Show 86 - WEP/GPO repealed, what does that mean? with David Gourley
In this episode, I talk with David Gourley about the WEP/GPO repeal and how that affects retired teachers and those nearing retirement.
5/21/20251 min read
The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) are two laws that have caused much heartache among educators, but not anymore! With the repeal of these two laws, teachers are getting more money from Social Security that they deserve. So how does this affect your financial planning? Well Gavid Gourley, a former teacher and financial planner, and I are going to talk about just that. Check out the episode!
Show Notes
Complete guide to loan forgiveness
How much do I need to save to retire?
Rashad’s episode on sticking to your plan
Karl's episode on the pension systems
Check your SS credits at SSA.gov (You'll have to sign in, create an account ,and jump through a lot of hoops, but then simply download your social security statement to see how close you are to receiving benefits)
Recommended Books (Amazon Affiliate Links)
TLDR Pension Systems books
Key Ideas
In states where teachers did not pay into social security, teachers who had enough SS credit could have seen reduced benefits.
AND those who had spouses with benefits often lost them when their spouse passed away.
Now, you can plan on full benefits, so it might be in your best interest to work on the side to earn those credits.
Checking your credits is always a good idea, stay informed!
Bonus Tip
Here is a bonus tip I didn't get to in the episode.
Remember that laws can change, so while having WEP and GPO repealed is nice, there is no guarantee that it won’t change back. That’s why it is important to bet on yourself for retirement and don’t just solely rely on the government backed programs.