Re: [TSP_Strategy] TSP and "Double Dipping"

 

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: Richard Hadley <phrogtopp@yahoo.com>

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Ditulis oleh: Andriansyah -