Re: [TSP_Strategy] TSP and "Double Dipping"

 

This is from the pub in the link:

Your Social Security retirement or disability benefits can be reduced

The Windfall Elimination Provision can affect how we calculate your retirement or disability benefit.

If you work for an employer who doesn't withhold Social Security taxes from your salary, such as a government agency or an employer in another country, any retirement or disability pension you get from that work can reduce your Social Security benefits.

When your benefits can be affected

This provision also affects Social Security benefits for people who performed federal service under the Civil Service Retirement System (CSRS) after 1956.

We won't reduce your Social Security benefit amounts if you only performed federal service under a system such as the Federal Employees' Retirement System (FERS).

Social Security taxes are withheld for workers under FERS.

On 6/13/2018 5:13 PM, Richard Hadley phrogtopp@yahoo.com [TSP_Strategy] wrote:

 

This the fact sheet associated with WEP or Windfall Elimination Provision.  Thank you for sharing, I'm sure I'm not the only one that was surprised of the provision.

https://www.ssa.gov/pubs/EN-05-10045.pdf

Sent from my iPad

On Jun 13, 2018, at 3:44 PM, bill_steele_sr@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

I got a statement from Social Security showing what I'll collect if I retire at various ages. 2 short paragraphs followed the section showing monthly payments. 

The first stated that if I have a federal pension my SS payments will be reduced by 80%(?) of the pension payments. 

The 2nd stated that if I have a private retitement account my SS payments will be reduced by 100%(?) of that account's payments.

Using simple numbers let's say SS will pay me $2000 per month. Let's also say that my pension is $1200 per month and my TSP payment is $1200 per month. 

Does this mean I will completely lose my monthly SS checks? If so what has been the advantage of saving in my TSP all these years.... I'm low on the GS pay scale and it looks like I will accumulate the exact amount of money- added to my small pension to kill off my SS payments. Have I misunderstood this? Are many other low level feds facing this same math? If so should I stop contributing to my TSP and use the money to increase my weekly take home pay? I'll be retiring in about 5 years

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Posted by: Gary <Tweet_pa@yahoo.com>

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