Social Security Fairness Act Will Boost Retirement Benefits For Millions. Will You Be Impacted?

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Wed, January 8, 2025

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Social Security Fairness Act Will Boost Retirement Benefits For Millions. Will You Be Impacted?

//politics-government.news-articles.net/content/ .. -benefits-for-millions-will-you-be-impacted.html

Published in Politics and Government on Monday, January 6th 2025 at 16:00 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

The new Social Security Fairness Act was just signed into law by President Biden. What is the Act and how could it impact your Social Security benefits in 2025?

The Social Security Fairness Act, if passed, aims to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce Social Security benefits for many public sector workers. These provisions affect individuals who have worked in jobs not covered by Social Security, like certain government positions, and then receive pensions from those jobs. The Act would significantly increase retirement benefits for approximately 2.8 million people, including teachers, police officers, and firefighters, by allowing them to receive their full Social Security benefits without the offsets. This legislative change has garnered bipartisan support in Congress, with the bill being reintroduced by a group of lawmakers. If enacted, it would represent a major financial relief for many retirees, potentially increasing their monthly benefits by hundreds of dollars. However, the bill's passage is not guaranteed, and its financial implications for the Social Security system are still under debate.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/social-security-fairness-act-will-boost-retirement-benefits-for-millions-will-you-be-impacted/ar-AA1x3XEE ]

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