How PERA impacts your Social Security retirement benefit is a key question for many of our clients. Schedule a 20 minute phone consult to explore how the Windfall Elimination Provision will impact your retirement plan.
Your PERA benefit will be taxed as earned income when it is paid out. Many of our clients have worked with Tyler to minimize the risk of rising taxes in the future by working to build up tax free money for retirement.
There are strategies that may prove impactful for you to consider that will actually increase your annual income in retirement. Making key decisions on whether you request a single or joint payout has many important ramifications. Also, some workplaces may allow you to waive deductions on your health insurance, effectively increasing the average of your Highest Annual Salary (as well as your lifetime PERA benefit). Optimizing your fixed income is a key building block for a successful retirement plan. Check out our Wealth Clarity roadmap to see where you are at in your retirement planning journey!
Planning with PERA can be a complicated process, with many additional decisions to make along the way. It makes sense to walk through this process with a team that has done it before. Please schedule a meeting with Tyler to explore how we can help you do this right.
Windfall Elimination Provision PDF
Government Pension Offset PDF
PERA Benefit Structure - How much will you get when you retire?
DPS Benefit Structure- How is it different?
Taxes on PERA Benefits
Working After Retirement
Pre-Medicare Coverage - PERACare Health Benefits
Purchasing Service Credits
Client Care Manager