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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12698
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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How many years do I have to pay into social security to avoid

Customer Question

How many years do I have to pay into social security to avoid the WIND FALL situation. I retired in 1993 and then worked for another 20 years.
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi,...For the WEP to have no effect at all, you have to have 30 years in the Social Security system...To understand how the WEP works, its probably easiest, first, to show how a retirement benefit is calculated when there's NO offset....the SSA multiplies:The first $606 of average monthly earnings in the social security system by 90 percent;The second $3,046 by 32 percent; andThe remainder by 15 percent.​...The for those that have less that 20 years under Social Security, they multiply that first $606 by 40 percent, not 90 percent....And for those that have years in the system BETWEEN 20 and thirty, there's a PARTIAL graduation exemption from the 90 down to 40 reduction....If you have 21 to 29 Years of credit (YOCs), you are eligible for a partial exemption. ...Under a partial exemption, the 90 percent factor is reduced to between 45 and 85 percent depending on your earnings in each year you worked in SS-covered employment. SSA uses all wages on your Social Security earnings record to calculate your number of YOCs. ...And again, if you have fewer than 21 YOCs, the 40 percent factor applies, as above
Expert:  Lane replied 1 year ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....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
Expert:  Lane replied 1 year ago.
P.S....The WEP's reduction of your Social Security benefit may be no more than one-half of the government pension to which you are entitled in your initial month of entitlement to the pension....Here's the Social Security Publication on the issue: here's a calculator that may help: