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Page 18 THE MALDEN ADVOCATE–Friday, May 10, 2024 OBITUARIES Carl A. Campbell Sr. Of Malden. Passed away peacefully on May 4, 2024. He was 75 years old. Carl was a longtime resident of Malden and a longtime member of the New Life Band for 46 years. Carl was the beloved husband of 58 years to Frances M. (Milanese-Willis) Campbell. He was the loving father of Carl A. Campbell Jr. and his wife Rhonda of Haverhill, Nicole C. Zimmerman and her husband Michael of Melrose, and the late Sean J. Campbell and his surviving wife Michelle of Bradford. Carl was the dear brother of Elaine Campbell of Medford. He was the cherished papa to Trevor Campbell of TX, Tanner Campbell of CA, Anthony and Tyler Campbell of Haverhill, and Calvin, Nate and Carley Zimmerman all of Melrose. The funeral was held from the A. J. Spadafora Funeral Home, Malden on Wednesday May 8th followed by a Mass of Christian Burial celebrating Carl’s life at Sacred Hearts Church, Malden. Visiting hours held at the funeral home on Tuesday May 7th. Interment in Forest Dale Cemetery, Malden. Charles "Charlie" Deradourian A longtime resWINDFALL ELIMINATION PROVISION O ver the years in my estate planning/financial planning practice, this issue has come up time and time again. What is the Windfall Elimination Provision? If you work for an employer that does not withhold social security taxes from your pay each week (such as the Commonwealth of Massachusetts, another government agency, local city or town or even an employer based in another country) the governmental pension or foreign country pension that you will ultimately receive may very well serve to reduce the social security benefits that you otherwise would have been entitled to. The Windfall Elimination Provision (WEP) affects how the amount of your social security retirement or social security disability benefit is calculated if you were to receive a pension based upon your work history where social security taxes were never withheld. The WEP applies if you earned a pension in any job where you did not pay into social security and you also worked in other jobs throughout your working years long enough to qualify for social security retirement or disability benefits. The WEP may apply if: • You reached 62 years of age after 1985; • You became disabled after 1985; • You first became eligible for a monthly pension based on work where you did not pay into social security after 1985, even if you are still working. Social security benefits are intended to replace only a percentage of a worker’s pre-retirement earnings. The way social security benefits are calculated, lower-paid workers get a higher return than highly-paid workers. For example, lower-paid workers could get a social security benefit that equals about 55% of their pre-retirement earnings. The average replacement rate for higher-paid workers is only about 25%. Prior to 1983, people who worked mainly in a job not covered by social security had their social security benefits calculated as if they were long-term, lowwage workers. Consequently, they had the advantage of receiving a social security benefit representing a higher percentage of their earnings, in addition to the pension they were receiving from a job where they did not pay into the social security system. Congress passed the WEP to eliminate that advantage. Social security benefits are based upon the worker’s average indexed monthly earnings (AIME) adjusted for inflation. AIME represents the average of your highest 35 years of indexed earnings. Indexed earnings are adjusted for inflation to reflect the equivalent value near the time of your retirement. Your average earnings are separated into three amounts and those amounts are multiplied by three factors. For example, for a worker that turns 62 in 2024, the first $1,174 of average indexed monthly earnings is multiplied by 90%; the next $5,904 by 32%; and the remainder by 15%. The sum of the three amounts equals the total monthly social security benefit that the worker would stand to receive. The 90% factor is reduced in the modified formula and phased in for workers who reached age 62 or became disabled between 1986 and 1989. For those who reached 62 or became disabled in 1990 or later, the 90% factor reduced to 40%. There are exceptions to this rule. For example, the 90% factor is not reduced if you have 30 or more years of “substantial” earnings in a job where you did pay into social security. The Social Security Administration has produced a table that sets forth the substantial earnings figures from 1937 to 2024. There is a second table that shows the percentage to use depending on the number of years you actually had of substantial earnings. So if you had 30 or more years, you use the 90% factor. If you only had 20 or less years, you only use a factor of 40%. 25 years of substantial earnings gives you a factor of 65%. Substantial earnings for 2024 is $31,275. To see the maximum amount that your benefit could be reduced, go to the following website. www.ssa.gov. You’ll be able to see the section on the Windfall Elimination Provision. The WEP does not apply to survivor benefits. It also does not apply if: • You are a federal worker first hired after 12-31-83; • You were employed on 12-3183 by a nonprofit organization that did not withhold social security taxes from your pay at first, but then began withholding social security taxes from your pay; • Your only pension is based upon railroad retirement; • The only work you did where you did not pay social security taxes was before 1957; • You have 30 or more years of substantial earnings under social security If you get a relatively low pension, you do have some protection. The reduction in your social security benefit cannot be more than ½ of the amount of your pension that is based on earnings after 1956 on which you did not pay into social security. For more information, go to the social security website at www.ssa. gov or call 1-800-772-1213. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. ident of Malden, passed away in his home on Saturday, May 4th, at the age of 93. Charlie was born in Lynn in 1930, the son of Paul and Sarah Deradourian. He was raised and educated in Lynn, graduating from Lynn English High School with the Class of 1948. He soon enlisted in the US Air Force, and served in Europe during the Korean War. Upon his discharge he returned to the Boston area. Taking advantage of the GI bill, Charlie attended the Wentworth Institute of Technology in Boston. He went on to become a Research Technician at the Avco Research Lab in Everett. While at Avco, he met his sweetheart, Vera Rivers, and the two became lifelong companions. They settled down together in Malden, and Charlie became part of her family. Charlie retired from Avco in 1988, but still assisted them on a consulting basis for many years. In years past, Charlie enjoyed playing golf. He was a voracious reader, and enjoyed his weekly Tuesday breakfasts with his friends. He is survived by his longtime loving companion, Vera Rivers, his niece Linda Pike of AZ, as well as many other nieces, nephews, great nieces and great nephews. In addition to his parents, Charlie was preceded in death by his brother Thomas Deradourian. Visitation were held at the Weir-MacCuish Golden Rule Funeral Home, Malden funeral home on Wednesday, May 8th, from 4 – 8 PM. Funeral services were held on Thursday, May 9th, followed by interment in Puritan Lawn Cemetery, Peabody. Donations in Charlies memory may be made to Tunnels to Towers, The Wounded Warrior Project, or the Charity of one’s choice. Noreen E. (Beck) Jacobson Of Melrose, and formerly long-time resident of Malden. Passed away peacefully on Wednesday, May 1, 2024, at her home surrounded by those she loved. She was 89. Born in Astoria, Queens, NY on June 29, 1934, Noreen and her older sister, Errol, were the cherished daughters of the late James and Bessie Annie (Chambers) Beck. The family moved to Everett when she was a young girl, and she grew up in Everett and later graduated from Everett High School. After high school, Noreen worked in the banking industry, and it was at the Middlesex County Bank where she met her future beloved husband, Alfred. Their marriage in 1957 marked the beginning of a beautiful life together, and it was on their first OBITUARIES | SEE PAGE 21 The New Flea Market of Saint Anthony’s 250 Revere St., Revere 781-910-8615 SATURDAY, MAY 11TH 8 AM -2 PM ADMISSION .50 FREE COFFEE AND TEA GREAT DAY TO BUY FOR MOTHER’S DAY IF INTERESTED IN TABLES PLEASE CALL LYNDA: 781-910-8615

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