How Pensions NO LONGER Affect Social Security. WEP and GPO Eliminated!

[@SeasideWealth]

👉 Will having Social Security funds and a Pension add more to your retirement? Let us help you sort it all out! Schedule an intro call with us here: 🤝 7ym2vglvi6z.typeform.com/SeasideWealth

[@timashlin3500]

So I'm affected by all of this. Besides reducing my SS benefits, when I turned 62, my Civil Service benefits where reduced by an additional $400 a month! Of course congressman and senators were always exempt from all of this!

[@SeasideWealth]

It never seems fair! What plan did you have in place along the way?

[@genieduso7438]

Unfortunately that’s not true! I am still unable to get my own social security because of a railroad widows pension I receive. How is that fair? I paid into my Social security from the time I was 16 until I was 65 and my husband had over 30 years working for the railroad under Railroad retirement that he was only able to draw for five years before passing. Anyone who contributed for that long should be able to draw! Social Security should refund my contributions if they are not going to give me the pension I paid for and belonged to! They have held my money and collected interest on it for years and I’ve never received the yearly cola increase.

[@SeasideWealth]

When was the last time you spoke with someone at the social security office? It’s worth another try.

[@Mike-bo1il]

What’s fair? A spouse that never worked and still gets spousal benefits or a federal employee that actually worked 36 years and their social security spousal benefit that her husband earned for 36 years was reduced to $0 by the GPO

[@meemka8251]

Interesting question... Reality and fairness don't always go together, do they?

[@SeasideWealth]

The system seems a little off sometimes. That’s why it’s so important to have a plan in place and make adjustments along the way. Are you currently making any adjustments to your plan?

[@joshrazldaz1970]

USAF 10 Years ATC + FAA 25 Yrs ATC = I'm Good ..

[@SeasideWealth]

Great news!

[@Po1itica11yNcorrect]

The repeal of the WEP will increase my Social Security benefits by a whopping $49/month more when I turn 62 in 2028.

[@meemka8251]

Don't spend it all in one place. 🙂

[@SeasideWealth]

Every dollar counts! Have you thought about potentially delaying your benefit?

[@Po1itica11yNcorrect]

@SeasideWealth That's the plan, because I have some Roth conversions to make before I collect and want to be in the 12% bracket when I do.

[@meemka8251]

@@Po1itica11yNcorrect Sounds like a wise plan to me!

[@ZaraSquire]

😂😂😂

[@mikehocking4836]

The SS UNFAIRNESS ACT my opinion cause I guess people that worked public servant jobs only matter us regular folk who didnt get pensions got the shaft my opinion nobodys job is above anothers I dont give a rats what you did for work I get 1368 month after working 47 hard labor years all together my scars and hands are my resume oh I have no medical either savvy

[@meemka8251]

Agree that nobody's job is above another. But my "public servant" job doesn't pay any benefits upon termination like the traditional pensions and medical coverages used to offer. Those pensions are, for the most part, a thing of the past. These days, most public servants at city, state, and federal levels get a fraction of what people in their positions used to get post retirement. About the only echelon who continue to get excellent pensions are senators, congressmen/women, police/fire chiefs and the like.

[@SeasideWealth]

You’re right, definitely pros and cons for each new law that gets passed. Sorry to hear about your situation. How often do you review your plan to make sure you’re on track while changes happen?

[@dawndarling2277]

So many more disciplined people that self funded their own retirement make way more than some of these measley govt pensions. I would not have had the discipline but many do. They make our pensions look like chump change.

[@meemka8251]

@@dawndarling2277 Here is to those who have the discipline (or self-discipline) to fund their retirement!

[@dawndarling2277]

@meemka8251 I'm talking about people way younger than me. I would have had nothing but SS if it wasn't for dumb luck.

[@meemka8251]

Excellent news that is well narrated and explained! I haven't been paying SS Tax for the past 7 years. My employer- a non-profit organization- has a 403(b) aka defined contribution pension plan. I don't believe my future SS benefit will be increased as the result of the law passed on January 5. But I monitor my estimated benefit amount on SSA.gov just in case. 🙂 Thank you Seaside!

[@SeasideWealth]

Rules are always changing. Make sure to stay informed!

[@meemka8251]

@@SeasideWealth Update: Having logged-on to SSA.gov earlier this week I saw that my estimated benefit was in fact increased from what it was prior to the law passed on January 5th! It's not a large increase- less than $100 per month- but I'll take it... Take it at 70 that is, should I live that long. 🙂 Thanks yet again Seaside for all your prudent advice- here on YT and in person!