February 16, 2025 • 4 mins
Mikaela and Joe talk about pensions and social security!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
We were talking about pensions and social security.
Speaker 2 (00:04):
And the wind fall of the nation.
Speaker 1 (00:06):
Oka. I mean, I have like four minutes, so I'm
going to ask you about this because I'm very curious.
So people who had pensions, and I work with a
lot of people who will have a pension or have
a pension.
Speaker 3 (00:15):
My mom has a pension. She's in her early seventies.
Speaker 1 (00:20):
You used to get less of Social Security, yes, because
you had your pension.
Speaker 4 (00:24):
Yeah. So if you're a state employee or you know
a teacher, old federal employee, right CSRS was at you
never paid in the Social Security and so because of that,
you didn't get a soci security benefit. Now where this
runs into a problem though, it's if you're a state
employee all your life, you're not going to get so
security regardless because you never paid into it. But what
happens is when people have second careers or maybe they
(00:44):
work and paid in a sociecurity during their early years
and then they went and worked a state job or
something like that. That's where they now the soci security
that they're entitled to. Old rules said it would have
been reduced because of their work with the with the
because they're.
Speaker 2 (00:58):
Getting a pension from the gut.
Speaker 4 (01:00):
They're going away with that role, which is called win,
follow them Nation provision, So now they don't have to
worry about getting what they are entitled to SOCD security wise,
and this.
Speaker 2 (01:08):
Is a big thing.
Speaker 4 (01:08):
People have been, you know, trying to get this change
for years and now it's finally happening.
Speaker 3 (01:13):
What did it take to make it happen?
Speaker 2 (01:16):
President Trump pushing harder? I guess I don't know.
Speaker 3 (01:18):
So it did it just happen?
Speaker 2 (01:20):
Yeah, it just happened like it just got a month
or two ago.
Speaker 3 (01:23):
Okay, Yeah, nobody was talking about it.
Speaker 4 (01:26):
Yeah, I mean it's it's very prominent in the pension space.
So we'd work with a lot of people with pensions.
And you know, our YouTube video does a lot of.
Speaker 3 (01:32):
Videos on so we were just looking at on YouTube.
Speaker 4 (01:34):
Yeah, and it's it's those people that are at that
age of needing social security. So obviously you're just so young, Machaye.
Speaker 3 (01:40):
So young, so young, but you know.
Speaker 4 (01:42):
People are in that bizarre they're so excited because they're
now getting an increase in their income.
Speaker 2 (01:47):
It could be one thousand dollars a month.
Speaker 1 (01:49):
What about people like my mom or others like her
who are will that change for her?
Speaker 4 (01:55):
Now they're gonna what I've been told. Did you have
to reach out to so security to really make sure
it all happens right? Well, if you don't reach out
so I could be wrong there, but always take the
you know, make sure it does is all I would
say there.
Speaker 1 (02:06):
And I and I got to think about her career.
She worked privately, I think for a little bit.
Speaker 4 (02:12):
Yeah, they have to have at least ten years of service,
so it's called forty.
Speaker 2 (02:16):
Quarters forty quarters of pain into Social Security, Okay. Or
if they.
Speaker 4 (02:22):
Are married, right, if the spouse has SOID security, then
they could be eligible for what's called a spousal benefit
off the Social Security Okay.
Speaker 1 (02:31):
And again this nugget came out of a YouTube video
that we were just like. I was checking out his
YouTube a minute ago and I was like, oh, what's
this about pensions? And he tells me about this windfall reduction?
Speaker 4 (02:42):
What is windfall Eliminavision Elimination WEP, which is also known
as web web Web.
Speaker 1 (02:47):
I mean, you guys, check out the YouTube channel. That's
all I gotta say.
Speaker 3 (02:50):
Joe, It's been so fun to have you and to
talk with you today, just like getting your brain a
little bit. I really enjoy it.
Speaker 2 (02:56):
It's a lot of fun.
Speaker 4 (02:57):
So either you know, maybe next time you kick Mindy
out or maybe next time Mandy can't do it.
Speaker 2 (03:02):
I hope on the first call to come in.
Speaker 4 (03:03):
Well.
Speaker 3 (03:04):
I mean, we had a great time.
Speaker 1 (03:06):
And listen, if you know, ladies between twenty five and
thirty is our twenty three and thirty. Twenty three and thirty,
you guys read my people reach out to me. I
know they're out there, and we will bet and we
will get Joe hooked up and we'll see how if
she can fit his list.
Speaker 3 (03:24):
That's what I'm gonna say. I don't know.
Speaker 1 (03:27):
I feel like I might have females, That's the only
thing I feel like I don't have. I need someone
in that twenty three to like twenty nine to thirty,
and I know less and less people in that category.
But I'm looking out for you. You better bet I.
Speaker 3 (03:43):
Am looking out Mandy.
Speaker 2 (03:44):
I'm kind of scared.
Speaker 1 (03:45):
You should be scared because we have like two different groups,
you know what I mean, like around town, but we're
we cover very very well in the city of.
Speaker 2 (03:53):
Columbus, strong network we do.
Speaker 3 (03:56):
So I'm thinking about it.
Speaker 4 (03:57):
I talked about doing a dating thing on here for me.
I think I think that would be hilarious.
Speaker 3 (04:02):
If we had a game with you, that would be amazing.
Speaker 2 (04:06):
I think I'd actually be open to that. That would be hilarious.
Speaker 1 (04:09):
Okay, well deal, Well, thank you for being here, such
a good time. And again Peak Retirement Planning dot com
is that right?
Speaker 3 (04:17):
Okay?
Speaker 1 (04:17):
Fantastic And no matter what you do this week, guys,
spend some time doing what no
We were talking about pensions and social security.
Speaker 2 (00:04):
And the wind fall of the nation.
Speaker 1 (00:06):
Oka. I mean, I have like four minutes, so I'm
going to ask you about this because I'm very curious.
So people who had pensions, and I work with a
lot of people who will have a pension or have
a pension.
Speaker 3 (00:15):
My mom has a pension. She's in her early seventies.
Speaker 1 (00:20):
You used to get less of Social Security, yes, because
you had your pension.
Speaker 4 (00:24):
Yeah. So if you're a state employee or you know
a teacher, old federal employee, right CSRS was at you
never paid in the Social Security and so because of that,
you didn't get a soci security benefit. Now where this
runs into a problem though, it's if you're a state
employee all your life, you're not going to get so
security regardless because you never paid into it. But what
happens is when people have second careers or maybe they
(00:44):
work and paid in a sociecurity during their early years
and then they went and worked a state job or
something like that. That's where they now the soci security
that they're entitled to. Old rules said it would have
been reduced because of their work with the with the
because they're.
Speaker 2 (00:58):
Getting a pension from the gut.
Speaker 4 (01:00):
They're going away with that role, which is called win,
follow them Nation provision, So now they don't have to
worry about getting what they are entitled to SOCD security wise,
and this.
Speaker 2 (01:08):
Is a big thing.
Speaker 4 (01:08):
People have been, you know, trying to get this change
for years and now it's finally happening.
Speaker 3 (01:13):
What did it take to make it happen?
Speaker 2 (01:16):
President Trump pushing harder? I guess I don't know.
Speaker 3 (01:18):
So it did it just happen?
Speaker 2 (01:20):
Yeah, it just happened like it just got a month
or two ago.
Speaker 3 (01:23):
Okay, Yeah, nobody was talking about it.
Speaker 4 (01:26):
Yeah, I mean it's it's very prominent in the pension space.
So we'd work with a lot of people with pensions.
And you know, our YouTube video does a lot of.
Speaker 3 (01:32):
Videos on so we were just looking at on YouTube.
Speaker 4 (01:34):
Yeah, and it's it's those people that are at that
age of needing social security. So obviously you're just so young, Machaye.
Speaker 3 (01:40):
So young, so young, but you know.
Speaker 4 (01:42):
People are in that bizarre they're so excited because they're
now getting an increase in their income.
Speaker 2 (01:47):
It could be one thousand dollars a month.
Speaker 1 (01:49):
What about people like my mom or others like her
who are will that change for her?
Speaker 4 (01:55):
Now they're gonna what I've been told. Did you have
to reach out to so security to really make sure
it all happens right? Well, if you don't reach out
so I could be wrong there, but always take the
you know, make sure it does is all I would
say there.
Speaker 1 (02:06):
And I and I got to think about her career.
She worked privately, I think for a little bit.
Speaker 4 (02:12):
Yeah, they have to have at least ten years of service,
so it's called forty.
Speaker 2 (02:16):
Quarters forty quarters of pain into Social Security, Okay. Or
if they.
Speaker 4 (02:22):
Are married, right, if the spouse has SOID security, then
they could be eligible for what's called a spousal benefit
off the Social Security Okay.
Speaker 1 (02:31):
And again this nugget came out of a YouTube video
that we were just like. I was checking out his
YouTube a minute ago and I was like, oh, what's
this about pensions? And he tells me about this windfall reduction?
Speaker 4 (02:42):
What is windfall Eliminavision Elimination WEP, which is also known
as web web Web.
Speaker 1 (02:47):
I mean, you guys, check out the YouTube channel. That's
all I gotta say.
Speaker 3 (02:50):
Joe, It's been so fun to have you and to
talk with you today, just like getting your brain a
little bit. I really enjoy it.
Speaker 2 (02:56):
It's a lot of fun.
Speaker 4 (02:57):
So either you know, maybe next time you kick Mindy
out or maybe next time Mandy can't do it.
Speaker 2 (03:02):
I hope on the first call to come in.
Speaker 4 (03:03):
Well.
Speaker 3 (03:04):
I mean, we had a great time.
Speaker 1 (03:06):
And listen, if you know, ladies between twenty five and
thirty is our twenty three and thirty. Twenty three and thirty,
you guys read my people reach out to me. I
know they're out there, and we will bet and we
will get Joe hooked up and we'll see how if
she can fit his list.
Speaker 3 (03:24):
That's what I'm gonna say. I don't know.
Speaker 1 (03:27):
I feel like I might have females, That's the only
thing I feel like I don't have. I need someone
in that twenty three to like twenty nine to thirty,
and I know less and less people in that category.
But I'm looking out for you. You better bet I.
Speaker 3 (03:43):
Am looking out Mandy.
Speaker 2 (03:44):
I'm kind of scared.
Speaker 1 (03:45):
You should be scared because we have like two different groups,
you know what I mean, like around town, but we're
we cover very very well in the city of.
Speaker 2 (03:53):
Columbus, strong network we do.
Speaker 3 (03:56):
So I'm thinking about it.
Speaker 4 (03:57):
I talked about doing a dating thing on here for me.
I think I think that would be hilarious.
Speaker 3 (04:02):
If we had a game with you, that would be amazing.
Speaker 2 (04:06):
I think I'd actually be open to that. That would be hilarious.
Speaker 1 (04:09):
Okay, well deal, Well, thank you for being here, such
a good time. And again Peak Retirement Planning dot com
is that right?
Speaker 3 (04:17):
Okay?
Speaker 1 (04:17):
Fantastic And no matter what you do this week, guys,
spend some time doing what no
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