For years, Connecticut public school teachers were impacted by the Windfall Elimination Provision and the Government Pension Offset. These rules reduced the social security benefit a teacher would receive from both their own earnings history, but also from any spousal, divorcee, or survivorship benefit.
With the passing of the Social Security Fairness Act in early 2025, planning for Connecticut public school teachers and their spouses has changed dramatically!
Here’s what’s changed:
Connecticut public school teachers will now receive all of their social security benefit (without the Windfall Elimination Provision). CT teachers still don’t contribute to social security, however, many teachers have contributed to social security from earnings outside of teaching. Although many teachers don’t have an extensive earnings history in a social security paying job, the change now allows teachers to receive their full social security benefit which could be about double the amount that they previously planned for.
For many teachers, the more meaningful change is the elimination of the Government Pension Offset. Connecticut public school teachers are now able to collect full spousal, divorcee, or survivorship benefits. This can be a game changer for social security and income planning strategies!
These rules impact both those approaching retirement and those already in retirement. Connecticut public school teachers and their families need to understand these changes and, in many cases, update their planning.
At Reed Financial Planning Services, we offer independent, fee-based investment and planning services to affluent families. Although we work with people from all walks of life, we have developed an in-depth understanding of the planning topics specific to Connecticut public school teachers. With over 20 years of industry experience, we use our extensive knowledge of the CT Teachers Retirement System (TRB), the unique Medicare options available to retired teachers and their families, and the investment vehicles teachers use, to help teachers plan for and enjoy their retirement.
If you want to better understand these changes and outline your own income plan, please feel free to click on the link below. You will be able to view our availability and schedule a complimentary phone consultation.
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*The firm's asset minimum for new client's is $1,000,000 of investable household assets. Please feel free read about why we have minimums here.