The increase in payments from the SSA, Social Security Administration, are being more than considerable and inclusive to different groups of people who can receive this great economic help in such difficult economic related times. However, the decision has been made to tighten the conditions to be in a position not to go through a cut that will be considerable in a certain group of recipients of the monthly payment. Everything has been exposed and may soon have a direct impact on your next payments, on your bank account or on your paycheck. Find out what it’s all about and if you are one of those affected by Social Security.
Beware of the decrease in Social Security payments
Everything happens after the formula used for the payments provided by the Social Security Administration on a daily basis, since it is estimated that it will affect 30% of the beneficiaries, who do not comply with the state entity’s requirements. Although it cannot be considered a trap, many immigrants have an extra income outside the United States and it seems that this will come into play with the Windfall Elimination Provision formula, known as WEP. There, a calculation is made where the earnings of those who are receiving the SSA program are taken into consideration and evaluated. Thus, many who are currently receiving the monthly money would be affected and exceed the income limit required for payment. While others would cross the threshold of their current range of money and have a substantial decrease or cut.
The research using the WEP formula makes it clear that there are difficulties in properly laundering and exposing how much money a citizen abroad who wants to rebuild his or her life in the United States has. But who, in turn, sees an escape route to settle in this country without having to declare what they receive from abroad. This seems to change with the application of this striking formula that intends to take care of permanent residents, who contribute with greater care from the state year after year and do not see their income reduced by complying with the state’s rules.
How to avoid cuts from the SSA
It is important to regularize the payments and contributions that one has, so that the tax return remains transparent in the future and the SSA does not put under the magnifying glass our money transferred month by month. You can have a reduction of up to 50% if the conditions of the Windfall Elimination Provision formula are not complying with the regulations of the U.S. system. With this it is clear that you should seek advice from a specialist. Consult if there is any agreement between the government of your country of origin and the United States to simplify the way to demonstrate what your contributions are, which will help you avoid cuts in your monthly Social Security payment.
