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Started By
Message
re: Social Security Fairness Act
Posted on 11/14/24 at 2:38 pm to DakIsNoLB
Posted on 11/14/24 at 2:38 pm to DakIsNoLB
quote:
Her SSN shouldn't be cut by her pension amount. The cut should be coming from the WEP
The SS dept reduces her check by her pension amount, every month. She qualifies for XYZ in SS. The check she gets every month is XYZ- pension.
1
Posted on 11/14/24 at 2:46 pm to Jake88
I mean in all Fairness why can't I keep my 15% in my 401k and earn whatever I can earn?
Posted on 11/14/24 at 3:05 pm to KillTheGophers
It’s only in 38 states. So some people are getting both ss and their retirement. I worked from the age of 16 all through college and paid into Social Security so I didn’t take student loans and then I worked after that and then I got a teaching job and so I do have Teacher retirement but I think I deserve my Social Security that I paid into all those years. I now work at a private school and have to pay into Social Security.
Posted on 11/14/24 at 3:29 pm to dragginass
quote:
The SS dept reduces her check by her pension amount, every month. She qualifies for XYZ in SS. The check she gets every month is XYZ- pension.
That doesn't sound right, but maybe I'm reading it wrong. The GPO states the offset only applies for a spouse or surviving spouse. Is she claiming your father's SS benefits?
If she didn't earn beyond the substantial income threshold for the Windfall Elimination Provision, the, yes, she'll see a reduction there in her SS benefits.
This post was edited on 11/14/24 at 3:31 pm
Posted on 11/14/24 at 3:36 pm to lsutiger1fan
quote:
It’s only in 38 states. So some people are getting both ss and their retirement. I worked from the age of 16 all through college and paid into Social Security so I didn’t take student loans and then I worked after that and then I got a teaching job and so I do have Teacher retirement but I think I deserve my Social Security that I paid into all those years. I now work at a private school and have to pay into Social Security.
Some people get both because the government organization they worked for had them paying into both SS and the pension. The fed gave states the choice of opting out of SS withholdings if they had their own pension system. Section 218 of the Social Security Act.
The tricky part of you paying into SS since 16 is the three thresholds (from lowest to highest):
1. Minimum to withold SS tax
2. Minimum to accrue a qualifying quarter
3. Minimum to avoid the Windfall Elimination Provision
Then there's the average income used to calculate the benefit. It's your best 30-year average. Any year inside that 30 that's a zero, gets averaged in as a zero.
Posted on 11/14/24 at 3:42 pm to KillTheGophers
Nobody opted out to receive a pension job moron! They paid social security for 30 plus years they get their ss. Should veterans who paid ss taxes all their lives not get their ss because they retired from the military?
Posted on 11/14/24 at 3:44 pm to KillTheGophers
My dad put in 20 years of social security offshore, in the 90’s when his body was giving out, he went become a teacher and worked 25 years in the system, and is retired now. He is ineligible for any of those 20 years he put into social security. 20 stolen years, that his tax money went to complete waist.
eTa: his only eligible retirement is Louisiana Teacher’s pension, he can not claim a dime from social security, also because of this, it delayed his retirement until 70, as he had to put in 25 years instead of 20 so he could have a larger retirement pension.
eTa: his only eligible retirement is Louisiana Teacher’s pension, he can not claim a dime from social security, also because of this, it delayed his retirement until 70, as he had to put in 25 years instead of 20 so he could have a larger retirement pension.
This post was edited on 11/14/24 at 3:59 pm
Posted on 11/14/24 at 3:54 pm to DakIsNoLB
quote:
That doesn't sound right, but maybe I'm reading it wrong. The GPO states the offset only applies for a spouse or surviving spouse. Is she claiming your father's SS benefits?
If she didn't earn beyond the substantial income threshold for the Windfall Elimination Provision, the, yes, she'll see a reduction there in her SS benefits.
The point that seems to be missed is that nothing the spouse or surviving spouse did or did not do, should have any bearing on the benefits available from the other spouse SS contributions.
Posted on 11/14/24 at 4:23 pm to ImJustaBoy
That is true with teachers. But if he paid it he should get it back
Posted on 11/14/24 at 4:54 pm to fwtex
quote:
The point that seems to be missed is that nothing the spouse or surviving spouse did or did not do, should have any bearing on the benefits available from the other spouse SS contributions.
That's an argument for the bill, but it's not anything I'm missing.
It just sounds like people aren't entirely aware of the reason for the reduction in benefits. That's not a surprise; it's convoluted as hell.
Posted on 11/14/24 at 4:59 pm to ImJustaBoy
quote:
My dad put in 20 years of social security offshore, in the 90’s when his body was giving out, he went become a teacher and worked 25 years in the system, and is retired now. He is ineligible for any of those 20 years he put into social security. 20 stolen years, that his tax money went to complete waist.
20 years of paying into SS should net something.
Posted on 11/14/24 at 5:16 pm to KillTheGophers
Anything that passed the house would need to pass the senate with this current group and be signed by Biden.
Once new Congress takes office in early Jan. All bills not signed into law must we revoted on by both chambers.
Once new Congress takes office in early Jan. All bills not signed into law must we revoted on by both chambers.
Posted on 11/14/24 at 5:19 pm to DakIsNoLB
20 years of SS taxes at substantial earnings should still yield something with the WEP.
Posted on 11/14/24 at 5:30 pm to PUB
From 75 to 99 paid into SS. Got laid off from oilfield. Went to work as a teacher. Taught for 19 years. Retired at 62 because of illness of wife. I took about a $500 a month hit on my SS retirement. Hope the bill passes and I can get back what I paid into SS for 24 years.
It's called a Windfall Elimination Program. I would hardly call the correct amount due as a Windfall.
It's called a Windfall Elimination Program. I would hardly call the correct amount due as a Windfall.
Posted on 11/14/24 at 7:52 pm to Flat Town Tiger
You've got 3 things going against your full benefit:
1. Full SS benefits are based on 35 years of qualifying income; your average is based on 24+11 zeroes.
2. Windfall elimination provision; < 20 years is 0.40. 21-29 gets an extra 0.05. In your case, 4 years = 0.05*4 + 0.40 = 0.60. >= 30 is the full 0.90 of the first term of monthly benefit formula.
3. Drawing benefits 4-5 years early
The first term of the benefit formula is 0.90*$1,226. The 0.90 is reduced to 0.60 due to WEP. That's a reduction of $367.80. The remainder of your reduction is due to 1 and 3 above. It would a nice chunk of that reduction you'd get back.
1. Full SS benefits are based on 35 years of qualifying income; your average is based on 24+11 zeroes.
2. Windfall elimination provision; < 20 years is 0.40. 21-29 gets an extra 0.05. In your case, 4 years = 0.05*4 + 0.40 = 0.60. >= 30 is the full 0.90 of the first term of monthly benefit formula.
3. Drawing benefits 4-5 years early
The first term of the benefit formula is 0.90*$1,226. The 0.90 is reduced to 0.60 due to WEP. That's a reduction of $367.80. The remainder of your reduction is due to 1 and 3 above. It would a nice chunk of that reduction you'd get back.
Posted on 11/14/24 at 8:30 pm to DakIsNoLB
quote:
That doesn't sound right, but maybe I'm reading it wrong. The GPO states the offset only applies for a spouse or surviving spouse. Is she claiming your father's SS benefits?
If she didn't earn beyond the substantial income threshold for the Windfall Elimination Provision, the, yes, she'll see a reduction there in her SS benefits.
You are correct, she is on surviving spouse benefits.
Posted on 11/14/24 at 8:52 pm to KillTheGophers
You are uneducated - right?
So you think it’s okay to steal from people who paid into social security but get reduced benefits because they got a teaching job…..
So you think it’s okay to steal from people who paid into social security but get reduced benefits because they got a teaching job…..
Posted on 11/14/24 at 8:53 pm to KillTheGophers
Big Dislike from me!!!
Posted on 11/14/24 at 8:57 pm to Flat Town Tiger
Yes. Reduction up to $500 based on # years under 30 with substantial earnings.
Posted on 11/14/24 at 9:16 pm to UtahCajun
quote:
Social Security should have been privatized and put into the hands of those paying into it.
Correct. GW Brush made an attempt to privatize it in 2000s but it was DOA thanks to the Dems and their propaganda machine.
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