I worked and paid into SS until the last nine years of my working life. My pension from my government job is very little but my SS payment was reduced by 40% because of it. Not all of us fit your example.
Your example has a bit of a hole in it. Two months per year of SS coverage would take an awfully long time - 60 years - to earn the minimum 40 quarters.
It’s not just part time summer jobs. While some school districts opted out of SS taxes, many didn’t. Teachers who paid SS taxes on their salaries for their entire career should get full benefits for that just like everyone else does. My parents were robbed of 15 years of SS benefits, and a 1-year back payment is a pretty sorry apology.
I figure I get about $300 less a month in social security due to my government pension, despite paying social secuirty for 30 plus years. The problem was I only had 21 years of "significant payments" to social security (full time) while the rest of the years were made up from part time/seasonal jobs. Such as part time jobs when in high school and college. Social security does not consider those years as "significant" as I did not make enough.
My mom worked in a non-covered teaching position for 40 years, and raised us kids. Her $3k pension rendered her ineligible for my dad's SS death benefit due to the GOP. Had she stayed home, she would have been eligible.
The repeal of these provisions was a slap in the face to everyone who paid into the SSTF. Those who will now benefit from this repeal knew full well that they were taking home 6.2% more than another worker of the same pay who was paying into SSTF. These provisions should be reversed back into effect along with the coming measures to shore up the fund.
Funds running out? Why should the deficit be paid on the back of those that paid out in the system due to mismanagement of Congress. This country has funds to pay other countries that have nothing to do with us or how about mega millions paid to other certain groups that paid nothing into the system.
I taught in California public schools for 20 years and in private schools (paying into S.S.) for 20 years. I was sadly surprised to learn years ago that my S.S. benefit would be reduced due to the W.E.P., even though I have fully paid into the system and met all of the requirements for a retirement benefit. Let's be clear, now receiving my full S.S. benefit is not a "windfall." That implies receiving a large sum of money, which I will not. The S.S. Fairness Act is indeed fair, in my opinion, because those of us who have fully paid into the system for decades due to our own hard work, do not deserve a reduction, which is actually a penalty. Good riddance W.E.P.! I appreciate the bipartisan legislation and President Biden's support of the Social Security Fairness Act.
One of the main points that social security administration and past government officials have said is that SS was not designed to be a retirement account. It was designed to be a supplement to retirement. So on that idea everyone should receive what they’re entitled to receive. However, corporations used the social security system as a crutch to not offer retirement investments to employees. The windfall act was specifically designed for politicians to steal monies that people earned by working. So for those folks that don’t agree with the repeal of WEP why should the government keep your money that you rightfully earned.
Two months per summer at a part time job is not what most of us are speaking of. It is the 40+ quarters of paying into SS at different jobs in years when we weren't paying into the pension funds.
I worked in Corrections for 7 years, which meant I would have been impacted by WEP. But had I been incarcerated for that same amount of time, I would not have been impacted by WEP.
What no one mentions is the REAL windfall $ the SS system collected when the WEP and GOP were implemented. And they collected it for 40 years. Where is that money and the potential invested earnings in this $190B projected amount?
You gave a very narrow a rare example. Many worked for years in a job that had FICA withheld. Working 20plus years in one of these jobs prior to or after a non covered pension job. I am not a teacher but where I live teachers are not “high earners “.
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life
Those of us with pensions who also worked at jobs deducting SS HAVE to have the 40 quarters of SS to qualify, just like everyone else. 40 quarters isn't from just an occasional summer job but from 10 years of working that SS covered job, probably in years before the non covered (pension) job began. The GPO is significant and it would have even kicked in on my husband's SS (the WEP would then apply to me) if he were to predecease me! I'd lose my own SS and his would be reduced for me to receive it, even though his earnings weren't affected by GPO! So, i would be a widow with suddenly way less to live on. Windfall? I don't think so!
The downside is these working class people can't be robbed to prop up SS. Maria probably only worked about half her work years for a pension. The rest she did pay into S.S and her hubby payed into S.S. Why should she be robbed for working as a teacher. The bend years should benefit these primarily working class people.
James I really enjoy your show. One suggestion if I may... Could you please speak a bit slower? Sometimes it is really difficult to catch especially talking about finances... After all most of your targeted audience are senior people, and some of us are just a bit slow.
Except. Maria worked her way through college 6 years from 17 to say 23, more like three months a year at book store, after 25 years she retired but in those last three years she worked at customer service at a motel, then since she was still younger she worked another almost full time after sheeft the teaching career basically she has 15 to 20;years she did pay dollar for dollar to ssa
Over the last 45 years since the implementation of the WEP then the GPO, somewhere between 30 and 40 million people were suddenly denied these benefits… most of whom are already dead. In essence, these poor souls have already paid for the elimination of these programs in their withheld benefits. In todays money, say the ave lost benefit caused by WEP GPO was $400 a month (probably a low estimate), also, say there were 3 million people affected, any given month, for each of the last 540 months (45 years), the unpaid benefits would exceed $600,000,000,000 or about 3 time the projected costs over the next 10 years ( remember, everything in today money to keep things relevant). Personally, I started paying in SocSec long before GPO was put in place and have lost a minimum of $81,000 already meaning I’ve pre-paid 55 months of my future benefits if I live that long.
I see comments on other channels of people complaining about the $19.6 billion/yr cost of the repeal of the WEP and GPO. "It will drain the Social Security Trust Fund 6 months earlier," they say. My question is, how much earlier will the SSTF be drained by those other 97% getting a 24% COLA increase just since 2022? I suspect pulling 24% more out of the SSTF in such a short period of time will have a far greater negative impact than the SSFA.
Your framing of the situation is irrelevant. The issue is people who HAVE NOT paid into the SS system receiving a benefit which will eventually reduce the benefit of those who HAVE paid into it and earned the benefit. Why should people who receive a gov't pension and have not paid into SS receive the benefit? That's the very definition of "double dipping" and it will screw those of us that have paid into the system for decades, don't have a pension, and desperately need as much SS as we can get. It's not complicated.
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I worked and paid into SS until the last nine years of my working life. My pension from my government job is very little but my SS payment was reduced by 40% because of it. Not all of us fit your example.
Your example has a bit of a hole in it. Two months per year of SS coverage would take an awfully long time - 60 years - to earn the minimum 40 quarters.
It’s not just part time summer jobs. While some school districts opted out of SS taxes, many didn’t. Teachers who paid SS taxes on their salaries for their entire career should get full benefits for that just like everyone else does. My parents were robbed of 15 years of SS benefits, and a 1-year back payment is a pretty sorry apology.
I figure I get about $300 less a month in social security due to my government pension, despite paying social secuirty for 30 plus years. The problem was I only had 21 years of "significant payments" to social security (full time) while the rest of the years were made up from part time/seasonal jobs. Such as part time jobs when in high school and college. Social security does not consider those years as "significant" as I did not make enough.
My mom worked in a non-covered teaching position for 40 years, and raised us kids. Her $3k pension rendered her ineligible for my dad's SS death benefit due to the GOP. Had she stayed home, she would have been eligible.
What part of robbery don't you get ?? We earned the moneys!!!!
The repeal of these provisions was a slap in the face to everyone who paid into the SSTF. Those who will now benefit from this repeal knew full well that they were taking home 6.2% more than another worker of the same pay who was paying into SSTF. These provisions should be reversed back into effect along with the coming measures to shore up the fund.
ThanX Good report 😅😅😅
Funds running out? Why should the deficit be paid on the back of those that paid out in the system due to mismanagement of Congress. This country has funds to pay other countries that have nothing to do with us or how about mega millions paid to other certain groups that paid nothing into the system.
I taught in California public schools for 20 years and in private schools (paying into S.S.) for 20 years. I was sadly surprised to learn years ago that my S.S. benefit would be reduced due to the W.E.P., even though I have fully paid into the system and met all of the requirements for a retirement benefit. Let's be clear, now receiving my full S.S. benefit is not a "windfall." That implies receiving a large sum of money, which I will not. The S.S. Fairness Act is indeed fair, in my opinion, because those of us who have fully paid into the system for decades due to our own hard work, do not deserve a reduction, which is actually a penalty. Good riddance W.E.P.! I appreciate the bipartisan legislation and President Biden's support of the Social Security Fairness Act.
There is no flip side. If your contributions is the same, 6.2%, your payout should be the same!
So people with pension get larger SS checks? Sucks for everyone paying into SS on every dollars we earned.
One of the main points that social security administration and past government officials have said is that SS was not designed to be a retirement account. It was designed to be a supplement to retirement. So on that idea everyone should receive what they’re entitled to receive. However, corporations used the social security system as a crutch to not offer retirement investments to employees. The windfall act was specifically designed for politicians to steal monies that people earned by working. So for those folks that don’t agree with the repeal of WEP why should the government keep your money that you rightfully earned.
Two months per summer at a part time job is not what most of us are speaking of. It is the 40+ quarters of paying into SS at different jobs in years when we weren't paying into the pension funds.
I worked in Corrections for 7 years, which meant I would have been impacted by WEP. But had I been incarcerated for that same amount of time, I would not have been impacted by WEP.
What no one mentions is the REAL windfall $ the SS system collected when the WEP and GOP were implemented. And they collected it for 40 years. Where is that money and the potential invested earnings in this $190B projected amount?
You gave a very narrow a rare example. Many worked for years in a job that had FICA withheld. Working 20plus years in one of these jobs prior to or after a non covered pension job. I am not a teacher but where I live teachers are not “high earners “.
Make all earnings ss tax required. Why should some states have the right not to participate in ss.
"then-President Joe Biden"
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life
Those of us with pensions who also worked at jobs deducting SS HAVE to have the 40 quarters of SS to qualify, just like everyone else. 40 quarters isn't from just an occasional summer job but from 10 years of working that SS covered job, probably in years before the non covered (pension) job began. The GPO is significant and it would have even kicked in on my husband's SS (the WEP would then apply to me) if he were to predecease me! I'd lose my own SS and his would be reduced for me to receive it, even though his earnings weren't affected by GPO! So, i would be a widow with suddenly way less to live on. Windfall? I don't think so!
Can you please talk about just SSI updates and information
I worked for 26 years before teaching at the age of 42. My Social Security was still deducted. Is that fair???
What's the timeline. I need the money now.
Nobody is getting an increase. Those who qualify are no longer being penalized. Big difference.
The downside is these working class people can't be robbed to prop up SS. Maria probably only worked about half her work years for a pension. The rest she did pay into S.S and her hubby payed into S.S. Why should she be robbed for working as a teacher. The bend years should benefit these primarily working class people.
James I really enjoy your show. One suggestion if I may... Could you please speak a bit slower? Sometimes it is really difficult to catch especially talking about finances... After all most of your targeted audience are senior people, and some of us are just a bit slow.
Is it a prose or explanation?
Is Maria earning enough in her part time job to have a good year.
Except. Maria worked her way through college 6 years from 17 to say 23, more like three months a year at book store, after 25 years she retired but in those last three years she worked at customer service at a motel, then since she was still younger she worked another almost full time after sheeft the teaching career basically she has 15 to 20;years she did pay dollar for dollar to ssa
Thanks for making a complex subject understandable. One of your best videos. Thank you.
Over the last 45 years since the implementation of the WEP then the GPO, somewhere between 30 and 40 million people were suddenly denied these benefits… most of whom are already dead. In essence, these poor souls have already paid for the elimination of these programs in their withheld benefits.
In todays money, say the ave lost benefit caused by WEP GPO was $400 a month (probably a low estimate), also, say there were 3 million people affected, any given month, for each of the last 540 months (45 years), the unpaid benefits would exceed $600,000,000,000 or about 3 time the projected costs over the next 10 years ( remember, everything in today money to keep things relevant).
Personally, I started paying in SocSec long before GPO was put in place and have lost a minimum of $81,000 already meaning I’ve pre-paid 55 months of my future benefits if I live that long.
I see comments on other channels of people complaining about the $19.6 billion/yr cost of the repeal of the WEP and GPO. "It will drain the Social Security Trust Fund 6 months earlier," they say. My question is, how much earlier will the SSTF be drained by those other 97% getting a 24% COLA increase just since 2022? I suspect pulling 24% more out of the SSTF in such a short period of time will have a far greater negative impact than the SSFA.
Your framing of the situation is irrelevant. The issue is people who HAVE NOT paid into the SS system receiving a benefit which will eventually reduce the benefit of those who HAVE paid into it and earned the benefit. Why should people who receive a gov't pension and have not paid into SS receive the benefit? That's the very definition of "double dipping" and it will screw those of us that have paid into the system for decades, don't have a pension, and desperately need as much SS as we can get. It's not complicated.
You make it sound like the SSTF is a bank account.
This is old news since last month 😂😂😂😂
Stop sending money to foreigner wars. Stop paying people who illegally came into the country. There’s probably about a trillion right there
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life
I retired early 62 my job was very physical Apt maintenance my health hbp and COPD forced me to retire never had a good paying job so my check is pitiful 995.00 pm and that's with the recent cola raise no other income I know a few people in the same boat all this talk about who gets this or that is pointless cause my group won't get a thing other than the recent cola it's okay to give away to illegal aliens and lazy bums that spent their life being pill head drunks which made them eligible for disability but folks like me who had to work the crappy dead end jobs continue to be treated unfairly we're only asking for some kind of reasonable quality of life