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My wife will be 65 in July of 2018 and is looking into

issues concerning retirement. Her main...
My wife will be 65 in July of 2018 and is looking into issues concerning retirement. Her main employment has been teaching in the public schools so she has contributions to PSRS enough to have a pension but she has also worked for private companies which paid in to social security and of course withheld social security on her behave. Her annual statement from the social security administration gave her an estimated social security monthly benefit of $650.00 if she retires at 65 but we have read about the windfall elimination provision which is, as I understand, put in place to reduce social security subsidies to persons with dual pensions. What can my wife expect to collect from social security benefits if she has 35 credits paid in.
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Answered in 13 minutes by:
8/13/2017
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,140
Experience: Taxes, Immigration, Labor Relations
Verified

First of all - to qualify for social security benefits it is required to have 40 credits.

The amount needed for a credit in 2016 is $1,260. You can earn a maximum of four credits for any year.

The person must have worked long enough in jobs covered by Social Security (usually 10 years).

If your spouse has only 35 credits - she would not qualify.

Please verify if information your provided is correct.

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Customer reply replied 11 months ago
I must be incorrect about the number of credits paid in to social security in her account. I do not have the exact information at this time but the annual statement did say she would qualify for approximately $650.00 of monthly payments from social security at age 65, so she must have 40 or more credits.

If you paid Social Security tax on 30 years of substantial earnings you are not affected by the Windfall Elimination Provision (WEP).
"substantial earnings" amount is more than the amount required to earn SSA credits.
For instance - for 2015-2016 the amount of substantial earning is $22,050.

.

If she had NO years with substantial earning - WEP reduction might eliminate her social security benefits completely.

Reduction will be by 40% of her pension for work not covered by social security.

For instance - if her pension is $1000 - her social security benefits will be reduced by $400.

The law protects you if you get a low pension. the SSA won’t reduce your Social Security benefit more than half of your
pension for earnings after 1956 on which you didn’t pay Social Security taxes.

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Customer reply replied 11 months ago
Thanks this is good int
Customer reply replied 11 months ago
Good information, I mean.

To calculate your WEP reduction, please use our WEP Online Calculator provided by the SSA

www.ssa.gov/planners/retire/anyPiaWepjs04.html

Let me know if you need any help.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,140
Experience: Taxes, Immigration, Labor Relations
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