Ask Larry

Non-Covered Pension - WEP / GPO

Does Social Security Recalculate WEP Every Year To Take Away Your State Pension COLA?

I am likely going to be hit with a partial WEP penalty (if I can get anyone at SSA to acknowledge their Modified Benefit Formula Questionnaire worksheet exists and correctly interpret it). My question is: Do they redo the WEP every year to make sure to take away the cost of living increase you got from the state pension? I have a chance to take the cost of living in a lump sum buyout which might be worth it if SSA will simply take an equal amount away from my SS check to match the increase in my state check.

Friday, March 25, 2022 - 15:29

Can I Claim Social Security Benefits Now Without A WEP Offset?

Hi Larry,
I am a public school teacher that will need to apply the windfall offset because I only have 25+ years (not 30) of social security withholdings. I am now 62 years old. Can I begin to claim social security without an offset at this time since I am not retiring from teaching & teacher's pension? I know that the amount of SS benefits are reduced if I retire prior to my full retirement age.

Tuesday, March 22, 2022 - 07:57

How Is The WIndfall Elimination Provision (WEP) Fair?

How is the windfall Elimination Provision fair (who can work 20 years for a pension ABD 30 more years for Social Security) and NOT discrimination (hell. Why not ALL states?)

Hi. The Windfall Elimination Provision (WEP) does apply in all states. WEP is part of the Social Security law, which is a federal program that applies in all U.S. states. In other words, you can't avoid WEP by moving to another state.

Friday, March 11, 2022 - 09:00

Can I Collect A Canadian Pension And My U.S. Social Security Benefits?

When I applied for Social Security benefits in 2014 while working in the US, the SS representative told me that if I moved back to Canada and ever applied for CPP that I had to contact SS because it would affect my benefit payments. So when I moved back to BC (I am a dual citizen who has worked in both countries as has my wife who is a Canadian citizen only), I never applied for CPP. But a financial advisor told me recently that I could apply for CPP without losing my SS payments.

Wednesday, March 9, 2022 - 17:51

Am I Subject To A WEP Reduction Even Though I Took A Lump Sum Payout A Long Time Ago?

Hi, I worked for state government and a non profit in the 1980's and 1990's. When I left state government, I ultimately took a lump sum retirement plan payout that was invested in an IRA that I still own. I'd have to do some digging to come up with exact timing, but I left my state job in 1990, payout was several years after that, probably mid-1990's. Am I subject to a WEP reduction in SS benefits?

Friday, March 4, 2022 - 12:39

Will I Have To Pay Money Back If I Start Drawing My UK Pension Four Years Prior To Starting My U.S. Benefits?

I just discovered via your book about a windfall elimination provision in the US which reduces your Uk pension by HALF (!!!!!) when it comes time to take your US social security here. I have eight years of substantial income here. However, I have been contributing to the UK from abroad and estimate I will get maybe $600 a month. My SS will also be small so I want to wait until I am 70 to increase it. I plan to take UK pension at 66 and delay taking US SS until I am 70. I can’t seem to find that scenario anywhere on line.

Tuesday, March 1, 2022 - 15:17

Do I Have To Report My German Pension To Social Security?

I started receiving Social Security due to small amount i receive also spousal benefit 199.00 to have combined approx half of my husbands. Now I can apply to receive my Social Security from Germany which is only 95.00
I don't want to lose what i worked for in Germany.
And have to report 95.00 to Social Security here? I should still be able to keep spousal benefit, ? since half of spouse for me is 600.00 total
.because of spouse Social Security increase.
Thank you so much for your reply.

Friday, February 18, 2022 - 13:35

How Can I Check With SSA To See Whether Or Not They Have Accurate Information About My Non-Covered Earnings?

Hi Larry, Every February I log in to the MySocialSecurity website to make sure thta the SSA has recorded our last year of earnings correctly. All well on that front. However, for the first time I now see a message saying "Fact Sheet: You Have Earnings Not Covered By Social Security". Presumably the SSA thinks I have some earnings for which I did not pay any FICA tax. I can think of several possible reasons for this:

Saturday, February 5, 2022 - 16:20

Would It Be Better To Rollover My Teacher Retirement Funds To An IRA?

I turn 65 this year and thinking of taking SS at the year end. I also have mobey in Teacher Retirement System. Only about $5000 but a monthly annuity of $ 180.00 . SS says they will take an extra 100.00 a month from my SS if I take the TeCher Retirement annuity.
Would it be better to pull all my funds in Teacher Retirement and rollover to an IRA? And keep all of my SS? I'm at a loss on the best procedure.

Friday, February 4, 2022 - 13:07
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