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Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
For anyone born in 1960 or later, the full Social Security retirement age is 67, with lower benefits if you retire earlier or more for each year you delay collecting until age 70.
The Government Pension Offset affects spouses, widows and widowers who receive government pensions and in some cases reduces their Social Security benefits, according to the SSA.
According to experts in an article published by Fidelity, one of America's largest retirement plan administrators, you should have between eight and 10 times your pre-retirement income by your ...
These include benefit calculators for spouses, calculators for persons affected by the Windfall Elimination Provision or the Government Pension Offset and calculators to determine a person's full retirement age or the effect of the earnings test on benefits. SSA also provides a life expectancy calculator to help with retirement planning.
Image source: Getty Images. 1. Social Security benefits are rising by 2.5%. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment, or COLA.
Social Security provides essential benefits for millions of retirees. But those who receive government pensions that weren't funded by Social Security could lose some of their spousal benefits ...
The Government Pension Offset (GPO) affects spouses, widows and widowers with pensions from a federal, state, or local government job, says the Social Security Administration. In some instances ...
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