US Social Security & the Windfall Elimination Provision (WEP)

#BritishExpats #USA #crossborder
Understanding US Social Security Retirement Benefits and hwow the Windfall Elimination Provision (WEP) could reduce it.
Plan First Wealth is a US/UK wealth management firm helping British expats in America make the most of their opportunity
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DISCLOSURES: Plan First Wealth LLC is a registered investment adviser. The opinions and videos on this platform are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. Before considering acting on anything you see in these videos, first consult with your tax, legal or investment advisor. Investing involves risk and possible loss of principal capital.

[@RetrieverTrainingAlone]

Excellent! My statement listed my expected social security income at age 62 as $800. Due to the Windfall Elimination Provision, my actual social security at age 62 was less than $250 per month.

[@dizzyp]

I read that if you have made voluntary Class 2 contributions while living in the US, then those 'catch up' years are not included in the calculation of WEP. Sounds complicated!

[@planfirstwealth]

I have not heard of that, but I'd love to investigate. Can you remember where you read it? Get them class 2 contributions in!! :-) Cheers, Richard

[@jimhart821]

My husband paid into social security for 54 yrs and his social security was cut by 2/3's because he was a fireman for 30 yrs.