If you are (or were) married and you have worked in a domestic (US-based) government job where your earnings are not subject to Social Security taxation, you probably are familiar with the Government Pension Offset, or GPO. (You may also be interested in WEP – Windfall Elimination Provision – as well, but that’s another subject.) Have you ever learned just why GPO is a factor in Social Security calculations for many folks? In another article we reviewed why there is a WEP, but there are differences between WEP and GPO, so we’ll cover those first.
During your career you may have worked for a governmental agency or a foreign employer where there was no Social Security tax withheld from your earnings (Job A). At the same time or at some other point, you may also have worked in a job that was covered by Social Security (Job B). The end result is that now you’re ready to retire, and you will collect a pension from the Job A, and you’re also eligible to collect Social Security benefits based on Job B. But the Social Security benefits are being reduced because of something called WEP – …Read More
Many, if not most, applications for Social Security benefits are approved without any issues. But often, an application is denied, for legitimate reasons. Maybe you don’t have the requisite number of credits on your account for benefits, or something similar. But also, many times, benefits are denied without a specified reason. When this happens, the Social Security Administration staffer working on the case will apply a code of “miscellaneous suspense” to the record.
The suspension of benefits can happen either at the point of initial application, or upon a review of the record at some point. For the latter, the …Read More
During the lockdown and required social distancing it’s common to feel cooped up and restless. Finances may be strained, and we may feel the need to lockdown our own spending. During this time, and raising two daughters, it was a great way to become creative with activities that didn’t cost a thing but were a HUGE investment in building relationships. If you don’t have kids, you can still do these with friends or family.
- Take an adventure walk. We like to take walks frequently. However, there are times when I will set certain challenges on the walks or learning outcomes
A recent college graduate approached me recently to ask about saving and investing. He had begun investing using one of the micro-brokerage apps, and had a few questions about getting started with saving and investing.
We briefly talked about saving concepts, including emergency funds, goals for saving activities and whatnot, as well as the concept of diversification. But I knew that the brief amount of time we had available to talk would not be enough to answer all of his questions. In addition, although at one time I was in his very shoes (starting his first …Read More