Hi, I am turning 70 in Sept 2017 and have chosen to keep working because i enjoy it. I have not yet started taking my teacher STRS pension of about 4,000 per month, which i understand is subject to WEP and GPO rules. My wife will begin taking her ss at 70 in August 2017 and getting about 2,500 per month. My ss is about 1000 per month, based on about 20 years of work under ss. My questions are:
1) If i do not start my STRS pension, does WEP and GPO rules apply to my ss taken at 70?
Non-Covered Pension - WEP / GPO
My wife, a Federal Gov't worker for 30 yrs was under FERS and CSRS, thus she is probably going to receive a small SS monthly check because of GPO and WEP. Would it be better to claim now (age 68) or wait until age 70 as we intended to do to get the largest amount? I am retired military with 28 yrs in the service for my country. I made about 1/3 more than she did through the years.
Thank you for your help on the GPO. I'm learning how any single SS document can be misleading. The POM you mentioned seems to simply and clearly answer the question. But it turns out there are other POM's on the GPO that give a more nuanced, updated and different answer. POM 400 sand IRS pub 963 say that there are exclusions and exemptions to the GPO for optional savings plans, if they meet certain conditions. Other things covered in the POM mentioned have also been changed. The problem is that there isn't an official single document addressing the GPO.
My wife receives two payouts from the Ct. State Teachers Retirement Board (TRB): (A.) a Primary Monthly Benefit based on pretax mandatory contributions by both the state and her, whose payout is based on earnings and time in service plus and (B.) a Monthly Voluntary Account Annuity based on, elective, after tax contributions by her alone, whose payout is only the return of the contributions plus interest and is not part of the Primary benefit.
I work for a US Company, however I worked in the UK for 10 years after 5 years in the UK due to the Totalization Agreement with the UK my company stopped paying Social Security etc in the US and started paying into the UK system (from 2003 to 2007) now my US Social Security Statement shows 0 Earnings from 2003 to 2007. What should I do? Am I eligible for a UK payment as well as a US payment?
My husband and I will be 66 in September 2017. He gets a teacher pension but has a small social security benefit from other work history that is offset by his teacher pension. He started taking SS benefits last year at age 65. I would like to hold off on taking my SSbenefit until age 70. Can I file a restricted application for spousal benefits? Will my benefit be based on his benefit original benefit amount before it was offset by his pension, or on his much smaller actual benefit amount?
What is the impact on Social Security benefits when you work in the private sector, but then work in the public sector such that you opt out of the public employee pension system (matching contributions from state, but without a guaranteed pension benefit, that is, no pension payment, just a pot of money to invest) and participate fully in 401(a), 403(b), and 457 plans? Since there is no pension, per se, is there no reduction in SS benefits?
I have dual nationality (Swiss and USA). I have contributed to the Swiss pension fund every year since 1980 and to the US pension since 1999. Can I claim both pensions when I retire?
I'm was married 21 years.
I have taught in Ohio since 1981 on and off.
I put into STRS State Teachers retirement for 13 years.
I withdrew all of the money 6 different times. The was a 10% penalty on the funds I received. These funds were NOT matched by STRS. I got back only what I put in minus the 10% penalty. By doing this I was no longer vested.
Since then I have accrued 3 years in my STRS account totaling about $9000.00 and in 2 more years I will be vested again. I am 58.5 years young.
I am 58 and have paid SS my entire working career. Now I am considering substitute teaching, intermittently, and who knows for how long. I am concerned that I will risk messing up my social security benefit, given the Windfall Provision. Can you advise me on this?