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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I was a teacher for22 years hence no SS taken out. My

Customer Question

I was a teacher for22 years hence no SS taken out. My question is shouldn't I make more since I had two jobs? One - no SS(teacher) and the second job was in the hospital where SS was taken out. I held these two jobs for well over eight years. Shouldn't the second job be considered when figuring out the amount I get from SS??
Submitted: 6 months ago.
Category: Social Security
Expert:  Lane replied 6 months ago.

Hi,

...

What you're dealing with here is called the Windfall Elimination Provision (WEP).

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And (please don't shoot the messenger here, but) if you don't have 30 years in the social security system your Social Security benefits will be reduced and if you have less than 20 really quite severely reduced.

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If you did 't HAVE any time in a non-social security pension system your AIME (Average Indeed Monthly Earnings) are factored by three different percentages at three different points.

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For an individual who first becomes eligible for old-age insurance benefits or disability insurance benefits in 2016, or who dies in 2016 before becoming eligible for benefits, his/her PIA (Primary Insurance amount ... PAYMENT) will be the sum of:

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(a) 90 percent of the first $856 of his/her average indexed monthly earnings, plus

(b) 32 percent of his/her average indexed monthly earnings over $856 and through $5,157, plus

(c) 15 percent of his/her average indexed monthly earnings over $5,157.

...

But when you're in another system the 90% factor is reduced to (if you had 20 to 29 years in the ss system, a factor that ranges from 45% to 85%)

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And if you have 20 or less years under Social Security, that 90% percent factor is reduced to 40%

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So sorry to be the messenger here

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Expert:  Lane replied 6 months ago.

here's the SSA publication that discussed this:

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https://www.ssa.gov/pubs/EN-05-10045.pdf

Expert:  Lane replied 6 months ago.

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. That’s the only way I’ll be credited for the work here.

Thank you!

Lane

I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.