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Government workers and Social Security
Many people who work in the public sector - such as teachers, police officers, firefighters and Federal employees who are not covered by the Federal Employees Retirement System (FERS) - may be in for a surprise when they’re ready to retire: two provisions of the Social Security program called the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) may significantly impact their Social Security benefits. While these provisions apply only to those who worked in jobs that did not withhold Social Security taxes from their paychecks, that’s still a large number of retirees who will potentially find themselves not getting as much of a Social Security benefit as they thought. This insightful article by Mark MIller about WEP and GPO appears at WealthManagement.com and describes how these two provisions may impact public service employees. Click here to read more.
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