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Pensions are a traditional source of retirement income for many Americans, but some pensions can affect Social Security benefits. If you’re an advisor who works with teachers, police officers, firefighters, government employees or the spouses of those workers, you need to be aware of these provisions and how they could affect your clients. While the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) differ in who they affect and how they impact benefits, both are aimed at reducing Social Security benefits for people who receive a pension from work in which they did not pay into the Social Security system.
