This video is for anyone who is interested in what happens when someone has earnings not covered by Social Security. "The Windfall Elimination Provision Simplified!" breaks down W.E.P. into three easy to understand pieces, using non-technical language. Along the way, the video answers many of the most commonly asked questions, helping clarify the Windfall Elimination Provision. Last but not least, the video defines some confusing terms such as Annual Indexed Monthly Earnings (AIME), Government Pension Offset (GPO), Non-Covered Person, Primary Insurance Amount (PIA), Bend Points, Social Security Indexing, Substantial Earnings and of course Windfall Elimination Provision (WEP).
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00:00 Introduction
00:23 History of the Windfall Elimination Provision
01:07 What is a Non-Covered Pension?
01:53 How Much Do You Contribute to Social Security?
02:51 What Are Social Security Bend Points
06:46 How the Windfall Elimination Provision (WEP) Reduces your Social Security Benefit
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
