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How Social Security Offsets Could Ruin Your Retirement

  July 31, 2018  |    #Make Money

The risk of Social Security Offsets

Many of us are counting on social security benefits for as much as 50% of our retirement income. But if you are a government worker or a teacher, you may be in for a shock. Two Social Security Offsets, the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) can impact how much you receive—and your social security checks may be a lot smaller than you were expecting!

David Freitag and Kimberly Shockley serve as Social Security experts for MassMutual, a leading financial services firm offering life insurance and protection products as well as retirement and investment services to help clients reach their financial goals. MassMutual is committed to ‘living mutual,’ supporting people in achieving the financial security that is part of a happy and fulfilling life and has been an ongoing supporter and occasional sponsor the Queer Money™ podcast and the Debt Free Guys™.

David and Kimberly share the details of the WEP and the GPO, explaining how each offset might impact the Social Security benefits you’ll receive at retirement. They explain where to go for information about your individual Social Security benefits and why it’s important to verify that information regularly. Listen and learn how to take a holistic approach with your retirement planning and learning about potential losses early on — while you have time to offset the offsets!

Listen and learn all there is about Social Security Offsets:

The Government Pension Offset affects spousal and survivor benefits, the two benefits gay couples gained with the legalization of same-sex marriage in all 50 states.Click To Tweet

Topics covered about Social Security Offsets

The Windfall Elimination Provision (WEP)

  • Bipartisan commission in 1983
  • Fix problem of ‘double dipping’

The importance of creating an account at SSA.gov

  • Green Line form no longer mailed
  • Details impact of WEP and GPO offsets

The potential impact of the Government Pension Offset (GPO)

  • Affects spousal and survivor benefits in 15 states
  • Subtract 2/3 of pension from survivor/spousal benefit

Why you should check your Green Line form regularly

  • Plan for impact of WEP and GPO offsets
  • Three years to correct errors (10% rate)

The need for software tools in retirement planning

  • 2,800 different rules affect filing strategy
  • Modeling tools available to MassMutual advisors

The significance of open communication with your financial advisor

  • Make sure on same page, take holistic approach
  • Course correct as necessary with expert info

Connect with David & Kimberly about Social Security Offsets

Resources for Social Security Offsets

Queer Money™ on iTunes

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