Windfall Elimination Provision and Government Pension Offset

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  • Опубликовано: 5 сен 2024

Комментарии • 37

  • @samtedesco3529
    @samtedesco3529 Год назад +8

    I'm a retired California teacher and your explanation of wep and gpo deserves an (A) grade. Very well done. Thank you.

  • @jamesjamieson7412
    @jamesjamieson7412 Год назад +6

    I am a retired Massachusetts firefighter. I have paid in to social security since I as 16 years old.. I always worked two jobs while I was a municipal employee and after I retired. I paid in to SS and earned all of my credits! The government is stealing from me with WEP. Why are they allowed to steal from me?

    • @skibum6422
      @skibum6422 Год назад +3

      Have you ran a report from the SSA to see how many years of substantial earnings you have to reduce your WEP? I too am a retired FF but I will get all my SS when I apply because I worked enough on my side job to have 30 years of substantial earnings.

    • @alanparedes2034
      @alanparedes2034 7 месяцев назад

      @@skibum6422 What is defined as substantial earning? I too worked for over 20 years and am vested in Social Security and then worked for the government for more than 15 years. I'm fucked.

    • @clearbrook
      @clearbrook  7 месяцев назад +2

      If you have 30 years of substantial earnings, your SS benefit will not be reduced due to WEP.

  • @jackjohnson7396
    @jackjohnson7396 Год назад +1

    Losing proposition fighting it for years. Many have died since the fight started to overturn it. Sad but true.

  • @m.gfaust8828
    @m.gfaust8828 2 года назад +6

    I live in Louisiana and I tell all State employees about this "program."

    • @Youtube304s
      @Youtube304s 6 месяцев назад

      i spent six years working there, but I did the ORP so no "pension" and reduced SS benefit.

    • @brianguillot3403
      @brianguillot3403 6 месяцев назад

      I'm retired from dept of corrections in Louisiana. I been receiving a state pension since I was 44 in 2013. If I work 12 years and pay into as in the private sector, how much ss can I get at age 62 ? Approximately ?

    • @Youtube304s
      @Youtube304s 5 месяцев назад

      @@brianguillot3403 no way to know without the specifics. Need to go get a financial planner to sort through it.

  • @j.s.3113
    @j.s.3113 19 дней назад

    I had a 401a in a local Arizona govt for 30 years that didn’t pay SS. I Retired 2 years ago and last year rolled over to a self directed IRA with Schwab. I only had 5 years of other previous substantial earnings. Is my IRA subject to WEP. My current SS doesn’t reflect WEP. Is it my responsibility to report my 401 cash out this to SS?

  • @MrThaiBxr
    @MrThaiBxr 6 месяцев назад

    I’m just trying to get confirmation on something. I’m currently a police officer in Northern Illinois. My department DOES pay into social security. The windfall elimination provision should not affect me. Is that correct?

  • @tonyajohnson4518
    @tonyajohnson4518 Год назад +1

    I hope you'll see this and good job. You've got me a bit scared. I recently started recently receiving my ex-husband's Survivor Pension benefit from CalPERS. He worked in the state parks system for many years before transferring to CalTrans. So he had just under 30 years with the state of California.
    I am 10 years from being able to start collecting Social Security Retirement Benefits at the earliest age allowed. From you said about GPO and WEP can do, I am wondering if that benefit can be eliminated. Mind you, I have worked myself for less than 20 years.
    Is there anything you could say to ease my concern? In today's economy, having both forms of income is a necessity.

    • @clearbrook
      @clearbrook  7 месяцев назад

      My email is in the video. Send me an email and I will reply quickly.

  • @shondahogan1487
    @shondahogan1487 Год назад

    I worked as a TX teacher and retired.

  • @tammiecanada5837
    @tammiecanada5837 Год назад +1

    I retired thinking I'd have enough to make it with ss and my teacher retirement due to the fact that ss statements do not show the WEP reduction. Any hope of the WEP being reduced or eliminated?

    • @skibum6422
      @skibum6422 Год назад

      Yes if you have years of substantial earnings that were in the SS system. If you have 30 years of substantial earnings then your SS is not reduced at all.

    • @clearbrook
      @clearbrook  7 месяцев назад

      We can always hope. It is being discussed!

    • @MargaretAylward-zw1zv
      @MargaretAylward-zw1zv 4 месяца назад

      There was a hearing on 4/16/24. Contact your representatives and ask them to support the repeal of the Windfall Elimination Act/GPO. It is HR82. The last day to join this current effort is 4/30/24. If you go on line and research. you will see what I am talking about. This is the closest we have come to getting this law repealed, probably because it is an election year.

  • @herbigp
    @herbigp 2 года назад +1

    I just left my job at 53 for the city of Kirkland, WA.
    I am planning to draw ssi as soon as possible then a pension (PERS) at 65.
    My service years are low for both.
    Can the social security administration help me figure out possible Windfall?

    • @clearbrook
      @clearbrook  2 года назад +1

      Washington is one of the states that participates in Social Security with all state employees. You will not be subject to the windfall elimination unless you have some other non-participating pension benefit. For your reference, SSI typically refers to the welfare version of social security. Those who do not receive that or disability, receive straight social security benefits. Hope that helps!

    • @herbigp
      @herbigp 2 года назад +1

      @@clearbrook I was also participating in MEBT in lieu of Social Security at the City of Kirkland. Just rolled that fund into a SDIRA to do investments I prefer. I was told from other employees that the MEBT and pension would trigger the windfall exemption??

    • @clearbrook
      @clearbrook  7 месяцев назад

      I will need to look into this further. The information does say that the city contributes to MEBT "in lieu of Social Security." If that is the case, it would be subject to WEP.@@herbigp

  • @beautyRest1
    @beautyRest1 3 года назад +2

    I contacted you today and you said to take you off the call list. I had a question about windfall elimination. So why do you say we can call you???

    • @clearbrook
      @clearbrook  3 года назад +2

      I am sorry that happened. I believe we have talked since this happened, but if not, please give us a call.

    • @beautyRest1
      @beautyRest1 3 года назад +1

      @@clearbrook yes, I did mail you that letter from the German pension talking about totalization, remember?

    • @clearbrook
      @clearbrook  3 года назад +2

      @@beautyRest1 Great. Just wanted to be sure it was you. :)

    • @beautyRest1
      @beautyRest1 3 года назад +1

      @@clearbrook yes! Thanks,

    • @charleslemaire8137
      @charleslemaire8137 5 месяцев назад

      @@clearbrook - I just listened to your explanation of GPO again. It seems that you are not explaining well. Your description seems to say that with your non covered Pension and your SS, GPO will set the adjustment on your spouse's spousal benefit. That sounds backwards for GPO.
      Please allow me to take a run at this: GPO comes into play when there is a dual income couple, where "G" worked a non-covered gmvt job and "P" worked in the private sector paying FICA. If "P" passes away, because "G" did not pay FICA for all there work time, they will not get the survivor benefit without adjustment. Like normal dual income couples, the survivor will not get both benefits, just the larger of the two. This is handled for "G" & "P" couples with the GPO adjustment.

  • @michaelri892
    @michaelri892 Год назад

    What happens if you have 2 pensions, one from California and one from another state?
    Do they total them to determine the $ reduction due GPO?

  • @pgpc6448
    @pgpc6448 Год назад

    Does GPO happen only if partner wants to claim benefits and you also are in WEP?

    • @clearbrook
      @clearbrook  7 месяцев назад

      GPO only happens when someone is receiving spousal benefits and has their own pension that did not participate in Social Security.

  • @andanchazrett
    @andanchazrett 2 года назад

    Will my Windfall elimination cut into my wife's SSI retirement benefit? Can you serve people in Arizona. I need advice after learning of this.

    • @clearbrook
      @clearbrook  7 месяцев назад

      Sorry for the delay. I should check the comments more often. Email me matt@clearbrookinvestments.com