|
- What is the Windfall Provision for Social Security? - AARP
The Windfall Elimination Provision (WEP) was a formula that could reduce the size of your Social Security retirement or disability benefit if you also received a pension from a job in which you did not pay Social Security taxes Congress voted in December 2024 to repeal the WEP, ending benefit cuts for those receiving such “non-covered” pensions
- Biggest Social Security Changes for 2025 - AARP
In December 2024, Congress repealed the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), ending policies that for more than four decades reduced benefits for many people who qualified for both Social Security and a pension from a “non-covered” job where they did not pay into Social Security via FICA withholding
- Does Military Retirement Pay Affect Social Security Benefits? - AARP
‘Windfall’ provision did not apply Unlike some government pensions, military retirement pay was not subject to the Windfall Elimination Provision (WEP), so former service members did not have their Social Security payments reduced as a result of receiving military pensions
- Money Management Tips for a Windfall - AARP
For most of your life, money comes in at a slow and somewhat steady pace Maybe you get a paycheck every two weeks or a Social Security payment once a month Now and then you might get a bump from a raise, bonus, gift or side hustle Sometimes, though, you have a genuine windfall, the type with three or more zeros at the end of it: an inheritance, an insurance settlement, a lump-sum pension
- Can You Collect Social Security and a Pension at the Same Time? - AARP
The Windfall Elimination Provision primarily affected retirees from state and local government agencies that do not participate in FICA withholding and federal workers hired before 1984, when the U S civil service was brought under the Social Security system About 2 1 million people, or 3 percent of Social Security recipients, had their benefits reduced by the WEP, according to a February
- Find Out What You Should Do With an Inherited IRA - AARP
Inheriting an individual retirement account can be a nice windfall, but also a tax headache Find out what experts recommend
- Can You Collect A Government Pension and Spousal Benefits? - AARP
If you were collecting Social Security retirement benefits and a non-covered government pension, you might have been subject to the Windfall Elimination Provision
- How You Can Find Some of Your Unclaimed Assets - AARP
There is a relatively easy way to get some extra money — and it doesn’t involve a lottery ticket The way to your windfall: unclaimed assets
|
|
|