FAQ – Social Security

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I have paid into Social Security since 1976 and I am currently still paying into Social Security through one job. I also work for a school district and pay into CalSTRS. I have only been paying into CalSTRS for five years. I have read your suggestion about contacting Social Security directly, but I have had no luck so far. Any ideas about how my collection of money will be affected at retirement? I don't plan on retiring for at least 10 years.

The Windfall Elimination Provision (WEP) may reduce your Social Security benefits based on your CalSTRS pension. A modified formula is used to calculate your Social Security benefit amount because you did not pay into Social Security as a CalSTRS participant. The result may be a lower Social Security benefit. Your CalSTRS pension is not affected or reduced.

The benefit reduction is phased out for those who paid Social Security tax on “substantial earnings” (as defined by the Social Security Administration) for 21 to 29 years, and is eliminated for those who paid Social Security tax on substantial earnings for 30 years or more.

To see the maximum amount your benefit could be reduced, visit How the Windfall Elimination Provision Can Affect Your Social Security Benefit.

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