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I tired from military reserves 22 years from 1960 to around

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1990 had to wait till...
i tired from military reserves 22 years from 1960 to around 1990 had to wait till 65 to draw . payed into social security my own business for seventeen years as well, also work for us government, when i went to draw that cut my social security from 1200. to around 300. some thing . Why ??
Submitted: 1 year ago.Category: Social Security
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7/7/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,227
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi,

...

Please don't shoot the messenger here. ... This is called the Windfall Elimination provision (WEP)

...

When you receive a pension from a system that did not pay into Social Security there is a formula that's used to reduce the Social Security amount (UNLESS you had a full thirty years in the Social SEcurity system)

...

There are three pieces to your AIME (Average Indexed Monthly Earnings) that SSA uses to calculat your benefit amount.

...

For 2016 these portions are the first $856, the amount between $856 and $5,157, and the amount over $5,157.

...

Normally, PIA Full retirement benefit - called Primary Insurance Amount) will be the sum of:

(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 the WEP reduces the 90% component to between 40% and 90% for those that have more than 20 years (graduated between 20 years in the SS system and 29).

...

For those with les than 20 years in the system, that 90% component is reduced to 40%

...

You can read more about that here: https://www.ssa.gov/planners/retire/wep.html

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

I hope this has helped. … Please let me know if you have any questions at all.

...

And again, sorry to be the messenger

...

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 work unless you do.

...

Thank you!

Lane

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

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,227
13,227 Satisfied Customers
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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