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It deals with the Windfall Elimination Provision. I just

retired in July. I have...
It deals with the Windfall Elimination Provision. I just retired in July. I have 28 years of substantial pay in into Social Security. I also have 13 years as a school teacher. I'm 66 years old (birth date july 1, 1950) My Social Security monthly benefit is $2,189 and my monthly school pension is $4218. Social Security has asked (and I have sent them today) details on my school pension. Can you give me some idea as to what the WEP might reduce my social security benefit. I ran the WEP calculator and the difference was minimal $2,160 versus the $2,189 that I'm now receiving. Thanks for any input you can give me.
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: I have a typo with my monthly school pension. I receive $2,416 per month and not $4,216 that I typed.
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Answered in 3 minutes by:
10/27/2016
Christopher B, Esq.
Category: Social Security
Satisfied Customers: 3,012
Experience: associate attorney
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My name is ***** ***** I will be helping you today. Thank you for your question and for using justanswer.com. Give me a bit and I will draft you an answer.

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Customer reply replied 1 year ago
Thanks, Chris
Customer reply replied 1 year ago
At this moment I would prefer to see your written response.

Ignore those phone call requests, those are automatically generated by the site.

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Customer reply replied 1 year ago
How are you coming on this my friend?

The WEP formula substitutes 40 percent for the 90 percent factor in the first band of the Social Security benefit formula. See link for formula: https://www.ssa.gov/oact/progdata/retirebenefit2.html The reduction is phased in as follows: If you retired in 1990 or after, then the first percentage factor used in the Social Security benefit formula is 40 BUT a worker may get a full or partial exemption based on earning "years of coverage." The worker receives the percentage that yields the higher benefit amount. At 28 years, the first percentage factor in the formula is 80. A worker's PIA will never be reduced by more than one-half of the pension amount from noncovered employment. So in the formula, instead of 90%, you would use 80% would as you found will not make a huge difference. The SSA benefits calculator is pretty good and your benefit should not be affected greatly as you have found.

Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will be greatly appreciated. See link for how to rate: http://ww2.justanswer.com/help/how-do-i-rate-answer-hl

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Customer reply replied 1 year ago
Thanks, Chris. I sincerely ***** ***** input and help in confirming my research and results. Thanks again, and I look forward to completing the rating.
Customer reply replied 1 year ago
Chris, I went to the link but could not find a way to rate your assistance on my behalf. I could have, I would have given you 5 STARS!

The link just shows you how. You rate on this site and there should be stars or smiley faces from 1-5 to choose from. Check the link again on how to and find the corresponding place on this site. Thank you in advance.

Christopher B, Esq.
Category: Social Security
Satisfied Customers: 3,012
Experience: associate attorney
Verified
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