I have a small $600 pension from Maine. I will be subject to WEP. In my case it will be half of the pension amount. I have considered rolling the pension into a IRA before reaching retirement then I would not be subject to WEP. What are your thoughts? Also does the calculator have this option? lastly the value of the money in the pension is about 40,000.00 so would not generate a large monthly amount.

Hi. If you figure that your monthly Social Security retirement benefit rate would be $300 less if you receive a $600 non-covered pension, then you'd need to decide if forfeiting your pension would be a better overall financial decision for you. I can't make that decision for you.

One cautionary thing I would say is if you do decide to rollover your pension, make sure that it meets the definition of a withdrawal for Windfall Elimination Provision (WEP) purposes. To count as a withdrawal that would not result in any WEP reduction to your Social Security retirement benefit rate, the withdrawal must consist of only your own contributions and interest, and it must be made before you are eligible to receive a pension (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300605364).

Our basic software (https://maximizemysocialsecurity.com/purchase) could calculate your Social Security benefit rates with and without reduction due to WEP, but it wouldn't help you with your pension vs. IRA comparisons. You might want to consider using our Maxifi Planner software (https://maxifiplanner.com/), which is a full feature financial planning software program.

Best, Jerry