How Pension Income Affects Social Security Benefits (2023)

Introduction

In today’s video we’re discussing How Pension Income Affects Social Security Benefits.

Windfall Elimination Provision (WEP) Guide www.ssa.gov/pubs/EN-05-10045.pdf
Windfall Elimination Provision (WEP) Calculator www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html
Government Pension Offset (GPO) Guide
www.ssa.gov/pubs/EN-05-10007.pdf
Government Pension Offset (GPO) Calculator www.ssa.gov/benefits/retirement/planner/gpo-calc.html
SSA Frequently Asked Questions
faq.ssa.gov/en-US/

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You need a total of 10 years paying Social Security taxes to receive Social Security benefits at retirement. But if you receive a pension, do you get both?

It depends on if the pension is a government pension or a private pension, and if your employer withheld Social Security taxes.
If you or your spouse worked for the government and no Social Security taxes were withheld, your Social Security benefits (or your benefits on your spouse) may be reduced.

There are two scenarios where this would come into play, the Windfall elimination provision (WEP), and the Government Pension Offset (GPO).

Here’s the difference:
Windfall elimination provision (WEP)
If you worked for both: at least one employer that did withhold Social Security taxes and at least one employer that didn't withhold Social Security taxes and that offers a pension,
If you receive both a pension and Social Security benefits, your benefits could be reduced by up to 50% of your pension amount.
Note: This reduces the “workers’ benefit.

Government Pension Offset (GPO)
The government pension offset (GPO) could reduce your benefits if you worked a job that didn’t withhold SS taxes from your pay, and you claim your spouse or former spouse’s Social Security benefits.
The GPO could result in your not receiving ANY benefits at all on your spouse or former spouse.

Note: This reduces the benefit of a spouse or former spouse who claims spousal benefits.

There are some exceptions to the WEP reducing your benefits:
If you paid into 30 years of Social Security taxes
If you were hired by the government after Dec. 31st, 1983
If the only pension you receive is from a railroad.
If you are a military reservist receiving a reservist pension.
If you are a minister receiving a ministry pension.
These are very complicated cases that should be handled with the Social Security administration.

#HowPensionIncomeAffectsSocialSecurityBenefits #WEP #gpo

Content

Hi and welcome back to stop being sold.

My name is michelle, and I'm here with brian and in today's video we're discussing how pension income affects social security benefits, yeah, uh good one good one um.

Currently michelle.

You need uh, 10 years, uh, a total of 10 years paying into social security taxes to receive your social security benefits at retirement right right.

But a common question I get is: if I get a if I receive a pension from where I work at, do I get both and the answer.

It depends if the pension's, a government, pension or private pension and if your employer withheld social security taxes.

Okay, so think about this, if you or your spouse worked for the government and no social security taxes were withheld.

Your social security benefits or your benefits on your spouse may be reduced and there's two main scenarios.

Where this comes into play.

It's called the first one's the windfall elimination provision or what we call wep and the government off pension offset or the gpo.

That is a mouthful.

Sorry, it's not your fault, not your fault! So before we dive into these two scenarios, if you like the content of this video, please help us grow this channel.

Let us know that you, like the content, we're producing hit that like button and don't forget to subscribe, also we're gonna, brian's gonna, we're gonna be going through some uh.

Obviously, some of this information and we'll be providing links.

You can find them below the video in this description.

So you wanna watch this to the end and then go check those out.

Okay, brian.

Let's talk about these two scenarios, the windfall elimination provision and the government pension offset.

So let's start with this: what's the difference? Okay, let's start with the windfall elimination provision or wep okay for short, okay, okay, this is if you've worked for both at least one employer that did withhold social security taxes and at least one employer that didn't withhold social security taxes that offers a pension.

Okay, all right, if you receive both a pension and social security benefits, your benefits, social security benefits could be reduced by up to 50 percent of your pension amount.

You've got to know that all right, so this reduces the workers benefit.

So this is what the difference is.

This is based on you, as the worker worked at two different places.

Okay, make sure you check out the windfall elimination provision guide and the windfall elimination calculator that we're going to put below this video.

Do that all right.

So let me ask you this: are there any exceptions to the wwep right, reducing your benefits, yeah, there's a few uh exceptions, of course, right um.

You may have your best make it easy.

Do they? No, they don't sorry um! You may have your benefits reduced.

If you paid into 30 years of social security taxes, remember you need a minimum of 10, but if you did all 30 right, you're exempt um, also, if you were hired by the government after december 31 1983.

This is a new guideline, all right um, how about if the only pension you receive is from a railroad, different um if you're a military reservist receiving a reservist pension or if you're, a minister receiving a ministry pension? Okay, all right, oh boy, all right! So, let's shift gears and let's talk about the government pension offset and how is that different, okay, the government pension offset or the gpo could reduce your benefits.

If you worked a job that didn't withhold social security taxes from your pay and you claim your spouse or former spouse's social security benefits.

Okay.

So this this is again this ain't about the worker.

This is about the claiming on your spouse or former spouse's benefits, all right.

There's the dip, there's the big difference: okay, worker and spouse, or ex-spouse okay, so the gpo could result in you not receiving any benefits at all on your spouse or former spouse.

Okay, okay, this is going to reduce the benefit of a spouse or former spouse, who claims spousal benefits and again make sure you check out the pension offset guide.

The government pension offset guide below the video and the government pension offset calculator, we're going to put both the links right below this video okay.

So this is pretty complex stuff.

It really is um, and how does someone navigate all of this? Do they need help, or is this I mean we're, providing the links below right, but, like yeah, do you need a phd in government speak or lawyer speak or irs speech yeah? This gets complicated.

This is very complicated cases.

Okay, it should be handled with the social security administration and below the video we're putting their direct number to schedule.

An appointment, um and then also on their website is a most frequently asked questions section that has a lot of different answers that may help you in this, because you need to know which one you qualify for and how to use it properly.

So you need to truly go right to the social security administration to work on this.

So awesome, okay, super, informative video.

Thank you very much.

Brian appreciate it.

If you liked the content of today's video, even if you, if your brain is scrambled like mine, it's not your fault, I'm trying to do it.

It's simple! No! You did you.

I've.

I've checked all this stuff out on the social security side.

It's it's not it's not that easy, uh! So go ahead and like that this video and do subscribe to the channel, so you don't miss another mess.

Another video from us.

I appreciate all of you do brian uh for bringing us this information and thanks to everybody who watched thanks.

Everyone have a great day.