I live in Indiana where some pay a % of our income into SS and employer pays in same amount. Self employed people are required to pay both parts according to my stock broker. That may or may not be true.
State employees also have a pension fund. I was told teachers are also state employees and their school corp pays into the state fund and I think so does the state. Not sure exactly how that works.
Our neighbor to the west, Ill, decided years ago to not fund their state employees pension fund. Now the fit hits the sham with more people retiring and no money. State hasn't got a budget for a few years. No money. Raised taxes and some people are moving out of Ill faster than any other state.
Please someone from Ill fill in all the details.
Same with Indiana state employees.
So it's possible some people can draw a pension and SS when they retire. I think the pension rule is the 85 rule. You can retire early as age 55, If your age and years of work experience for the state totals 85.
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