Government Pension Offset can hit a retiree🏌🏼 when they claim their Railroad Retirement.

Watch this episode of the Highball Advisors Railroad Retirement Whiteboard to learn two distinct strategies to avoid⚠️ the GPO reduction in your spousal annuity.

Understand 🤔 why the Last 60 Month Rule is the best strategy to reduce the impact of GPO.

Is your Railroad Retirement annuity impacted 💥 by the Government Pension Offset?

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Disclaimer: This video is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved.

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The Government Pension Offset (GPO) is a provision under the Social Security Act that affects spousal benefits for those who receive a government pension. The GPO can have a significant impact on the Railroad Retirement Benefits that you receive. Fortunately, there are two ways to reduce the effects of the GPO on your benefits.

1. Delay Your Railroad Retirement Benefits

One way to minimize the effects of the GPO on your Railroad Retirement Benefits is by delaying your benefits until after you reach your full retirement age. This is because the GPO only applies to spousal benefits received before you reach your full retirement age.

If you delay your benefits, you will receive a higher monthly benefit amount, and the GPO reduction will be smaller. For example, if you delay your benefits until you reach your full retirement age, the GPO reduction will be reduced by two-thirds. If you delay your benefits until after your full retirement age, the GPO reduction will be eliminated entirely.

Additionally, if you delay your benefits until after your full retirement age, you can also receive delayed retirement credits that will increase your monthly benefit amount even further.

2. Work at a Non-Government Job

Another way to minimize the effects of the GPO on your Railroad Retirement Benefits is by working at a non-government job. The GPO only applies to spousal benefits received from a government pension. If you work at a non-government job and receive a non-government pension, your Railroad Retirement Benefits will not be affected by the GPO.

Working at a non-government job will also allow you to continue earning Social Security credits, which can increase your Social Security benefits. Additionally, if you work at a non-government job, you may be eligible for employer-sponsored retirement plans, such as a 401(k), which can provide additional retirement income.

In conclusion, the GPO can have a significant impact on your Railroad Retirement Benefits, but there are two ways to minimize its effects. By delaying your benefits and working at a non-government job, you can reduce the amount of the GPO reduction, and potentially increase your retirement income. It’s essential to speak with a financial professional to determine which strategy will work best for your specific situation.