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
Money Management Tips for a Windfall - AARP If you are owed unexpected money from back taxes, a pension-payout or even the sale of your home, here are a few ways to manage the extra funds
Does Military Retirement Pay Affect Social Security Benefits? - AARP 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
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 Pensions from jobs where Social Security taxes were collected, be they in the public or the private sector, were never affected by the GPO or the WEP
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
Can You Get Retroactive Social Security Benefits? - AARP If you are at full retirement age, which varies according to the year you were born, Social Security will pay benefits starting that month If you apply one to five months after you reach FRA, you can get retroactive benefits in a lump sum for that number of months If you file six months or more past full retirement age, you can get up to six months in back benefits