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I just wonder how many people know that if you get a government pension, and you're lucky enough to also have Social Security, you will NOT get your full Social Security......there's something called the WEP (Windfall Elimination Provision) that will apply. Thankfully, my employer was scupulous about advising those about to retire of this provision, so I knew about it before retirement.
What I didn't know is HOW MUCH they keep. The actual percentage is hard to get out of them, they don't seem to want to tell you. I only get about $250 a month, some of which goes to pay my Medicare premiums. So the amount I actually get is about $150 a month....hundreds less than the original amount I should be getting.
I've heard horror stories of people who retire and then don't get their full SS and end up going back to work, because their employers didn't inform them about WEP, so I thought I'd put the info out there for anyone who didn't know already.
Also, I must say, SS has the rudest, most uninformed workers ever....do not trust any info they give you. I was given at least 5 different retirement amounts before I retired, none of which were right. Every time I call I get different and usually incorrect information, and they've made so many mistakes on my SS account, all of which they blame on me not filling out their forms.....usually in the form of a rude letter telling me I have failed to comply with their request for information. (Most of which I've done at least 4 times over, once 5 times, because I quickly learned to keep copies of everything I send them.) I am extremely disappointed, but not surprised, at the mediocre skills of the SS workers.
The WEP only applies if you receive a pension from work where Social Security taxes were not taken out of your pay. A modified formula is used to calculate your benefit amount, resulting in a lower Social Security benefit than you otherwise would receive.
People at my job were going on and on about this the other day. However, they seem to fail to notice that we do not work for the government and our pension plan is "private."
People at my job were going on and on about this the other day. However, they seem to fail to notice that we do not work for the government and our pension plan is "private."
That shouldn't matter. It has nothing to do with whether you work for the government or in the private sector. It's whether you are paying social security taxes from your paycheck.
exactly - if you don't have social security taken out of your paycheck, whether private or government, WEP applies. Only makes sense - if you don't pay it - you don't reap it .
The WEP only applies if you receive a pension from work where Social Security taxes were not taken out of your pay. A modified formula is used to calculate your benefit amount, resulting in a lower Social Security *benefit than you otherwise would receive.
Exactly, it is a little different from how the OP understands it. We know a few who fall under the plan, they are certainly receiving a decent retirement and are not complaining.
My wife and I both retired from state jobs and we both now get SS...We paid into both and we get both .
And you should get both. Your state job: did you have social security taken out of your pay checks while working. I'm thinking you did or your pension would have been reduced by your social security or maybe that's vice versa social security would have been offset. One or the other would have happened if you did not pay into social security while working. When did you retire on social security? Sometimes if you actually did not pay it takes them awhile to deduct it.
Last edited by pnwretired; 02-05-2013 at 06:15 PM..
Where I live at one time city workers voted where to joi SS as a group. The fireman did not and police did as a example. Fireman do not ewgt SS and chnages meant they can not get full beenfit by changing positons lter within the city lie they once did.Called double dipping.
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