Not in the way you’re probably thinking, but the answer may be yes. Generally speaking, the answer is no.
Your Social Security payments depend on two factors only: the age you started to receive Social Security benefits, and the amount of contributions you made to Social Security over the years. Your pension comes from your employer, and Social Security comes from the government.
However, your tax liabilities might depend on the combination of your pension and Social Security benefits, and you social security benefits can actually be taxed. In one of the few calculations that has not been indexed for inflation lately, if your retirement income is over a certain number, up to 85% of your social security may be subject to tax as income.
This calculation can get confusing, but the way they determine the amount of income considered in the calculation is by adding ½ of your household social security benefit to all of your taxable income from qualified plans and other sources, and then if the number is over, say, $44,000 for a married couple, you are over the line at which 85%of your social security benefit may be subject to income taxation.
How are Social Security Benefits Computed?
What Kinds of Social Security Benefits Exist?
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