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What is the maximum SS windfall e p $ ballpark figure? I am…

What is the maximum...

What is the maximum SS windfall e p $ ballpark figure? I am 75 years young, still work at a non SS paying govt civil position, drawing a current SS benefit of $1,050 since I turned 66 in 2009 and project a current gross monthly pension benefit of about $4,000 a month. I am married and my wife draws about $1,500 monthly in SS if that has any relevance.

Accountant's Assistant: What state are you in? It matters because laws vary by location.

CA

Accountant's Assistant: What steps have you taken so far?

None, still working; perhaps a year more or so

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

That is it

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Answered in 2 hours by:
3/18/2018
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,878
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.

...

I hold a law degree, 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, since 1986.

Bear with me just a moment.

I'm reviewing your question now and typing up my reply.

...

I'll post that in just a few moments. Then, let me know if you have further questions on this.

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Hang with me here ... this is complicated and I need more information from you to run the numbers ... BUT a PART of the answer is that the WEP can not reduce your SOcial Security benefit by more than 1/2 of your government pension.

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Hang with me and I'll tell you how this works

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First SSA uses the highest 35 years of indexed earnings in a benefit computation. (That's your highest 35 years of earnings, indexed, inflated, to current dollars and then averaged to a monthly number)

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They call this number AIME (Average Indexed Monthly Earnings)

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They then factor that by three percentages, actuarially determined, to benefit lower wages earners (Social Security is a form of social insurance meant for those that don't have the ability to save and invest)

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These percentages are as follows:

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For an individual who first becomes eligible for old-age insurance benefits or disability insurance benefits in 2018, or who dies in 2018 before becoming eligible for benefits, his/her PIA will be the sum of:

(a) 90 percent of the first $895 of his/her average indexed monthly earnings, plus

(b) 32 percent of his/her average indexed monthly earnings over $895 and through $5,397, plus

(c) 15 percent of his/her average indexed monthly earnings over $5,397.

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NOW comes the WEP

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The WEP reduces that 90% factor down to as low as 40% for those that have a non-social security covered pension.

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For those that gave 20 years or less under social security (and a government pension) the 90% factor is reduced to 40%

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For those that have 30 years under social security (and a government pension) the 90% factor isn't reduced at all - you get your government pension and a FULL Social Security benefit as well.

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For those between 20 and 30 years in a social security covered job (and having a government pension) the 90% factor grows steadily from 40% steadily back to the full 90% at 30 years.

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Here's a good overview of the normal calculation

https://www.ssa.gov/oact/cola/piaformula.html

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And here's a way to estimqate the WEP's effect

https://www.ssa.gov/planners/retire/wep-chart.html

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Now, there is ANOTHER reduction that comes into play for those that have a government pension - the GPO - the Government Pension Offset.

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THIS provision of the Social Security Act reduces any ANCILLARY benefits you might receive on ANOTHER'S record (such as the spousal benefit or the survivor benefit.

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AND it's a much simpler calculation.

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The GPO reduction depends NOT on you OWN earnings and time under the SSA system but very simply reduces your spousal benefit (living spouse benefit for which you might be eligible - 50% of your spouses own benefit) and your survivor benefit (can be up to 100% of you deceased spouse's benefit) by 2/3 of your own government pension.

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SO if your government pension is large enough it can completely wipe out and SSA spousal or survivor benefit.

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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 JustAnswer.com will credit me for the work.

...

I hope you’ll rate me based on accuracy and thoroughness, rather than any good news / bad news content

But again, let me know if you need more here,

Lane

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,878
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
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Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,878
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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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