If you have a pension through work for the state, then your dealings with social security won’t be as straightforward as many other folks. You’ll need to be aware of the Windfall Elimination Provision and the Government Pension Offset.
Windfall Elimination Provision (WEP) : If you qualify for Social Security and you’re also covered under a pension benefit check out the SSA’s calculator to see how your benefit will be affected. Though your Social Security benefits may be lowered under the WEP they cannot be reduced all the way to zero.
Government Pension Offset (GPO) : If you have a pension for work that’s not covered by Social Security (such as STRS and OPERS) and you’re eligible for a spousal benefit then the GPO applies to you. The spousal (or dependant’s) benefit is reduced by 2/3s of your pension under this provision. This reduction can take your Social Security benefit all the way down to zero.
If you have questions about how to retire with pensions and social security, then give us a call. We can go through all of your options at no cost to you and help you get started.