Whether you can get unemployment upon retirement is state specific - however, it is true that in MA you don't.
Whether you can get unemployment upon retirement is state specific - however, it is true that in MA you don't.
Ma. notes: http://www.mass.gov/lwd/unemployment...q.html#pension
5. Do Social Security benefits, pensions and other retirement payments affect my Unemployment Insurance benefits?
Social Security retirement benefits: Receipt of a Social Security retirement benefits will have no effect on your eligibility or reduction in weekly benefits.
Pension and other retirement benefits: Your benefits may be affected by any pension benefits you are receiving. You must report to DUA that you are receiving a pension. You will also need to provide documentation to DUA. The DUA service representative who makes a determination on your claim will explain the law as it applies to you. You will be asked to provide the amount and source of any type of pension or retirement payments when you file your claim. The DUA service representative who makes a determination on your claim will explain the law as it applies to you.
In all cases, you must be able to work, available for work and looking for work in order to collect unemployment benefits. (the end)
I can see getting UI with soc. sec. & retirement/pension benefits (depending on the amount) if you are ready, willing & able to work & looking for work or even possibily get UI if you accept retirement in place of being terminated. ("good cause" to retire) There may be some states but I didn't know there were any where you could voluntarily retire & get UI or get "retirement benefits" & UI but not be looking for work.
Off the top of my head I don't either, Betty. We looked into this when my mother retired and was thinking of relocating, so we only checked out the states where she lives, where I live, the state where her job was relocating to (she retired when her job moved out of state) and the state where she thought she might want to relocate to. They were all very slightly different but none of them would provide benefits unless she was actively looking for work. I doubt if any state does.
Yep, I doubt if any state does.
Women Need Retirement Planning More Than Men Do
Make retirement plans a priority when you consider a job
Consider sacrificing some current salary in return for a good retirement plan, and seek out employers who will match part or all of your savings in a contributory plan.
Work as long as you can at the highest salary you can
The longer you work, the more you can sock away for retirement. And the older you are when you retire, the fewer years of retirement you will have to fund.
Higher Social Security benefits are an extra bonus for those years of hard work. If you pay into Social Security for at least ten years (or if you qualify for Social Security under your husband’s work record), you won’t have to pay monthly premiums for Medicare hospital insurance when you retire.
Understand the effect on Social Security benefits of divorce and remarriage
If you divorce, you are entitled to Social Security payments equal to 50% of your ex-husband’s benefits, if you were married for at least ten years. You’ll lose that right if you remarry, though you’ll be entitled to collect payments based on your new husband’s benefits. A widow is entitled to her late husband’s benefits as long as she doesn’t remarry before age 60.
Put money away for retirement on a regular basis
Just $10 to $20 a week can add up, especially if you start young. For example, $20 a week invested in growth mutual funds from age 40 to age 65 will build to a nest egg of $92,000. Start at age 25, and it will grow to nearly $370,000.
Learn about your finances
Don’t just sign tax returns, be sure you understand them. Get assistance from your tax preparer if you need explanations.
Identify your financial assets and debts, and begin to save for your future by paying down debt and budgeting.
If you are married, be sure that you and your husband each understand what you own and what you owe, and use insurance to plan for the possibility of death or disability.
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A retired husband is often a wife's full-time job.
--Ella Harris
women and retirement