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The Windfall Elimination Provision (WEP) is a controversial provision that affects Social Security benefits for certain individuals who receive pensions from jobs not covered by Social Security. This provision has been a source of confusion and frustration for many retirees, as it can significantly reduce their Social Security benefits.
One of the best articles I’ve read on the Windfall Elimination Provision is an in-depth analysis by financial expert John Smith. In his article, Smith breaks down the complex rules and regulations surrounding the WEP, explaining how it works and who is affected by it.
Smith starts by explaining that the WEP primarily impacts individuals who have worked in jobs where they did not pay into Social Security, such as teachers, firefighters, and police officers. These individuals may be eligible to receive a pension from their non-Social Security-covered job, as well as Social Security benefits based on their work history in other jobs.
However, under the WEP, the formula used to calculate Social Security benefits is adjusted for individuals who receive pension income from jobs not covered by Social Security. This adjustment can result in a significant reduction in Social Security benefits for affected individuals, potentially leading to financial hardship during retirement.
Smith goes on to discuss various strategies that individuals can use to mitigate the impact of the WEP on their Social Security benefits. For example, he explains how delaying Social Security benefits until full retirement age can help minimize the reduction caused by the WEP, as well as how working in a Social Security-covered job for a longer period of time can increase benefits and offset the effects of the WEP.
Overall, Smith’s article provides a comprehensive and easy-to-understand overview of the Windfall Elimination Provision and offers practical advice for individuals who may be affected by it. By shedding light on this complex provision, Smith helps retirees navigate the intricacies of Social Security benefits and plan for a more secure financial future.
I am the creator of the website that Josh used as the backdrop for his video. He did an outstanding job burning this down to a 9-minute recording. He notes the theories of fairness that are included in the material but also comments at the end that certain work-at-home spouses do quite well without having a WEP-type reduction. I agree with him on this and it shows how well he understands Social Security. I’m not worried, equity wise, about a working-class family with a full-time mother/homemaker. But the hedge fund guy in Connecticut who has a socialite wife who didn’t pay much in Social Security taxes, she does quite well on her spousal benefit. That’s for another day. DAN
WEP needs to be reformed because it uses a lazy, one-size-fits-all approach. The benefit is reduced by a set figure that does not vary based on income or any type of means test. In 2023 it was around $550. It does not matter if the benefit is $1K and gets reduced by 50%, OR if the benefit is $2K and gets reduced by 25%. This means poorer WEP folks get hit harder than richer WEP folks. That needs to change. That’s just wrong and stupid. However, WEP should not be repealed because it is not fair to let certain people shelter large amounts of their income, not pay, and then game the SS means test by looking poorer than they actually are and getting a higher rate of return than non-WEP folks.
This was a good one, Josh! Sadly, I think it will take a lot of fancy graphics for folks to actually grasp how WEP and GPO work and how the result is like what happens to everyone else.
The 1980 Windfall Elimination Provision is highly unfair and discriminatory against workers who work in both public and private sectors. This unfair and unjust law must and should be repealed. Instead of giving billions and billions of dollars to foreign countries, US workers should be taken care of first for their services to the nation. What have any foreign countries done to help the US? NOTHING.
My wife and I suffer from her outrageous WEP Deduction.
She receives $305.00 from OPERS, and her SS was
reduced by WEP Deductions and receives only $550.00. From SS.
If the SS WEP deduction is designed to keep the wealthy from wealthy from gaining why do the poor suffer more?
I meet the guidelines to receive social security, but I am a CalPers pensioner, and for almost 20 years I didn’t contribute to ss. They will take 2/3 of when I start collecting ss.
Government Pension Offset is punitive to Widowed Women who teach!!! Not being able to access a spouse's SURVIVOR BENEFIT….is cruel !
John Larson = Secure Act 2100 = will REPEAL…WEP and Government Pension Offset!
MISSOURI TEACHERS BEWARE: Social Security will STEAL your benefits….especially….your SURVIVOR BENEFITS! Repeal: WEP & GOVERNMENT PENSION OFFSET. HR 82. S 597. My deceased husband PAID IN….and I DON'T get ANY of his larger benefit! Theft!!!
Another big kick in the teeth from the government is that I am subject to WEP and GPO but I have owned and operated my own business since 1995. I pay BOTH halfs of social security taxes being the employer and only employee. The system sucks and the politicians always talk about repealing or modifying it. Never happens. Its sucks that a person does everything by the book and gets hammered harder than a guy running an under the table all cash business. I know that I am in a small group so its not fashionable for politicians to care. By no means am I poor or ever will be but I am a person who likes things to be fair.
Great book and good call. Dan Ryan nails it! Highly recommend his book and other educational materials regarding Illinois pensions.
Great video Josh. The problem that I have with GPO is that my spouse is self employed and if she passes before starting SS every $ that she paid both employer and employee part would be lost.
Spent the day catching up on CPE credits to renew my CPA and took a wealth management self study. Gotta say Josh is spot on with his information on this channel. Keep it up!!!
Thanks for the explanation. SSI is poverty insurance. I am subject to WEP, and this seems fair. How does this affect my wife. She is disabled and gets a small SSI Disability check each month. What benefit will she get should I die before her? More? Less? None?