RE: WEP reimbursement delayed
Dear Terry: I am a single, 72 year old female, planning on retiring in June. Have several pensions from SURS, CPS, pending IMRF, and Social Security pension. The Social Security pension was lowered by 40% plus, due to WEP when I began receiving Social Security after my 70th birthday in June of 2023. I don’t have a lot in savings, about $75,000, am in good shape physically, and am wondering if this is the best time to retire or not, considering the current chaos and uncertainty under the present Administration. The main concern I have is the uncertainty surrounding the WEP reimbursement. I have my original numbers from Social Security, the ones showing before WEP and after WEP. I am supposed to receive a substantial increase in my Social Security pension but I am quite concerned that I may never receive it, due to the cutbacks in the Social Security Department. Is there a number I can call to ascertain where I am at in the processing? Due to the current state of uncertainty, can I retire in good faith? I am currently with Vanguard.
Your feedback would be greatly appreciated.
Terry Says
That WEP increase should come automatically, since you are already receiving SS benefits. It should show up in two ways: first, an increase in your monthly check, and second a one-time “catch-up” deposit for all of 2024.
They are a little behind in doing that. Please wait another two months and then write back if you haven’t received the two adjustments.
I know that will impact your decision to retire. In my experience, the longer you can work — even part time — the better off you will be in retirement!
