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Understanding Social Security
Learn when is the best time to take social security benefits.  How are benefits taxed?  What if you receive a government pension?  This class helps demystify and make sense of this confusing topic.

If you or your spouse have worked in the public sector and paid into a public pension instead of Social Security, you’ve probably heard that your ability to collect social security may be limited or eliminated because of this public pension due to the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). These rules reduced Social Security benefits for many public employees and their spouses, making it harder to plan for retirement even if the public employee had worked in the private sector previously. The good news is that things are changing! The Social Security Fairness Act, passed recently, repealed WEP and GPO for many public employees and their families. This means that public employees and their spouses will now receive full Social Security benefits, including survivor benefits, without the financial reductions that were previously in place. This is a huge relief for those who were negatively impacted by these rules.
 
A Personal Story About Social Security Changes for Public Employees:
 
I want to share a quick story about a relative of mine who was impacted by these rules. This relative worked as a public school teacher, contributing to a state pension, while their spouse worked in the private sector and paid into Social Security. When their spouse passed away, they learned that GPO would cut the survivor benefits from social security once they started their pension by 2/3 of the amount of their monthly public pension. This meant they wouldn't get the full survivor benefits they were expecting.
On top of that, the WEP rule reduced Social Security benefits for my relative based on their own work in the public sector. This combination of rules made it more difficult and uncertain for them to retire comfortably.
 
Opportunities for a Better Retirement Strategy:
 
With the repeal of WEP and GPO, many public employees and their spouses now have the potential for more guaranteed income in retirement. This creates new opportunities to rethink your retirement strategy. Here’s how:
  • Investment Strategy: With more guaranteed income, you may have the flexibility to take on slightly more investment risk in your portfolio to potentially increase long-term growth.
  • Retirement Timing: Now that you may be able to count on higher Social Security benefits, you might be able to retire earlier or with greater financial security.
  • Income Strategy in Retirement: With the boost in Social Security, you may not need to tap into retirement savings as early. This could impact how you structure withdrawals and create a more sustainable income plan.
  • Roth Conversions: It may make sense to explore Roth conversions—converting some of your traditional retirement savings to Roth IRAs to reduce future taxes because public pensions and social security are not taxed at the state level in Massachusetts getting social security may impact the amount of federal taxable income in retirement.
These changes could significantly impact when you retire, how you invest, and the tax strategies you use. It’s a great time to reevaluate your plans and make sure they align with these new opportunities.



Instructor: Patrick Clark


About Our Instructor:
Patrick Clark CFP®, CEPA is a financial planner who has made Chelmsford home for the last 11 years. He has over 14 years of experience in financial services. Patrick specializes in comprehensive financial planning. Patrick is passionate about helping people learn how to make efficient financial decisions. These decisions help clients grow their net worth and protect their families while on the path to financial independence. He helps his clients by taking a holistic view of their situation and identifying any areas where you may be doing well or need improvement. Solutions may then be implemented to take advantage of opportunities to create, amass and preserve wealth. Patrick lives in Chelmsford, Massachusetts with his wife Renee, as well as his daughters Rose, Paige and Bridget.

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Understanding Social Security 
18y and up N/A Th  05/01/2025
07:00 PM - 08:00 PM

Chelmsford High School - Room 230
$29.00 Tuition, $29.00 Non-Res
Instructor: Patrick Clark
* Adjustments and discounts will be applied during checkout if applicable. *

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