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Under WEP, Social Security benefits are calculated in a way that results in a lower benefit amount than the standard formula would provide. Learn More: 3 Changes That Could Be Coming to Social ...
Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay into Social Security, and had fewer than 30 years of “substantial” employment or covered ...
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...
The Windfall Elimination Provision (abbreviated WEP [1]) was a statutory provision in United States law [2] which affects benefits paid by the Social Security Administration under Title II of the Social Security Act.
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.
To avoid having to reduce benefits, possible fixes include increasing the age, currently 67, when recipients are eligible for full retirement benefits or increasing the amount of Social Security ...