I wrote previously about the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) and how unlike many of my colleagues I actually think the intent is good, although the formula used to compute them is a very blunt instrument and could be improved. (We have each individual's earnings data, and we have, you … Continue reading Some Nuances of the WEP and GPO
I just re-listened to this episode of the Best New Ideas in Money Podcast, titled Redesigning Your Life Map. I think it's worth 25 minutes of your time, both from a financial literacy perspective and from just a general life satisfaction perspective. You really need to listen to it to get the full context, but … Continue reading Redesigning Your Life Map
One of the most important spending factors to take into account when planning for retirement is the cost of healthcare, including the cost of health insurance. Most people are generally aware that their employer picks up a large portion of their health insurance premium costs, but it's not until you stop working and that goes … Continue reading Medicare and PERACare Premium Changes for 2022
Like many teachers, the first time I heard about the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), my first response was, “That’s not fair!” Why should my Social Security benefit (by WEP) or Social Security Survivor’s Benefit (by GPO) be reduced simply because I worked as a public employee and earned a pension … Continue reading Are the WEP and GPO “Fair”?