The risk of social security offsets
Two Social Security offsets, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), can affect how much you receive – and your Social Security checks may be much smaller than you expected!
A note on social security offers
David Freitag and Kimberly Shockley serve as benefits professionals for MassMutual, a leading financial services company that provides life insurance and protection products, as well as retirement planning and investment services, to help customers achieve their financial goals. MassMutual is committed to “mutual living,” helping people achieve the financial security that is part of a happy and fulfilling life. MassMutual is a consistent supporter and occasional sponsor of MassMutual Queer money™ Podcast and the Debt Free Guys™.
David and Kimberly share the details of the WEP and GPO and explain how each offset could affect the Social Security benefits you receive in retirement. They explain where you can get information about your individual Social Security benefits and why it is important to review this information regularly. Listen and learn how you can take a holistic approach to your retirement planning and find out about potential losses early – while you have time to offset the effects!
Listen and learn everything about Social Security offsets:
Topics covered regarding social security offsets
The Windfall Elimination Provision (WEP)
- A bipartisan commission in 1983
- Fixed a “double-dipping” issue
The importance of creating an account with SSA.gov
- GreenLine form will no longer be sent
- Details on the impact of WEP and GPO offsets
The Potential Impact of the Government Pension Offset (GPO)
- Affects spousal and survivor benefits in 15 states
- Deduct 2/3 of the pension from the survivor/spouse benefit
Why you should check your Green Line form regularly
- Plan for the impact of WEP and GPO offsets
- Three years to correct errors (rate of 10%)
The need for software tools for retirement planning
- 2,800 different rules influence the filing strategy
- Modeling tools available to MassMutual advisors
The importance of open communication with your financial advisor
- Make sure you take a holistic approach at the same time
- Course correction as needed with expert information