I currently receive a pension from both the UK and Canada that i understand will make me subject to WEP.
My question is how often does SSA update this information as my pensions are paid in foreign curreny and do fluctuate (especially recently) substantially

Many thanks

Hi. Any reduction in your U.S. Social Security retirement benefit rate that's caused by the Windfall Elimination Provision (WEP) will be calculated based on the foreign currency exchange rate effective with the first day of the first month that you are entitled to both Social Security and your foreign pension (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300605372). Therefore, if you're already drawing your foreign pension(s) when you claim U.S. Social Security, any WEP reduction in your benefit rate will be based on the exchange rate at the beginning of the first month that you claim your U.S. Social Security benefits. Subsequent fluctuations in the exchange rate will not affect the calculation of your benefit rate.

Our software (https://maximizemysocialsecurity.com/purchase) is programmed to handle WEP calculations, so you should strongly consider using the software to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry