Can you draw your retirement pension and unemployment compensation at the same time?

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Can you draw your retirement pension and unemployment compensation at the same time?

Asked on August 24, 2011 South Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The simple answer of drawing on your retirement pension and your unemployment compensation is it depends. Depending on your state's laws and what it considers income, you might be able to use both. Retirement pension is not an income replacement. It is an earned amount usually to be used for retirement. Unemployment compensation is temporary and only to be used until your income stream resumes, which is why you usually have to report to the appropriate agency in your state the number and location of applications sent by you for employment. You should first begin your unemployment compensation and look through your state's unemployment compensation FAQs and brochures to verify that you can then pull from your retirement account without worry.


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