SCHULTZ: DISPLACED WORKERS SHOULD THINK TWICE ABOUT RETIRING EARLY
Monday, March 20th, 2006 -- 8:21 AM
Recent plant closings in the area are likely forcing some older workers to decide between finding a new job, or retiring early. Bruce Schultz of the Wausau office of the Social Security Administration tells Central Wisconsin Broadcasting News he recently attended a meeting with displaced Land O? Lakes ? Greenwood workers and plans to meet with the 200 or so Fleetguard workers, who?ll soon be out of work.
While taking a severance package and retiring may seem seductive for some, Schultz says there may be drawbacks.
"I think it's important, depending on a person's age, to look at their Social Security record and realize if they're out of the workforce for more than five years, they lose their coverage for disability benefits," Schultz says. "That can be a big loss for a lot of folks."
Would-be retirees can avoid losing disability coverage by picking up a part-time job. But reduced income will impact their Social Security payment, which is based on their last 35 years of work.
"The only way to really tell how it will really impact you is to take your Social Security statement, go on-line at [url=http://www.socialsecurity.gov]www.socialsecurity.gov[/url], click on the calculator tool and feed in your wages, and show no earnings in the future" Schultz says. "You can see an actual dollar value of what impact that will have on your Social Security payment."
Retirees are eligible for partial payments at age 62, full payments at age 67. Schultz says displaced workers should consider lifestyle changes before deciding to quit working all together.
On The Web: [url=http://www.ssa.gov]Social Security Administration[/url]
Past Reports:
[list][*][url=http://www.cwbradio.com/news/inc/fullnews.php?id=783]WCCN: FLEETGUARD TO CLOSE WEST PLANT[/url][*][url=http://www.cwbradio.com/news/inc/fullnews.php?id=787]MURPHY: CITY, EMPLOYEES MUST STAY POSITIVE[/url][*][url=http://www.cwbradio.com/news/inc/fullnews.php?id=821]FLEETGUARD EMPLOYEES SHOULD BE ABLE TO FIND WORK
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