According to the Social Security Administration, 34% of the workforce do not have any savings set aside as their retirement plan. Among the Social Security beneficiaries, 22% of married couples and 47% of unmarried persons rely on Social Security for at least 90% of their income. A 2015 survey by AARP found that 33% say that Social Security will be their primary source of income. Even so, the Windfall Elimination Provision or the Government Pension Offset may make a significant reduction in the Social Security benefit a person receives. This presentation begins with a review of concepts and rules pertaining to calculation of retirement benefits under Social Security; it then explains the Windfall Elimination Provision and Government Pension Offset with suggestions on how to help clients who may be affected by either reduction.
Sam Van Why, CLU®, ChFC®, has been in the financial services industry since 1972. He is currently a professor at the College for Financial Planning, where he is responsible developing and maintaining several of the College's master's program courses. Prior to joining the College, Sam worked for the Colorado Division of Insurance and the Wyoming Department of Insurance, as well as working with individuals and business owners in financial planning and insurance for over 18 years. Sam can be reached at firstname.lastname@example.org