Social Security Advisor for MA Public Employees: Navigating the WEP & GPO Repeal
By Tim Hayes, Financial Advisor for the Public and Not-for-Profit Sector
Assess Your Eligibility for Spousal or Survivor Benefits
Following the repeal of GPO, the SSA’s process has become more complex, as public employees can now qualify for benefits as spouses or surviving spouses. The SSA will need to reassess previously denied benefits, which includes verifying whether a public employee’s spouse is still living. This could qualify them for up to a 50% spousal benefit.
Given the complexities of the Social Security system, public employees need Tim’s expertise to help them navigate these changes and alleviate feelings of being overwhelmed.
Overview of Social Security Services
Tim specializes in evaluating how the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) might impact a public employee’s new Social Security benefits. His services are designed to help public employees make informed decisions about claiming their rightful benefits from Social Security.
What Tim Offers:
– Assessment of Benefits: Tim determines whether new Social Security benefits stem from eliminating WEP, GPO, or a combination of both.
– Benefit Estimates: He estimates new benefits at various ages and scenarios for public employees affected by WEP and/or GPO who have not yet applied for Social Security benefits.
– Roadmap Development: Tim creates a personalized roadmap for Social Security filing options based on individual circumstances.
-Direct Assistance: He can assist with calls to the Social Security Administration (SSA) and attend in-person appointments if necessary.
– Retirement Planning: Tim evaluates public employees’ 403(b) and IRA portfolios to analyze how new Social Security benefits may influence their retirement planning and asset allocation.
Why Tim's Services Are Essential
A recent CNBC article by Lorie Konish highlighted the challenges of implementing the Social Security Fairness Act. This Act aims to eliminate WEP and GPO, which have adversely affected many public employees in states where workers do not contribute to Social Security.
The Social Security Administration is expected to take over a year to implement these changes entirely. A former SSA administrator, Professor David Weaver from the University of South Carolina, estimates that full implementation could cost around $200 million.
Find out what your restored Social Security benefit is worth — Call Tim directly: (508) 277-5847
I Immediately Felt I Was in Good Hands
“I was fortunate to get a recommendation for Tim Hayes from a colleague many years ago, and I have benefitted greatly from our partnership. At our first meeting, I immediately felt that I was in good hands. Tim is a wonderful listener, and he asked great questions that allowed me to focus my long-term financial goals. He has always been very responsive to any questions I have had and keeps me informed about the impact the vagaries of the investment world have on my portfolio while, at the same time, giving me advise on our next steps. I would highly recommend Tim to anyone needing investment services. Both his knowledge and his thoroughness are refreshingly impressive.”
Phyllis Gleason
Client
Testimonial Disclosure: Testimonials are based on individual client experiences and may not represent the experiences of all clients. They are not a guarantee of future performance. Each client’s situation is unique. No compensation has been provided for these testimonials.
Verify Your New Social Security Benefits Predictions
Professor Weaver suggests that the SSA may automate 95% of WEP-related adjustments. This is mainly a mathematical process that calculates the payment without the WEP penalty reduction. However, the remaining 5% of cases may be more complex, often involving additional eligibility for survivor or spousal benefits that require further investigation.
Book a Financial Planning Consultation — $200/hr
I'll review your new Social Security benefit under the Fairness Act, walk through how the spousal benefit actually works, and show you how it factors into your Option A, B, or C pension decision.
"My goal is to ensure your retirement plan is built on your best interests, not a product sale."
Book a consultation ($200/hr) or call 508-277-5847 to schedule.
These are the opinions of Financial Advisor Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only and should not be construed or acted upon as individualized investment advice. Content provided via links to third-party sites should not be considered an endorsement of content that we cannot verify completeness or accuracy of.