Woohoo! $627 per month for me!

[HeartachesNhangovers]

I just checked my checking account and my first Social Security check has been deposited! Lot's of people said that SoSec was sure to go bust before I'd get anything. I didn't believe it, but it's still a minor shock to see my account credited.

How did I end up with such a princely sum? Enough to pay for all my monthly vices!

Well, I paid into the program for the exact minimum required number of quarters: 40. I haven't paid anything for the last 33 years since I spent most of my career in government jobs that provided a pension, but didn't pay into SoSec. My 40 quarters included minimum wage summer jobs in the 70's, as well as the first 7 years after I got out of college, the lowest paid of my career. Next, because of the mis-named Windfall Elimination Provision (WEP), the $1100 per month I was supposed to get was slashed down to $627 because I was receiving a government pension. I guess it would be unseemly for a government worker to seem too comfortable in retirement.

Anyway, my wife and I just went out to lunch to celebrate. She has another 8 years to wait for hers.

[captain queeg]

1. A friend of mine who retired from the govt had that same correction done due to him getting a govt

Pension.

[mitch96]

2. Strange. I got my full SS benifits and I also had a county pension..

[HeartachesNhangovers]

4. Could be a couple of reasons:

1) Wikipedia says that the WEP was phased in starting in 1986, so someone who started SoSec before that would not have been affected. The SoSec reduction in 1986 was a maximum of 10%, eventually reaching a maximum of 60% 5 years later. I got the maximum 60% reduction.

2) If the county also deducted SoSec contributions from you, which some counties do, then the WEP would not have applied to you.

[XanaDUer2]

8. I was told because I paid SS

My pension doesn't effect my SS payment. I was stressed about this

[Nictuku]

3. I just got my first SS check as well

I was worried about it happening like it was supposed to (with nightmares of trying to get a human on the phone if I had to fix it)

I worked for the Federal Government (Federal Judiciary) for 21 years. I also paid a SSA deduction out of every check, along with insurance premiums, and payments into my TSP (similar to a 401(k)). I will now get both a pension, and SS payments, but it will still be less than what I was used to living on.

I was concerned about the WEP situation as well, my ex husband scared me about it, but when I looked into it, because I did pay SSA deductions out of every check, that should not affect me, even though I also get a pension.

Turns out I get more from SSA than I do from the pension (they call it an annuity) - combined, if I do a little belt tightening, I think I'll be OK.

Still trying to figure all this out myself. I had been drawing on my TSP account, but it will be gone in 10 years if I don't stop, and I like to have some kind of security behind me for emergencies. I was just waiting to stop it once I made sure that the SS money was coming in like it was supposed to.

Now, all we have to do is keep Republicans out of office so they can't destroy a system that is working (even for them, but what can I say, they are not too bright when it comes to voting)

[HeartachesNhangovers]

5. Sounds like it worked out for you.

The government does clue people in by mentioning the WEP on your page if you create a MySocialSecurity account. They mention it as possibly affecting you, but they don't say whether it actually will reduce your SoSec benefit, and they definitely don't estimate the reduction for you. You can go to another page, fill in your complete wage history and answer a few questions and they will give you an estimated reduced benefit (which they calculated correctly in my case), but you have to go to a bit of trouble to get this estimated reduced benefit. The annual statement you can print out definitely does not include the reduction from the WEP, if it applies.

I feel sorry for people who are counting on full SoSec benefits, plus another government pension, then only find out when they apply that their benefit will be reduced.

[Nictuku]

6. I read that web site info you mentioned

.... and I think the main difference is whether you paid into SSA over the years or not. I had been paying into it since I was 16, so over 40 years (21 with the Fed gov). I sure would be pissed if that were to happen.

[bottomofthehill]

7. CSRS pension vrs FERS pension.

Federal employees hired before 1984 are in CSRS. After a 40 year career, they qualify for an 80 percent pension. Those after 84 have a FERS pension, after 40 years they get a 40 percent pension and paid into social security thus are entitled to unreduced social security payments. Additionally, if they were contributing to the TSP (government speak for 401k or 403b) there was a government match of up to 4 percent. I believe when trying to tell Feds that FERS was the better deal they were sold on the 3 legged stool of federal retirement moving forward.

[Nictuku]

9. Exactly

My co-workers who were on CSRS seemed to have a better thing going on.