SoSec Windfall Act Repeal

biku324

biku324

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There was a thread on this several weeks ago.

The Windfall Act got repealed,; under that Act folks with state or local govt pensions not in SocSec were penalized for not being part of SocSec even if they had separately paid in 40 quarter years to qualify. The penalty disappeared if you worked in SocSec jobs for 30 years past your pension.

In my case, I have a state pension, then started drawing SocSec at my Full Retirement age, 66 years, 2 months. By then I had 28 SocSec qualifying years and three that did not. I did work 2 more years after beginning SocSec.

The difference in my monthly check is $156 - I just got notified of that and received back benefit for Jan/Feb.

Hope that is helpful info - there was a lot of speculation about who would get what.
 
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My retroactive (back pay to January 2024) SS benefit payment hit my direct deposit around the first of March. My increased monthly benefit payment takes effect for the March payment that actually gets paid/direct deposited on 3rd Wednesday of April (SS always is a month behind). Kind of confusing.
When I did the mandatory enrollment in Medicare at age 65 I just went ahead and elected to start taking my SS (most men in my family don't live past 70, so I didn't want to wait). I knew the Windfall Act was going to take a big chunk out of my SS benefit but it wound up taking about 60% of what I would normally be entitled. It will be interesting to see what the actual increase in monthly benefit will turn out to be.
I worked/contributed into SS from age 14 until age 21, when I entered our state retirement system until I retired at age 48. I then went back into the civilian SS system from age 48 until I quit working at age 62 (COVID hit). I knew I wasn't going to get much from SS but I had earned what I was to get but having it reduced 60% didn't feel right.
 
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I claimed SSA benefits at 62…

…thinking I better grab what I could before Medicare started getting its cut.

Due to the WEP/pension offset my benefit was $219./month. I was fortunate to be rather well paid in my professional LE career and had the bare minimum SSA quarters. IIRC my benefit would have been $850 if not offset.

Once Medicare kicked in I received ZERO and paid about $800. direct to Medicare every November.

March 1, I got $4450. back “pay” for 2024 til then. Will now receive $250./month going forward.

Will likely spend it unwisely but am thankful.

Be safe.
 
I was expecting an email to tell me the payment was coming. Got a nice surprise when I checked my balance the other day. I was getting dinged over $400 because of WEP. I started taking SS last May, so I got 10 months of back pay. Nice wedge, but the wife is after a new fridge...
 
I wasn’t affected that bad with the windfall as I paid into SS for over 20 years after retiring from the PD and a few years prior to starting there. Still the extra $200 a month will be nice. I’m happy for the people who were receiving a bare minimum payment after paying for Medicare now at least they get something hopefully.
 
here's the past thread, a year ago.

The Windfall provision on social security to go away?

I worked 31 years in the social security system, then 14 years in the OPERS (Ohio public employee retirement system), got a surprise direct deposit amount for back due in early March and then a notification of monthly increase of $360 starting in April.
They're just correcting something that shouldn't have been done to start with.
 
I was getting $438.00 with WEP and now $866.00 without it. Got a lump sum payment of 6K so I faxed an updated Federal withholding form asking to have 12% withheld. All in all, a nice little bump.

EDITED TO ADD:

You can NOT change your withholding on the website OR do it over the phone. You have to download the form, fax it in or take it by the SS office. I made this discovery after spending an hour and ten minutes on hold. I hope they have their resumes dusted off.
 
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Nomadmax said:
I was getting $438.00 with WEP and now $866.00 without it. Got a lump sum payment of 6K so I faxed an updated Federal withholding form asking to have 12% withheld. All in all, a nice little bump.

EDITED TO ADD:

You can NOT change your withholding on the website OR do it over the phone. You have to download the form, fax it in or take it by the SS office. I made this discovery after spending an hour and ten minutes on hold. I hope they have their resumes dusted off.
Click to expand...

I didn't know you could do withholding on your SS payments. Learn something new every day.

I got hit by WEP because of a retirement scheme from a UK job. The UK taxman gets me on that before it leaves the pension building. They are big on Pay As You Earn (PAYE) in the UK, AKA the taxman gets his up front, whether you like it or not.
 
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unhappily I only had 32 quarters in SS...mostly after I retired from the BCFD at 47(68-95)..Due to family necessities I was not able to work afterwards. I am not complaining, however. I was the major caregiver for my FiL till he passed at 101 and 2 grandkids after their mothers divorce and her school years after. Hopefully Trump will get SS income taxes gone too .The WEP needed to go
 
My wife retired in December and worked in the public sector about half her career. We've gotten 4 letters from SSA detailing her coming changed amount. All 4 letters have different amounts. God bless government efficiency!

Sent from my SM-S921U using Tapatalk
 
LVSteve said:
I didn't know you could do withholding on your SS payments. Learn something new every day.

I got hit by WEP because of a retirement scheme from a UK job. The UK taxman gets me on that before it leaves the pension building. They are big on Pay As You Earn (PAYE) in the UK, AKA the taxman gets his up front, whether you like it or not.
Click to expand...

IIRC, it is a percentage amount, not a dollar amount, that can be withheld.
 
wuluf said:
My wife retired in December and worked in the public sector about half her career. We've gotten 4 letters from SSA detailing her coming changed amount. All 4 letters have different amounts. God bless government efficiency!

Sent from my SM-S921U using Tapatalk
Click to expand...

Got a letter from SSA Saturday telling me of the changes and to expect payment about 21 March. I received payment 6 March. Whatever.
 
Most of the guys I worked with at the PD have gotten their back pay with notification of a monthly increase starting next month. I have seen or heard nothing. Most of their back pay has been for $5,000.00 to 6000.00 with a monthly pay boost of $300.00 to 500.00. Every one is a little different. Hopefully I'll hear something soon.
 
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