in only 3 states: Illinois, Louisiana, and Utah.
Yes. They are unrelated programs that do not affect each other.
Yes.The two programs are different. Social Security is a Federal program that you pay into from your paycheck, as does the employer, and you are eligible to receive after you …turn 62 (unless earlier due to being disabled, which is covered under a different part of the program). The longer you delay receiving Social Security the larger the monthly benefit you would get. The amount you receive depends on your age, how many 'quarters' you worked, and the amount of your earnings. On the other hand, unemployment security, a federal/state program, administered by the state, comes from contributions paid into the program by the employer and the amount he pays in is a percentage of his payroll based on the employer's turn-over rate of employees (the lower the turn-over, the lower the percentage). This way the employer is encouraged to retain employees in order to reduce his costs. The employee, generally, receives unemployment benefits from the state's collected 'employer's unemployment contribution pool', IF he was laid off, i.e. reduction in staff, etc., or was fired without cause (not caught stealing, harassment, drugs, etc.), or other reasons not due to his own actions. Thus you can both draw Social Security while still working (as I had done) or if drawing unemployment because the reason for drawing both are different, from different government agencies, and for different causes.
Yes, but Illinois is one of 4 states that offset your unemployment benefits by a part of your Social Security
Yes, as long as you qualify for each of them separately.
People born between 1943 and 1954 reach full retirement age at 66, which would be in 2013 for someone born in 1947.
The answer depends on your individual circumstances; however, if you begin drawing retirement benefits at age 62, your check will be approximately 75% of what you would receiv…e at full retirement age (most likely 66). This will be your base rate for the remainder of your retirement.
No, and yes. You cannot draw unemployment benefits AND retire as you have to be actively seeking full time employment, for one thing. However, you CAN receive Social Security …benefits whether you are unemployed OR retired. Those 2 considerations do not affect receipt of Social Security.
Beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959. Go to the SSA gov web site and use the search box for… FULL RETIREMENT AGE Click on the below Related link
In Business Law
Can a person over the age of 65 who has been drawing Social Security while working collect both unemployment and Social Security benefits if the person is laid off?
According to the Social Security Administration, each state makes its own rules with regard to paying unemployment compensation to laid-off Social Security recipients. In most… cases, the answer is yes, you are eligible to receive unemployment benefits while drawing Social Security, but your benefits may be reduced or offset by a portion of your Social Security check. Receipt of any type of Social Security benefit must be reported to your state's Department of Labor Unemployment Compensation Service at the time you apply for unemployment compensation. Contact your local unemployment office for more specific information.
Yes. They are 2 separate programs that are not affected by the other.
Yes, but drawing Social Security by itself does not mean you have to accept partial unemployment instead of full benefits.
At age 65 which is no longer the benchmark retirement age, you are subject to the earnings test until you reach the year of your normal retirement or full retirement age. Fo…r 2010 the amount would be 14,160. The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will remain $14,160. (We deduct $1 from benefits for each $2 earned over $14,160.) The earnings limit for people turning 66 in 2010 still will be $37,680. (We deduct $1 from benefits for each $3 earned over $37,680 until the month the worker turns age 66.) There is no limit on earnings for workers who are "full" retirement age or older for the entire year. You can find the above information and more by clicking the below related link for Social Security On Line.
You can't draw unemployment if you are permanently retiring. To qualify for those benefits you have to be ready, able, willing, and actively seeking full time employment, whic…h you don't do in retirement.