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Im 70 years old and retied at 66- Im only getting $271.00

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Im 70 years old and...
Im 70 years old and retied at 66- Im only getting $271.00 from s.s. have enough points to get $800.00 or more however Im olso getting retirement thru trs in Texas- Why Im I not getting full benefits from s.s.- Im I being penalized for having two retirements
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: Whatever he needs I will send
Submitted: 1 year ago.Category: Social Security
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Answered in 14 minutes by:
10/21/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12,878
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane. Please don't shoot the messenger here.

...

What's happening is a provision of Social Security law, called the Windfall Elimination Provision, is causing this.

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Any time that someone is receiving a state, local government, teachers, or federal pension (where you didn't pay into Social Security for the time you were there) your social security benefits are reduced.

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The only time that DOESN'T happen is when you have a full 30 years in the social security system.

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Your social security pension is figured by averaging you earnings under Social Security and the applying three different factors to that average (90% of the first $885, 32% of the amoount between $885 and 15% of the amount over $5336).

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For someone getting a non-social security pension, that 90% factor can be reduced to 40%.

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(40% for those with 20 years or less in the system up to 85% for those in the system for 29 years) ... and then, again, if you have 30 or more years under Social Security you get the full Social Security amount PLUS your other pension.

...

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

The WEP was enacted as part of the 1983 Social Security Refinancing Act, designed to shore up the financing of the Social Security Trust Fund, signed into law by President Ronald Reagan.

...

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. Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

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: 12,878
12,878 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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