I'm very interested in purchasing your software and would like to ask if it will be able to calculate my scenario as detailed below?
I lived in the UK for a long time and now the US and do not have "full" retirement in either country, as far as I understand the definition.
State Pension -
Made 25 Years Full Contributions
Still have 10 Years to Contribute (make up contributions)
30 Years Is Deemed To Be "Full" Contributions
Non-Covered Pension - WEP / GPO
Hello. I have been trying to get an answer to this question and no one seems to be able to help me. I participate in an alternative retirement plan that is considered a 401a. I understand that it is subject to WEP and GPO, and that Social Security will use a formula to calculate the assumed monthly payment to know how much to reduce Social Security payments. Assuming I stop working well before a "traditional" retirement age (let's say I stop at age 50), at what point does Social Security determine the monthly equivalent of the lump sum?
I have paid in my 40+ quarters of SS contributions. But, I also worked for an international organization overseas for several years without making SS contributions. I now receive a pension paid by this organization that exceeds the WEP threshold. When I file for my SS benefits, will I be exempt from, or subject, to, a WEP deduction? My pension has a non-US origin. Thank you.
A friend of mine is 74 and started drawing SS at age 70. His wife is 68, and hasn't drawn SS -- she worked as a teacher and is drawing STRS (State Teacher's Retirement System) which is non-SS covered employment. Has a very small SS entitlement which would probably be wiped out by her teacher's pension.
Would she still be able to claim spousal SS on her husband? Or would that also be reduced by her non-covered pension. Her husband's a doctor and is collecting at or near the maximum rate. I understand her spousal entitlement would be based on his age 66 entitlement.
I retired in July 2014 and receive a Federal pension (Dept of State, Foreign Service). I am under a program called the Foreign Service Retirement and Disability System Offset. (FSRDS Offset). Under that system, when I reached 62, my Pension was to be reduced by the amount I was authorized to get from SSA. So contacted SSA to apply for the benefits available to me at age 62 to avoid a reduction in my monthly income.
I currently receive benefits with a slight WEP reduction. My wife is not receving benefits but is receiving a State Teachers Retirement System (STRS) benefit from OH. She has enough time in covered employment to earn a small SSA benefit (probably about $300 per month) which, I believe, will be reduced further by WEP. At her full retirement age (66y4m) can she claim a spousal benefit of 50% of my benefit?
Hi Larry, prior to April 30, 2016, I filed and suspended my benefits until age 70 while my wife filed restricted application for spousal benefit. My wife collects spousal benefits, and recently I started to collect non-covered pension benefits. Will WEP reduction reduce our benefits when I reach age 70 or it will apply on the month when I started to collect non-covered pension?
Thanks for your answer about wep and gpo.
It looks like it's very clear gpo shouldn't be an issue.
However in regards to wep. My wife does normal benefits based upon US work history. Since technically draws her own after applying for spousal benefits, and her TOTAL will be 50% of my PIA (the difference being her spousal benefit) is it possible the reduction we were notified of is a WEP reduction on her record?
My wife has just been notified her Canada pension based upon earnings will reduce her spousal social security by 2/3 of her CP
I have read the SS OM that states Foreign pensions are not subject to GPO but in have also read SS documents that it is subject to reduction because of WEP.
Can you explain the relationship between WEP and GPO.
Should we file an appeal?
If I am continuing to work past 70 and am gaining additional years to offset my Windfall Elimination penalty, will my benefit continue to increase by holding off on filing? My Maximize My Social Security readout shows an increasing benefit after 70 which makes me believe that is possible.