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Spending the Social Security Surplus
ATTENTION RETIREES & Soon To Be RETIREES
Are you certain the money you paid to Social
Security during your working years will be returned to you when you retire? A rude awaking awaits you if you contributed to Social Security part of your work years and also worked for any Federal,
State or Local government. Although there are some exceptions, for the vast majority of retirees, no one escapes the
Social Security offset/windfall penalty. It is unconscionable that Congress, in 1977, passed the offset/windfall bill,
so that part of your public pension benefits are deducted from your Social Security payments. This has become SOCIAL
INSECURITY.
O.K.......
Have you recovered from the shock?
What
are the Social Security Offset and Windfall Penalties?
The Government Pension Offset (GPO) is the
government pension law that affects spouse's or Widow(er)'s
benefits.If you worked for a federal, State or local government where you did not pay Social Security Taxes, the pension you
received from that agency may reduce any Social Security benefits for which you are qualified.
How
much is the offset?
The offset will reduce the amount of your
Social Security spouse's or widow(er)'s benefits by two-thirds of the amount
of your government pension!
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If you get a monthly civil
service pension of $600, two-thirds of that, or $400, must be used to offset
your Social Security Spouse's or widow(er)'s benefits. |
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If you're eligible for a $500 widow(er)'s benefit, you'll receive $100 per month from Social Security ($500-$400 = $100). |
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Read Social Security Administration's Publication No. 05-10007 for more detailed information. |
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Retirees
drawing any government pension and also qualify "Retirees
drawing a benefit from a private pension fund |
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Bush asks Educators "Leave no child behind"
Offset
Windfall asks Congress "Leave NO SENIOR Behind"