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My wife and I are just retired. I retired from the City of…

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My wife and I...

My wife and I are just retired. I retired from the City of Boston, my wife retired from the State of Mass. Our daughter is 19 and still under my health plan which i am paying from my retirement plan. I was told to o to the SS office this month. What can I expect?

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. Is there anything else the Retirement Accountant should be aware of?

Not sure . Thanks so my wife and I will plan on going to our local SS office.

Submitted: 1 month ago.Category: Social Security
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Answered in 2 minutes by:
1/3/2018
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,520
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My Lane’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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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

As I'm guessing you may suspect, unless you have 30 years or more in jobs where Social Security taxes were paid, the E=Windfall Elimination Provision (WEP) and the GPO (Government Pension Offset) will affect your Social Security Benefits.

...

As Social Security says here: https://www.ssa.gov/planners/retire/wep.html "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"

...

They calculate your benefit by using a number called AIME (Average Indexed Monthly Earnings) - which is you highest 35 years of earnings, averaged and indexed to current dollars. They then factor that number by three different factors to come to your PIA (Primary Insurance Amount) ... your Full Retirement Age benefit

...

If you have less than 20 years in Social Security tax paying jobs that 90% factor is reduced to 40% ... the factor grows for each year of Social Security covered work that you have ... such that at 30 years under Social Security, you get the full 90% factor... meaning that there is no reduction at all.

...

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

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

You can use the online calculator here: https://www.ssa.gov/planners/retire/anyPiaWepjs04.html to calculate the effect of the WEP on your Social Security benefit.

...

The WEP only applies to your own work record benefit. The GPO applies to ancillary benefits you may receive on your spouse's benefit, such as spousal benefits and survivor benefits ... you can read about the GPO here: https://www.ssa.gov/planners/retire/gpo.html

...

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: 13,520
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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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