Ask The Experts: Retirement

By Reg Jones

Social Security WEP rules

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Q: I am under the Civil Service Retirement System and plan to retire within the next year after 31 years of service. I also have 40 quarters under Social Security from a previous job and plan to keep working as long as I can as a contractor paying into Social Security. If I wait until I am 70 to collect Social Security, I would have 21 years under Social Security.

As I understand it, the windfall elimination provision will be adjusted by a percentage. If I continue to work past 70, would that percentage be continually recalculated, or is it fixed at the time you elect to take Social Security?

A: The reduction is fixed at the point where you begin collecting your Social Security benefit.

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