Here is Who Will Get an Increase to their Social Security Benefits
The Social Security Fairness Act, HR 82, concerning the Windfall Elimination Provision and Government Pension Offset, was signed into law on January 5, 2025 by President Joe Biden.
Tyler Williamson from Capita Financial Network explains what this means for those impacted. This impacts 2.7 million Americans who had their Social Security Benefits reduced by the Windfall Elimination Provision (WEP) or the Government Pension Offset (GPO).
The impact of this Act will cause an average increase of about $360 per month for those impacted by WEP or GPO.
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https://www.capitafinancialnetwork.com/
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⏰ TIME CODES ⏰
0:00 Intro
1:15 Social Security Fairness Act
2:30 Windfall Elimination Provision
3:35 Who is affected?
5:43 Calculating the WEP penalty
7:30 Is it "Fair?"
10:00 Government Pension Offset
13:20 How it impacts SS Trust Fund
16:40 Social Security reform options
19:01 When Payments will hit
19:50 How to plan for Social Security
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#socialsecurity #socialsecurityfairness #wep #GPO #theretirementnerds #finance
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