This calculator will tell you: The amount of Social Security benefit you can expect after the WEP reduction (for comparison we also illustrate your benefit without considering the WEP). WEP Examples The Windfall Elimination Provision reduces your Eligibility Year (ELY) benefit amount before it is reduced or increased due to early retirement , delayed retirement credits , cost-of-living adjustments (COLA), or other factors. more; DOWNLOAD Download form and document related to RMCD. Getting a windfall is a great way to stabilize your finances and lay a strong foundation for savings and retirement. Methodology To find the most tax friendly places for retirees, our study analyzed how the tax policies of each city would impact a theoretical retiree with an annual income of $50,000. The Windfall Elimination Provision (WEP) is poorly understood and catches a lot of people by surprise. The WEP is simply an alternate formula for calculating Social Security benefits for those who have a pension from a job where no Social Security taxes were paid. But depending on the source, the United States government may want its share. Use our WEP Online Calculator or download our Detailed Calculator to get an estimate of your benefits. ... however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill. It can be changed to as low as 40%, though an individual with more than 20 years of substantial earnings under Social Security could have a higher percentage. Our analysis assumes a retiree receiving $15,000 from Social Security benefits, $10,000 from a private pension, $10,000 in wages and $15,000 from a retirement savings account like a 401(k) or IRA. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining. Estimate of spouse benefits for yourself if you receive a pension from a government job in which you did not pay Social Security taxes. The decision for which option is better is complex. Updated: June 29, 2015 . The three numbers for finding your WEP penalty are: $222 (= 27.8% of $800) $198; $250 (=50% of $500) So, your WEP penalty is $198, which reduces your FRA SS benefit from $800 to $602. More in Service & Disability Retirement. This calculator will tell you: The amount of Social Security benefit you can expect after the WEP reduction; The number of “substantial earnings” years you already have How additional years of substantial earnings will affect the WEP penalty Resources & WEP Calculator Windfall Elimination Provision (WEP) Many federal employees have held other jobs before, during, and after retirement including feds who served active military and/or Reserve and National Guard duty where earnings were subject to Social Security. 15% of the amount over $5,583 up to the Social Security tax cap If one is affected by the WEP, the multiplication factor for the first “bend point” above will be less than 90%. This WEP-adjusted FRA benefit of $602 is the value you would use if you want to calculate either an early claiming penalty or delayed retirement benefits. Visit the CalPERS Facebook page. Windfall Elimination Provision (WEP) Calculator. GPO Calculator. 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