================================
Sign up for email list here.
Get Your Own Pablo Retirement Gear:
Follow me censorship-free!
My course “Can I Retire” will help reduce your stress when it comes to retirement planning.
Get it here:
and don’t forget there IS a 30 day money back guarantee if you’re not satisfied!
Get my books on Audible here:
Want to support what I’m doing for $10 a month?
Join my SubscribeStar page!
My Amazon Product page:
Anything you buy there Amazon pays me a commission. Much appreciated!
GET MY BOOKS:
ALL are FREE to Kindle Unlimited Subscribers!
You Can RETIRE on SOCIAL SECURITY:
The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:
Strategic Money Planning: 8 Easy Ways To Put Your House In Order
GET ALL MY LATEST BLOGPOSTS:
…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Social Security WEP & GPO Repeal Is Coming!
Social Security is a vital safety net for millions of Americans, especially those who have worked hard and contributed to the system throughout their lives. However, some individuals have long been affected by two provisions that reduce their benefits: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The good news is that repeal efforts are gaining momentum, which could greatly alleviate the burden on those impacted by these provisions.
The Windfall Elimination Provision, enacted in 1983, was designed to prevent individuals who receive pensions from jobs not covered by Social Security from receiving what some consider to be a “double-dip” of benefits. Under the WEP, a modified formula is used to calculate the Social Security benefits of those who also receive pensions from jobs where they did not pay into the system. This provision often leads to a significant reduction in benefits, creating financial hardships for affected individuals.
Similarly, the Government Pension Offset affects spouses or survivors of workers who receive pensions from government employment not covered by Social Security. Under the GPO, the spouse’s or survivor’s Social Security benefits are reduced by two-thirds of their government pension. This provision often leads to these individuals receiving little or no spousal or survivor benefits, causing financial distress in retirement.
Fortunately, efforts to repeal these provisions are gaining traction. Many individuals, advocacy groups, and lawmakers have recognized the unfairness and financial strain imposed by the WEP and GPO. The Social Security Fairness Act, which seeks to repeal these provisions, has garnered bipartisan support and has been introduced in both the House (H.R. 82) and the Senate (S. 1302) of the United States Congress.
The momentum behind the repeal efforts has grown stronger in recent years, as more and more people have become aware of the detrimental impact of the WEP and GPO. Numerous stories have emerged of retirees whose benefits have been excessively reduced or even eliminated due to these provisions. This increased awareness has led to growing public outrage and demand for change.
Additionally, awareness of these issues has spread through social media platforms and independent campaigns initiated by affected individuals. These grassroots efforts have shed light on the thousands of retirees who have been unfairly penalized, amplifying the call for action and urging lawmakers to support the repeal.
While the repeal efforts have gained substantial support, it is important to note that the path to reform will require the cooperation and commitment of lawmakers. Repealing the WEP and GPO would require legislative action, as these provisions are enshrined in federal law. However, with bipartisan support for the Social Security Fairness Act and the growing public demand for change, there is a renewed sense of hope that these unfair provisions will be repealed soon.
If the WEP and GPO are repealed, it would mean a significant increase in benefits for those affected. Retirees who have seen their benefits unfairly slashed would be able to fully enjoy the funds they paid into Social Security throughout their working lives. This change would provide a much-needed reprieve for individuals struggling to make ends meet in retirement and bring about greater financial security for all.
In conclusion, the repeal of the Windfall Elimination Provision and the Government Pension Offset is becoming an increasingly achievable goal. With bipartisan support, widespread public awareness, and grassroots advocacy campaigns, the movement to end these provisions is gaining traction. Repealing the WEP and GPO would bring much-needed relief to individuals who have contributed to the system and deserve their full Social Security benefits. It is time for lawmakers to act in the best interest of retirees and ensure a fair and secure retirement for all Americans.
WEP and GPO are not penalties. They prevent the American taxpayer from being taken advantage of.
Repealing the wep and gpo will not give anyone who 'never' paid into the social security fund a pension from social security. Who it would give more money to is people who worked both civil service jobs and other jobs that paid into social security. I earned my 40 social security credits last year @ 67 years old. But since I also earned a civil service pension, working 32 years at a civil service job, social security used the wep and cut my social security check in half. Wep stands for windfall elimination provision. So if you work harder and earn more, social security wants to take it away from you. School teachers don't work all year, so in their time off some of them work on other jobs, earning the social security pension too. And they use the wep & gpo to lower what they actually get.
This also effects Police, Fireman, postal employees ect
You would be much more credible if you made zero political comments. That said… I paid 21 years into SS. Then 19 years into a Teachers Pension. I think it’s terrible that I’m being penalized. Thanks for keeping us updated.
GOVERNMENT PENSION OFFSET….will keep Widowed Women in POVERTY.
John Larson's Secure ACT 2100….repeals both….and increases WIDOW…SURVIVOR BENEFITS.
MISSOURI TEACHERS BEWARE: Social Security will STEAL your benefits….especially….your SURVIVOR BENEFITS! Repeal: WEP & GOVERNMENT PENSION OFFSET. HR 82. S 1302.
I’m a retired cop where I did not pay SS And I’m being penalized even though I had 26 years of military where I paid social security.
The WEP also hits US citizens residing abroad and it is unfair. If one contributes to SS in the US for, say, 15 years and then contributes to the social security system in another country where one works and resides for another 20 years, why would one be penalized and get lower SS payments? One should get SS payments for those 15 years of contributions, period.
Josh…I would recommend that you reply to your questions as much as possible… that’s why we subscribe…for interaction…
Yeah, lets get rid of WEP and GPO and increase benefits and finally kill off the golden goose once and for all. More, more, more! Let's eat the SS system until it collapses. Seems that's the PLAN overall. Collapse it!
In the closest big city to me police officers get 3% of the average of the highest 5 years of pay they made in their career multiplied by the # of years they worked. 72% of them made more than $100K last year and some made more than $200K. Say their highest 5 year avg was $130K and they worked 30 years. At age 55 they are eligible for full pension. At that time they would receive a pension of $117,000. Now you also want them to receive a social security benefit even though they never had their checks reduced for it like the rest of us? You really are a socialist.
I wonder if Pelosi will since it came from a Republican?
Thanks for covering this Josh. I don’t think it’ll get the 60 votes needed in the Senate so it’s likely not going anywhere. But there is always a chance that the Senate is more favorable after the midterm elections. Keep up the good work.
I paid into SS and have enough quarters in. And when I left education for a few years I did pay SS taxes, only to return to education and WEP. It is not like I want anything I hadn't been entitled to.
I’d be a lot more interested in IRMAA reform / repeal.
The lower life time earnings you have the more SS replaces your salary. The more return on your contribution. The more income less return.Those who are subject to WEP are generally not that low income. They do have a years they paid into SS but many years they did not. So appear low income. So WEP counts for that. So the calculation gives them more return assuming they were low income.
I am all for it being a firefighter but my understanding is they don’t have the 60 votes needed in the senate. Too bad this is as close as it has ever been.
This means something to me. It will be another $350 per month when I'm taking both pensions since I'm scheduled to be hit for $350 in my social security. Thanks.
Or a spousal benefit that you won’t get if spouse is covered and your not. Or screwed if I work part time for 30 years and I won’t SS even if u paid in because u have a gov pension or teacher pension. FIX IT 5HE RIGHT WAY OR REFUND WHAT WE PAID IN CONGRESS
Being CSRS I didn’t pay in to SS but my husband sure did his whole life, If he dies I get nothing from his SS which is bullshit! Been married 41 years!
God I hope so!
What BS. Anyone who understands the basic math behind SS understands that WEP and GPO are only a partial offset for the bend points we all are subject to. To not have WEP and GPO is just a give away to .gov retirees. If this passes, the only "fair" thing to do is do away with the bend points entirely for everyone. Of course, the majority aren't going to like it when their benefits are cut to be proportional to their contributions.
The Unions have been pushing this their pensions pay better than Social Security and it will Bankrupt Social Security faster ….No Double Dipping
My dad retired under CSRS pension 25 years. Then worked part time and paid into SS for almost 30 years. when my dad was alive he was getting CSRS pension and SS retirement benefits. My special needs sister is eligible as an adult disabled dependent. but I was told GPO would apply because she gets SS survivor benefit. hope they do away with the GPO.
Hey Josh–Glad to hear this is be considered. The status-quo really has a negative impact on people like me and my wife. I retired from a second career as a teacher with a modest pension (to which I contributed at a higher rate than SS requires). But I also fully qualified for SS based upon prior work. Without this repeal, my benefits will be cut in half and my wife will get nothing. Guess we'll see.
I'm a retired Texas educator age 55 who worked 28 years in the public school system. I am now working in the public sector and pay in to SS. I already had quarters from high school and college working jobs, so I can get 40 quarters with just a few more years of working. I would only get 40% of my earned SS benefits under current law. Many teachers work "regular" jobs in the summer and after hours and pay into SS. What the Texas Teacher Retirement System has to do with limiting Social Security benefits is something I never understood. Hopefully this law is changed to benefit all of these situations.