I have been on disability leave for the past 14 months owing to my battle with acute leukemia. During that initial time, I received short-term disability and six months ago, began receiving my Social Security monthly payment. I am 62 years of age and don't wish to stay retired. My cancer is in remission!!!
Since receiving the monthly Social Security payment, my employer and I came to an agreement that I would retire and receive a severance package payable over a three-year period. The annual payout (@$50,000) is greater than the annual Social Security payout.
I have been told that I should notify the Social Security office that I am receiving this monthly, employer-provided payout and to expect that I can keep both the monthly Social Security funding and my monthly severance without penalty for a 39-week period. Owing to the income limits on all Social Security recipients, I was also told that at the end of the 39-week period, I must give up the Social Security benefit until receipt of the payout ceases. Is this correct? Loss of either payout will impact me in a negative financial way unless I find another job to supplement the employer-provided payout. (I began receiving the employer-provided payout one week ago.)