Скачать или смотреть Social Security Fairness Act - Major Update on Benefit Payments - February 2025

Social Security recently announced a major update on the Social Security Fairness Act. Payments are expected to begin by March & April 2025.

To recap, the Social Security Fairness Act is a significant legislative change that addresses the disparities caused by the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions previously reduced Social Security benefits for public servants like teachers, firefighters, and police officers who have pensions from jobs not covered by Social Security.

The WEP altered the calculation of Social Security benefits for those with pensions from non-Social Security-covered employment, often resulting in lower benefits for retirees with mixed employment histories. The GPO reduced Social Security spousal or survivor benefits for individuals receiving a government pension from non-Social Security-covered work, typically reducing these benefits by two-thirds of the pension amount, sometimes eliminating them entirely.

The Social Security Fairness Act eliminates both the WEP and GPO, ensuring that public servants receive their full Social Security benefits. By removing these provisions, the Act aims to provide higher benefits to those who have contributed to Social Security and earned a government pension.

Below is a link to the Social Security FAQ page:
https://www.ssa.gov/benefits/retireme...
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⏱️Time Stamps⏱️ for this video referenced below:
00.00 Intro
00:10 Update on Benefit Payments
01:00 Communication from Social Security
01:45 Applying for Benefits
02:18 Follow Future Updates
02:39 Conclusion


#SocialSecurityFairnessAct #socialsecurity

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