Can you be unemployed and retired. . . and collect benefits for being both?On the other hand, because of my state teacher pension, I'll only see a fraction of what I'd otherwise be entitled to for all those years I paid into social security before becoming a teacher--including those years when I was in the military. The Windfall Elimination Provision was designed to limit my retirement income; and of course, my teacher pension is a windfall. Maybe I'll just go on unemployment.
One New York woman who was laid off in 2009 after a 40-year career in philanthropy filed for unemployment while continuing to look for a new job. A year later at age 65 and jobless, she applied for Social Security retirement benefits. She now collects both a monthly Social Security check and weekly unemployment benefits totaling nearly $3,000 a month, and a pension she earned during her career.
With the nation’s fragile economy leaving millions of older workers unemployed, growing numbers of these Americans are double dipping-- collecting unemployment insurance (UI) benefits, which extend for 99 weeks and Social Security. Or, in the case of government workers, collecting unemployment and state, local, or federal pensions. Double dipping is not illegal. And many would feel like suckers if they didn't take advantage of all the benefits that are available to them through the Federal and state governments. But is this any way to run a country at a time of fiscal crisis?
Wednesday, August 17, 2011
From the Financial Times: