I Thought Paying Off My Mortgage Was Smart—Then I Lost $20,000 In Benefits
Автор: Grandma Money Stories
Загружено: 2025-11-12
Просмотров: 13
I paid off my $87,340 mortgage at age 58 and felt like I'd won. Three years later, I got a letter from Social Security that changed everything. My benefit was cut to $290 a month because of the Windfall Elimination Provision (WEP). I realized I'd made connected decisions that cost me about $20,000 in lifetime retirement income.
What this video delivers:
• What the WEP is and how it reduces benefits for people with government pensions
• The simple question I didn't ask that would've saved me $20,000
• Why paying off my mortgage early was connected to my Social Security mistake
• The two extra years of work that would've changed everything
• A 60-second scam warning about fake deed recording letters
Seven-Step Checklist:
1. Pause 90 days before major decisions
2. Call Social Security about the WEP
3. Run three scenarios side by side
4. Talk to a fee-only financial planner
5. Separate emotion from math
6. Protect your liquidity
7. Revisit your plan every two years
⭐️ Resources:
• Social Security: ssa.gov or 1-800-772-1213
• WEP Info: ssa.gov/pubs/EN-05-10045.pdf
• Fee-Only Planners: napfa.org
• Report Scams: ReportFraud.ftc.gov
⚠️ Educational Disclaimer:
Educational content only. Not financial, legal, tax or medical advice. Rules change. Confirm details with official sources and a qualified professional before making decisions.
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