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Social Security Payout Shrinks
Calculating Social Security retirement benefits can be tricky. If you worked in a government job and did not pay Social Security taxes, part of your civil service pension gets deducted from your Social Security benefits, an offset called the Windfall Elimination Provision (WEP). What you may not know is that the WEP’s effect goes beyond that – this provision also brings down your spouse’s and other dependents’ benefits. If the WEP applies to you, then you have a pension based upon earnings that were not subject to Social Security taxation, and the government uses a special calculator to determine your primary insurance amount, or PIA…Read More
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