If I pay into a pension fund why do I need to pay FICA taxes? - Fund Eye, Fund, Funds, Investment, Funding, Funds Of Funds, Mutual Funds, Fund Of Fund, Mutual Fund

PayoropyMup

I recently was promoted to Full-Time and now have a pension fund being collected from my payroll checks. However, I've been paying the "FICA" tax since I started working. If both are being applied to my Social Security why do I have to pay into both?

marywadie

The pension has nothing to do with Social Security.

It is a separate retirement account.

When you are older, you will be thankful that you have both.

estiveusarnen

When you retire you get both.

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	#1 (permalink)
PayoropyMup Member Join Date: Dec 2012 Posts: 69	If I pay into a pension fund why do I need to pay FICA taxes? I recently was promoted to Full-Time and now have a pension fund being collected from my payroll checks. However, I've been paying the "FICA" tax since I started working. If both are being applied to my Social Security why do I have to pay into both?

	#2 (permalink)
marywadie Member Join Date: Feb 2013 Posts: 63	If I pay into a pension fund why do I need to pay FICA taxes? The pension has nothing to do with Social Security. It is a separate retirement account. When you are older, you will be thankful that you have both.

	#3 (permalink)
estiveusarnen Member Join Date: Jan 2013 Posts: 67	If I pay into a pension fund why do I need to pay FICA taxes? When you retire you get both.