Social Security Fairness Act

The Social Security Fairness Act eliminates two longstanding provisions for Social Security: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These rules previously reduced Social Security benefits for retirees and seniors who receive pension income from non-covered employment.

This legislation is projected to result in an average monthly increase of $360 for eligible public sector workers, as well as their spouses and survivors. Additionally, it includes lump-sum payments for over 2.5 million individuals to compensate for benefits missed in prior years, which could amount to several thousand dollars per recipient.

Qualified workers include police, firefighters, postal workers, public school teachers, and other government employees. Those who qualify do NOT need to apply for these increases. The SSA will automatically process appropriate benefits.

The Social Security Administration is still reviewing how to implement the law, though, so there is no timeframe for these increases for the moment.

Between this and the recent 2.5 percent cost of living adjustment, many households are poised to receive a financial boost. If you think the new Social Security Fairness Act may affect your retirement, please contact your local Social Security office.

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