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Calculating your Social Security break-even age can help you decide when the best time is to begin taking benefits. You can do that using a Social Security break-even calculator.
Here's how to calculate it, and how it could help you time when you take your Social Security benefits. One factor that can be especially enlightening is your Social Security break-even age.
The Social Security Amendments of 1983 (Public Law 98-21) provided for the WEP as a means of eliminating the "windfall" of social security benefits received by beneficiaries who also receive a pension based on work not covered by Social Security. [3] The windfall in question refers to the subsidization of the PIA for beneficiaries with lower ...
Years of coverage are calculated in two different manners. Because the amount paid into the Social Security Trust Fund were not identified by year prior to 1951, [3] Years of coverage before 1951 are determined by dividing pre-1951 earnings by $900.00 with any remainder dropped. The resulting number, limited to 14, is the number of years of ...
Continue reading ->The post How to Calculate Your Social Security Break-Even Age appeared first on SmartAsset Blog. While you can technically start taking benefits as early as 62, you'd receive ...
“The Social Security Fairness Act fully repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO),” wrote Devin Carroll, CFP and owner and lead advisor at ...