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Have you spent part of your life working for an employer who wasn’t part of the Social Security system, and are you earning a pension from that employer? If so, you could get hit by the Windfall Elimination provision, which means that the SSA uses a different formula to compute your benefit, and your benefit is reduced. The Windfall Elimination provision is complex and has various exceptions, but be aware that it may apply if you turned 62 or became disabled after 1985 and you first qualified for a pension based on work in which you didn’t pay Social Security taxes after 1985. Importantly, this provision doesn’t apply to federal workers hired after December 31, 1983, because their earnings are automatically covered by Social Security.

Although the Windfall Elimination provision may cost you, it’s capped at 50 percent of your uncovered pension. If you have an uncovered pension of $1,000 per month, the most that your Social Security benefit can be reduced by is $500, and depending on the specific facts of your situation, that amount may be a lot less.

Want to find out more? A good place to start is the Social Security website. You can find out more about the impact of a pension from uncovered work on your benefits at www.ssa.gov/pubs/10045.html.