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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 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 ...
“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 ...
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 ...
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.
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.
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