I turned 62 earlier this year and have been contemplating whether I will start Social Security. Recently for the first time I heard of the Windfall Elimination Provision. For years I have looked at my annual SS statement or logged on to the ssa.gov to see what my benefit would be for 62, FRA, and 70. I have no pension -- just my savings, investments, and an IRA. I have never worked at a job that did not pay FICA. But, I have just 29 years of paying FICA. Of those 29 years I have 24 years of working full time.
I have read information about the Windfall Elimination Provision in several places, including on ssa.gov, but it is still confusing. Everywhere it says it is meant to reduce the SS benefit for people who have another pension for a job where they did not pay FICA. That does not apply to me, but then when I look at other information it seems to actually reduce the benefit for anyone who has paid FICA for less than 30 years. Can someone please explain this to me. Will my SS benefit be reduced to less than what is shown on my SS benefit report?
I have read information about the Windfall Elimination Provision in several places, including on ssa.gov, but it is still confusing. Everywhere it says it is meant to reduce the SS benefit for people who have another pension for a job where they did not pay FICA. That does not apply to me, but then when I look at other information it seems to actually reduce the benefit for anyone who has paid FICA for less than 30 years. Can someone please explain this to me. Will my SS benefit be reduced to less than what is shown on my SS benefit report?