In today’s video we’re discussing How Pension Income Affects Social Security Benefits. Windfall Elimination Provision (WEP) Guide https://www.ssa.gov/pubs/EN-05-10045.pdf Windfall Elimination Provision (WEP) Calculator https://www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html Government Pension Offset (GPO) Guide https://www.ssa.gov/pubs/EN-05-10007.pdf Government Pension Offset (GPO) Calculator https://www.ssa.gov/benefits/retirement/planner/gpo-calc.html SSA Frequently Asked Questions https://faq.ssa.gov/en-US/ Top Social Security Videos: 🔴 Social Security Expansion Act [EXTRA $200/month for ALL]: https://youtu.be/5IBqXcQfTkY 🔴 20% CUT in Social Security Benefits by 2035??? [MUST WATCH!]: https://youtu.be/2pKbQdO0cKc 🔴 Social Security Expansion Act [EXTRA $200/month for ALL]: https://youtu.be/5IBqXcQfTkY 🔴 How to Read Your Social Security Statement: https://youtu.be/IZXlDWFi7Uc 🔴 Social Security Benefits - The #1 Mistake Made When Filing: https://youtu.be/gqXE-8xI2D4 🔴 Benefits of taking Social Security at age 62: https://youtu.be/syCpN7MQ698 🔴 Social Security Planning Mistakes: [Avoid them at all costs]: https://youtu.be/8YhHNYfr3JA 🔴 Plan for Social Security in 2022 [MUST WATCH]: https://youtu.be/841NVjiDNzk ✅ SUBSCRIBE to NOT being a transaction ever again... https://bit.ly/33TpKqD ✅ Like us on Facebook! https://www.facebook.com/Stop-Being-Sold-524309451006118 ✅ Follow us on Twitter! https://twitter.com/stopbeingsold ✅ Check out our site for more tips https://stopbeingsold.com/ You need a total of 10 years paying Social Security taxes to receive Social Security benefits at retirement. But if you receive a pension, do you get both? It depends on if the pension is a government pension or a private pension, and if your employer withheld Social Security taxes. If you or your spouse worked for the government and no Social Security taxes were withheld, your Social Security benefits (or your benefits on your spouse) may be reduced. There are two scenarios where this would come into play, the Windfall elimination provision (WEP), and the Government Pension Offset (GPO). Here’s the difference: Windfall elimination provision (WEP) If you worked for both: at least one employer that did withhold Social Security taxes and at least one employer that didn't withhold Social Security taxes and that offers a pension, If you receive both a pension and Social Security benefits, your benefits could be reduced by up to 50% of your pension amount. Note: This reduces the “workers’ benefit. Government Pension Offset (GPO) The government pension offset (GPO) could reduce your benefits if you worked a job that didn’t withhold SS taxes from your pay, and you claim your spouse or former spouse’s Social Security benefits. The GPO could result in your not receiving ANY benefits at all on your spouse or former spouse. Note: This reduces the benefit of a spouse or former spouse who claims spousal benefits. There are some exceptions to the WEP reducing your benefits: If you paid into 30 years of Social Security taxes If you were hired by the government after Dec. 31st, 1983 If the only pension you receive is from a railroad. If you are a military reservist receiving a reservist pension. If you are a minister receiving a ministry pension. These are very complicated cases that should be handled with the Social Security administration. #HowPensionIncomeAffectsSocialSecurityBenefits #WEP #gpo