CourtClerk
Senior Member
What is the name of your state? CA (although I don't think it matters)...
Alrighty, I'm doing some planning, although I'm really not planning on going anywhere, anytime soon
, but I've got some questions about some stuff and I'm going to see a probate/estate attorney later next month with my mother and I guess I need to get my affairs in order too... shoot, I'm a parent. Anyoldhow... can someone explain to me exactly how this Windfall Elimination Provision works and how it affects me (1) at retirement and (2) with survivor benefits? I also want to make sure that when I'm ready to retire, there are no financial surprises there either. I get one of those statements every year from SSA with that whole this is what I would be eligible for should I retire (yadda yadda yadda), however, I wonder how accurate that is seeing as if I don't pay into Social Security?
Again, not that I'm planning on going anywhere, but I've got this idea about this pseudo complex trust, that would basically pay "child support" to the individual (provided it is not my ex) who takes custody of my child (provided he hasn't reached the age of majority) out of a trust, and still leave him with a hefty chunk of change (enough to get him through college and a little seed money). That amount would be dependent upon whether or not my son is eligible for survivor benefits. He is the beneficiary of all my life insurance policies, and as long as I am an employee of the County, he would get a chunk of change there. I think I read that the fact that I no longer pay into Social Security doesn't effect survivor benefits (someone please clarify that for me) and I have, for a while been trying to decipher the SSA website... but don't have time to sit on hold to call them.
Some of you tax gurus and employment gurus and if there happens to be a retirement guru out there may have some insight. In case it's relevant... I'm in my 30's, so I have a while until retirement. In fact, I'll have my 25 years in, and still be required to work because I'll be under 58 or whatever the age is for retirement with full medical. I plan to stay with my present employer for (at the very least) 30 cumulative years. Probably 35, and at that time, I'll be able to retire at 90% of my then current salary.
Alrighty, I'm doing some planning, although I'm really not planning on going anywhere, anytime soon
, but I've got some questions about some stuff and I'm going to see a probate/estate attorney later next month with my mother and I guess I need to get my affairs in order too... shoot, I'm a parent. Anyoldhow... can someone explain to me exactly how this Windfall Elimination Provision works and how it affects me (1) at retirement and (2) with survivor benefits? I also want to make sure that when I'm ready to retire, there are no financial surprises there either. I get one of those statements every year from SSA with that whole this is what I would be eligible for should I retire (yadda yadda yadda), however, I wonder how accurate that is seeing as if I don't pay into Social Security?Again, not that I'm planning on going anywhere, but I've got this idea about this pseudo complex trust, that would basically pay "child support" to the individual (provided it is not my ex) who takes custody of my child (provided he hasn't reached the age of majority) out of a trust, and still leave him with a hefty chunk of change (enough to get him through college and a little seed money). That amount would be dependent upon whether or not my son is eligible for survivor benefits. He is the beneficiary of all my life insurance policies, and as long as I am an employee of the County, he would get a chunk of change there. I think I read that the fact that I no longer pay into Social Security doesn't effect survivor benefits (someone please clarify that for me) and I have, for a while been trying to decipher the SSA website... but don't have time to sit on hold to call them.
Some of you tax gurus and employment gurus and if there happens to be a retirement guru out there may have some insight. In case it's relevant... I'm in my 30's, so I have a while until retirement. In fact, I'll have my 25 years in, and still be required to work because I'll be under 58 or whatever the age is for retirement with full medical. I plan to stay with my present employer for (at the very least) 30 cumulative years. Probably 35, and at that time, I'll be able to retire at 90% of my then current salary.