Next month I turn 70.
At 65 I suspended my Social Security benefit until 70 so that I would receive the largest benefit amount possible.
Today I walked over to the Social Security office and filed to restore my benefit starting next month.
Because I retired six years ago from teaching, I receive my Teacher Retirement System pension for which I paid 9.4% from my paycheck every month for 30 years.
From the age of 16 to the age of 34 I paid into Social Security.
That would be 18 years that I paid into Social Security.
If I now received the benefit amount I earned based on the 18 years I and my employers paid into the Social Security system I would receive $719 a month.
Instead I will write a check to the Social Security system each month for $59. That’s the amount required to pay the balance of my Part B Medicare premium.
After 18 years of paying into a retirement system I will end up writing them a check!
The reductions stem from two little-known rules: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
If Anne should die before me (won’t happen) I receive no spousal death benefits.
It’s a rip-off of teachers and others who receive state pensions and who paid for years into Social Security.