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If anything, what dose (SS) have to do with Fed Retirement?

Customer Question
If anything, what dose...

If anything, what dose (SS) have to do with Fed Retirement?

Accountant's Assistant: 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. Please tell me more, so we can help you best.

I applied for (SS) benefits in 2011 just before I retired from Fed Service, my monthly benefits where $ 355. per month after about four months I was call in to a (SS office) to speak someone via video com. I was told because I had filed for (SS benefits) before I retired the (SS office) had not check my retirement benefits. I was told my (SS benefits were based on my Fed Retirement. They took $200.00 off my (SS benefits) and I had too pay back about $950.00 a month at $50.00 a month for 19 months. My question to you is this was this right, if not hoe can I go about filing a claim. THANK YOU!

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

Nothing I cant think of at this time.

Submitted: 2 months ago.Category: Social Security
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Customer reply replied 2 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 2 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 22 minutes by:
12/13/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,540
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

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this

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Customer reply replied 2 months ago
I'm waiting our response to my previous question.
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 months ago

Bear with me ... I'm trying to give you a thorough answer about what's going on here... the Windfall Elimination [provision in the Social Security act which DOES serve to reduce your Social Security benefits UNLESS you have a full 30 years under Social Security

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 months ago

Maybe this would be more efficient:

...

From here: https://www.ssa.gov/planners/retire/wep.html

...

Please don't shoot the messenger here, I'm trying ton give you a full (BUT accurate answer). I hope you'll rate me on thoroughness and accuracy, rather than any good news/bad news content

...

If you work for a federal, state or local government agency, a nonprofit organization or in another country, you may be eligible for a pension based on earnings not covered by Social Security.

A pension based on earnings not covered by Social Security can affect the amount of your Social Security benefit. We do not know whether you are eligible for such a pension, so the benefit estimates you have received may not have been adjusted for such a possibility.

Our Windfall Elimination Provision factsheet explains whether you might be affected.

How WEP Can Affect Your Benefit

If you think your pension will affect your Social Security benefit, you can

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 months ago

IN the way of background, in February 1983, after further action in both the House of Representatives and Senate, the conference committee agreement substituted 40 percent for 32 percent as the percentage applicable to the first bendpoint, provided for the 5 year phase-in period, and exempted newly covered employees and those with 30 years of covered work (Committee on Ways and Means 1983, 121). These WEP provisions were included in the legislation signed by President Ronald Reagan on April 21, 1983.

...

Without getting too technical, your benefit is based on your AIME - Average Indexed Monthly Earnings. THis is then factored by three factors called bend points (because of the way the charting of this looks on an X,Y graph).

...

For example, for a worker who turns 62 in 2017, the first $885 of average monthly earnings is multiplied by 90 percent; earnings between $885 and $5,336 by 32 percent; and the balance by 15 percent.

....

The WEP reduces that 90% factor to as low as 40% for those with 20 years or less under Social Security. From 20 to 30 years, that factor gradually works back up to 90%

...

One you've had 30 years under Social Security (and have a government pension) you get full benefits.

...

The policy here, the rationale, is twofold:

...

(1) Social Security is a form of Social Insurance (for those that don't have anything else)

(2) The trust fund in 1982 was struggling (still is). Reagan first signed the WEP provision into law to shore up the struggling Social Security Trust Fund

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 2 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

..

But again, if you need more on this, or if I've not understood your question correctly, please let me know.

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,540
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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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