Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
WEP / GPO Questions
Old 07-15-2018, 10:58 AM   #1
Recycles dryer sheets
 
Join Date: Jan 2016
Location: Central Illinois
Posts: 153
WEP / GPO Questions

DH and I are both retired. I am a couple years older and started taking my SS benefits at age 62. I have 10% tax and Medicare premiums withheld and collect around $800/month from SS. I didn't have a lot of years in the work force, was a stay at home mom. I also draw a pension.


DH retired with a state pension that did not pay into SS. He did work side jobs that paid into SS, but his SS benefits will be low $$. He has not started SS yet but is eligible for $642/month now or $881 at full retirement age. He'll be 63 in a few months. These amounts are before the WEP reductions.


How much will his SS $$ be reduced by WEP? If he dies first, I will get half of his state pension. Will that affect my SS under the WEP or GPO rules?


We are living good on the two pensions and haven't needed to touch any retirement savings in the eight years of retirement.
__________________

calico1597 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-15-2018, 11:41 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 1,346
In my case, I'm better waiting to 70 but it's too complicated for any non-professional to explain & there are too many variables involved. Read / review: https://www.ssa.gov/planners/retire/gpo-wep.html
__________________

gayl is offline   Reply With Quote
Old 07-15-2018, 06:07 PM   #3
Thinks s/he gets paid by the post
ronin's Avatar
 
Join Date: Oct 2003
Posts: 1,213
If you plug all the numbers into the WEP calculator on the SS website you get your answer. As far as GPO goes, depends on your work history.
__________________
We are, as I have said, one equation short. Keynes
ronin is online now   Reply With Quote
Old 07-15-2018, 08:20 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2014
Posts: 2,266
I am in the same situation and the most they can take through WEP is around 400/month. What I remember about GPO is that many people get reduced to zero.
Teacher Terry is online now   Reply With Quote
Old 07-16-2018, 07:57 PM   #5
Recycles dryer sheets
 
Join Date: Jan 2016
Location: Central Illinois
Posts: 153
Thanks for the info, I didn't know about the online calculator. I plugged our numbers in, looks like the $650/month he is eligible for now would reduce to around $400 with WEP. Might help cover golfing this winter!!
calico1597 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
WEP questions chercat FIRE and Money 13 11-21-2014 06:26 PM
Pension survivorship and GPO/WEP PERSonalTime FIRE and Money 5 10-07-2014 08:57 PM
Survivor benefits and WEP or GPO bbohardt FIRE and Money 15 01-08-2012 04:51 PM
WEP/GPO SS Webinar info mickeyd FIRE and Money 25 03-12-2011 08:31 AM

» Quick Links

 
All times are GMT -6. The time now is 04:47 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.