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WEP question for Social Security

WEP question for Social Security

Old Jul 27th 2020, 9:10 pm
  #16  
 
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Default Re: WEP question for Social Security

Originally Posted by Russet View Post
When we retire we will both qualify for the full state pension but will probably only have around 10 years of SS contributions - I may have less than 10. I had assumed that at NRD my husband would apply for his SS receiving his full benefit, when the state pension kicks in this would be WEP'd by approx 50%. A couple of years later I would apply for my SS (at my NRD) and receive a spousal benefit amounting to 50% of his WEP'd SS (so 25%). Suprised to hear I may in fact receive the full 50% of his Primary Insurance amount as the spousal benefit is not subject to WEP. If I understand correctly, as a couple, we would be receiving the equivalent of his full Primary Insurance Amount? His 50% of PIA - WEP'd and my 50% of PIA as spousal benefit.

Definitely confusing, as if I continue to work and accrue more than 40 quarters and claim SS on my own earnings record, we would both be WEP'd due to the state pension. I think I need to get the calculator out again ... But as my benefits are going to be less than his, looks as though we will have a few more unexpected pennies in our retirement budget!
I applied for my SS, in 2015, based on my wife's account. Her SS was worked out with WEP taken into account. I received 50% of the SS she actually received (after WEP). The spouse benefit is not subject to any further WEP on it.
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Old Jul 27th 2020, 9:14 pm
  #17  
 
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Default Re: WEP question for Social Security

Originally Posted by Glasgow Girl View Post
Actually if you are subject to the maximum WEP it can add up to tens of thousand of dollars. That money will help me enjoy my retirement just a little more.
Indeed the maximum can be a lot. But what you save in the long term by doing as you suggest isn't. Especially if you don't live that long.
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