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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.
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
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 ...
Affecting a small percentage of Social Security beneficiaries, the Windfall Elimination Provision (WEP) is a modified benefit formula that can reduce the size of your Social Security retirement or...
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 ...
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
Deciding when to take Social Security retirement benefits is important because it can directly affect your benefit amount. While you can technically start taking benefits as early as 62, you'd ...
The Congressional Research Service estimates that “the two largest groups of Social Security beneficiaries that may be (or are currently) affected by the GPO and WEP are (1) about 28% of state ...