Fema Employment
How does retirement system work in California?
Hello All, I have moved to the states and still searching for a job, but what I still don´t get is how the retirement system works in California.. Let us say that I work till I am 60 and then I retire meaning I worked for 20 years, what do I get then exactly from the government and for how long?? I am just concerned about my future financially.. Thanks to enlighten me since I am still new to the states and its rules. Thanks in advance.
Public Comments
- The state of California owes you no pension unless you worked for them. If you do, ask your boss. The Federal government offers Social Security. To estimate your benefits there, go to www.socialsecurity.gov But don't expect much of a pension there. Better that you save for your own retirement through a 401K, an IRA or other savings. Good luck.
- unless you work for a company that has their own retirement plan. you will get social security, you need 40 quarters of work to get any benefits. you get four quarters a year so you have to work at least 10 years to get any benefits. the earliest you can retire is at 62 unless you are disabled. every year around your birthday the social security dept. will send you a letter that keeps track of your retirement contributions and number of quarters earned. and it will tell you what you will be making a month on retirement if you keep working till retirement age or if you become disabled. some companies have their own retirement plans or you might be able to set money aside in a 401k plan. this is a retirement plan where you decide how much money you want taken out of your paycheck. some companies will match the amt you put into it. if you have a 401k where you will work they will explain your options. you have to be at least 59 and a half to draw money out of the plan or there is a penalty. your retirement lasts until you die. the letter you get every year will explain a lot and will let you know where you stand from year to year. if you don't have one you will need a social security card to work anywhere. you can get all the info at the social security office near you and they can provide info and answers for you. some companies who have their own plans will take money out for social security also. so you might have money from two sources when you retire.
