Will my retirement affect my unemployment or Social Security?
Q) I am getting laid off next month , however I am considering retiring in April . Will my retirement affect my unemployment or Social Security?
A) If you are looking for work until April you can apply for unemployment. However, keep in mind that once you have retired you will not be considered as a person “ready and willing to immediately accept work”
Requirements for Unemployment Benefits:
Be totally or partially unemployed.
Be unemployed through no fault of his/her own.
Be physically able to work.
Be available for work which means to be ready and willing to immediately accept work.
Be actively looking for work.
Meet eligibility requirements each week benefits are claimed.
Be approved for training before training benefits can be paid.
Factors that may, or may not, affect your retirement benefits include:
- Getting Benefits While Working
- Different kinds of earnings:
- Government Pension Offset (GPO)
- Income Tax And Your Social Security Benefits
- Maximum Taxable Earnings
- Pension, Annuities, Interest And Dividends
- Social Security Credits
- Windfall Elimination Provision (WEP)
What about for disability retirement? If I applied and got approved for disability retirement (not regular retirement) from government, would I qualify for unemployment insurance if I can still work and apply to other jobs?
According to the social security administration – Social Security does not count unemployment benefits as earnings. They do not affect retirement benefits.
However, income from Social Security may reduce your unemployment compensation. Contact your state unemployment office for information on how your state applies the reduction.