I am affected by WEP. I only receive $241 SS a month. I am on a fixed pension. Have limited money. Pay check to Pay check. I aid into the SS system with payroll deposits. I worked and satisfied the law of earning 40 quarters with 10 years of work history. Plus I satisfied and paid into a pension every pay day. I think I am deserving of being made whole.
The 2.5% COLA for 2025 provides a modest increase in benefits for Americans receiving Social Security and SSI payments, helping to offset the rising cost of living and inflation. This increase offers essential financial relief for vulnerable populations like retirees.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. Individuals can seek counsel from a certified financial advisor to optimise financial outcomes, who can provide specialised advice and methods to decrease expenses and maximise income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you, President Biden. Promises made, promises kept. Thank you to both houses for two years of bipartisan cooperation on this issue and bringing it to long overdue conclusion
I took my SSA in November 2014. The annual social security information letter showed that I would be earning $1184.00 starting in December 2014. I was floored when the lady from SS on the phone told me that my monthly earning was going to be $340.00. When I told her the amount shown on the annual SSA earnings letter, she briefly informed me about the WEP and its effect on my monthly earnings. I had to sit there and watch the govt rob me of approximately 78% of my earned SSA. When I calculated the amount that I will never get back, lets just say that I could buy a a lot of nice things like a small home, a new 30 foot motorhome or a brand new 2025 Corvette Z06.
Brian, I’m very much looking forward to your new thinking and scenarios on what the right sequence might be now. Now that Social Security and CPP payouts are more truly independent (except for taxation on worldwide income inclusive of SS and CPP), I think this will change the optimal approach for many. As with most things, the devil’s in the details of every individuals income stream and retirement assets.
Another question, if you were an accountant adjuster what bank could you use? like if you were a military accountant adjuster, or just a contractor. What kind of bank could accept these kind of funds? I have never heard of this before in banking-- wouldn't there be some sort of issue with who can view these kind of verifications?
I get a huge $15.00 a month after Medicare payment because I was a teacher for 20 years. I worked and paid SS for 20 years before becoming a teacher. Yay, I will get PART of what I paid in! 😂
What about us on SS who weren’t firefighters teachers or any public servant job?? We are paid the lowest out of everyone. Who can live off of $900.00 a month??
The people that it effects were also school lunch ladies, janitors and bus drivers. Their social security would be cut 300 dollars a month. Try living on that. You don't understand the law. It's been returned what we put into social security. We payed into social security. It was stolen from us. We are getting back what we payed into . It's our money.
The strategy for cross border retirees were to start CPP a few years before Social Security. This was to get a few deduction free years. What would the recommend now? Thanks
@@retiremittenfinancial I don’t have a good knowledge of the inner workings of the math with Social Security and CPP. One observation is that the Canadian government will increase their payroll tax to make up for any shortfall.
@@ronchiu2118 retire mitten has lots of content posted on CPP and Social Security and web from the last few years. The Canadian government would not have any new incentive to change their payroll withholdings as it relates to the elimination of WEP. If you actually wanna increase your knowledge, content will take you pretty far in terms of advancing your knowledge. It’s really independent and unrelated except for a fairly tiny minority of people that also collects Social Security. In other words, this changes nothing for canada.
Two question regarding the SSFA. A person worked 25 years as a state worker and paid no FICA would they be entitled to SS benefits? A person worked 15 years as a state worker and paid no FICA; however, they also worked 20 years and paid FICA would they be entitled to SS benefits?
If a person did not pay into SS, they are not eligible for a benefit unless through a spouse. So, in your first example, they would not receive SS. In the second scenario, the person would get a benefit, however, now it may be higher because of no WEP.
Jeesh. For years I was getting $1.25 social security deposited after deducting Medicare! Yes. One dollar fifty cents😅 It has increased to $199 this past year. Thanks to WEP. Let’s see what happens now.
I have a WEP reduction, however, I have been married for 37 years. Wouldn’t I be entitled to 1/2 of my husband’s social security versus mine. It would be a bigger increase.
Why now? Why not four hears earlier? Or ten years ago when I retired. This has happened now because Trump promised to reduce the federal workforce substantially. Thousands of swamp critters will be retiring and they want to squeeze every last bit of juice from the government teat they can. Its not about fairness for me. Its for them.
@@grantmarut7488 When I asked you what's unfair about it, that's called a QUESTION. Usually, when someone is asked a question, the person who is asked responds by answering the question. Unless they really don't know why they said it, and are just mindlessly and thoughtlessly repeating what they heard others say.
I paid into both SS and pension, So I get penalized because I get pension. My SS was already reduced which I”m okay. But have it reduced another $500 a month. So I’m left with very little and lost 10 years of SS payments.
I am affected by WEP. I only receive $241 SS a month. I am on a fixed pension. Have limited money. Pay check to Pay check. I aid into the SS system with payroll deposits. I worked and satisfied the law of earning 40 quarters with 10 years of work history. Plus I satisfied and paid into a pension every pay day. I think I am deserving of being made whole.
We’ll never make up the money that was stolen from us.
Your new check will be $542/month ,,,,, not counting the cost of living increase
The 2.5% COLA for 2025 provides a modest increase in benefits for Americans receiving Social Security and SSI payments, helping to offset the rising cost of living and inflation. This increase offers essential financial relief for vulnerable populations like retirees.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. Individuals can seek counsel from a certified financial advisor to optimise financial outcomes, who can provide specialised advice and methods to decrease expenses and maximise income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for the update, Brian!
The benefit for Les than 20 years was reduced 60%! We should get that 60% reduction back as a credit.
I hope so😊
Thank you, President Biden. Promises made, promises kept. Thank you to both houses for two years of bipartisan cooperation on this issue and bringing it to long overdue conclusion
I took my SSA in November 2014. The annual social security information letter showed that I would be earning $1184.00 starting in December 2014.
I was floored when the lady from SS on the phone told me that my monthly earning was going to be $340.00. When I told her the amount shown on the annual SSA earnings letter, she briefly informed me about the WEP and its effect on my monthly earnings.
I had to sit there and watch the govt rob me of approximately 78% of my earned SSA.
When I calculated the amount that I will never get back, lets just say that I could buy a a lot of nice things like a small home, a new 30 foot motorhome or a brand new 2025 Corvette Z06.
Thank you for this information.....
Thank you for help!
Brian, I’m very much looking forward to your new thinking and scenarios on what the right sequence might be now. Now that Social Security and CPP payouts are more truly independent (except for taxation on worldwide income inclusive of SS and CPP), I think this will change the optimal approach for many. As with most things, the devil’s in the details of every individuals income stream and retirement assets.
Another question, if you were an accountant adjuster what bank could you use? like if you were a military accountant adjuster, or just a contractor. What kind of bank could accept these kind of funds? I have never heard of this before in banking-- wouldn't there be some sort of issue with who can view these kind of verifications?
Under WEP I receive $337 a month but after medicare I get $78 a month put into my bank account. Hopefully this will increase dramatically.
Don't feel bad I only get $63.00 a month after Medicare.
@@tomsantella5538 Just checked my bank statement today now I get $60.00
I get $40 a month after part B deduction.
Question : will the larger increase on Soc Sec benefit be TEMPORARY or Permanant ????
@@Butchy-t6u It’s permanent. Thanks.
@@Butchy-t6u permanent
I get a huge $15.00 a month after Medicare payment because I was a teacher for 20 years. I worked and paid SS for 20 years before becoming a teacher. Yay, I will get PART of what I paid in! 😂
What about us on SS who weren’t firefighters teachers or any public servant job?? We are paid the lowest out of everyone. Who can live off of $900.00 a month??
After the WEP penalty I receive $160 a month. Living the high life
Who is some people?...what about the elderly!!!
Some people don’t understand the WEP and GPO.
This is for people who they take money out of your ss if you have a pension if not fair to them either they are not taking any of your money so 🤷
The people that it effects were also school lunch ladies, janitors and bus drivers. Their social security would be cut 300 dollars a month. Try living on that. You don't understand the law. It's been returned what we put into social security. We payed into social security. It was stolen from us. We are getting back what we payed into . It's our money.
The strategy for cross border retirees were to start CPP a few years before Social Security. This was to get a few deduction free years. What would the recommend now? Thanks
Yes, this will typically still be our suggestion, but a good topic for another video. Thanks.
@@retiremittenfinancial I don’t have a good knowledge of the inner workings of the math with Social Security and CPP. One observation is that the Canadian government will increase their payroll tax to make up for any shortfall.
@@ronchiu2118 retire mitten has lots of content posted on CPP and Social Security and web from the last few years. The Canadian government would not have any new incentive to change their payroll withholdings as it relates to the elimination of WEP. If you actually wanna increase your knowledge, content will take you pretty far in terms of advancing your knowledge. It’s really independent and unrelated except for a fairly tiny minority of people that also collects Social Security. In other words, this changes nothing for canada.
@@ronchiu2118Canadian government does not tax my CPP, it is taxed by the IRS as worldwide income is taxed by the U.S.
OP said "start CPP a few years before SS retirement benefit" to get a few years without the WEP deduction. Don't you mean "SS a few years before CPP"?
Two question regarding the SSFA. A person worked 25 years as a state worker and paid no FICA would they be entitled to SS benefits? A person worked 15 years as a state worker and paid no FICA; however, they also worked 20 years and paid FICA would they be entitled to SS benefits?
If a person did not pay into SS, they are not eligible for a benefit unless through a spouse. So, in your first example, they would not receive SS. In the second scenario, the person would get a benefit, however, now it may be higher because of no WEP.
What if my accountant forgot to file for a business?
Jeesh. For years I was getting $1.25 social security deposited after deducting Medicare! Yes. One dollar fifty cents😅 It has increased to $199 this past year. Thanks to WEP. Let’s see what happens now.
I have a WEP reduction, however, I have been married for 37 years. Wouldn’t I be entitled to 1/2 of my husband’s social security versus mine. It would be a bigger increase.
Yes, this is correct. Thanks.
Another expert!! Where were all you clowns when we were fighting like hell to get this bill passed for the past 10 years!!!@
This includes GPO as well.
Why now? Why not four hears earlier? Or ten years ago when I retired.
This has happened now because Trump promised to reduce the federal workforce substantially. Thousands of swamp critters will be retiring and they want to squeeze every last bit of juice from the government teat they can.
Its not about fairness for me. Its for them.
It doesn’t apply to any federal employee hired after 1983, MAGAT.
Wat wat wat dingaling
The Fairness Act is unfair.
Sounds like the unfairness Act
What's unfair about it?
That's why it was repealed.
@@grantmarut7488 When I asked you what's unfair about it, that's called a QUESTION. Usually, when someone is asked a question, the person who is asked responds by answering the question. Unless they really don't know why they said it, and are just mindlessly and thoughtlessly repeating what they heard others say.
I paid into both SS and pension, So I get penalized because I get pension. My SS was already reduced which I”m okay. But have it reduced another $500 a month. So I’m left with very little and lost 10 years of SS payments.
SOUNDS LIKE SOMEONE SHOULD HAVE GOTTEN A 2ND OR 3RD JOB😂😂😂