#40 - Social Security Fairness Act
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The Social Security Fairness Act is a transformative law that eliminates the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), paving the way for millions—especially women in public-sector roles—to access long-overdue Social Security benefits.
In this episode, I explore the impact of these changes on retirement planning, addressing listener questions about eligibility, retroactive benefits, and practical steps to maximize financial security under the new law.
Key Highlights:
- How the Social Security Fairness Act eliminates WEP and GPO, positively impacting public-sector workers like teachers and firefighters
- The disproportionate effect of GPO on women, especially widows and divorced individuals, and how the new legislation offers significant financial relief
- The retroactive nature of the Act, which applies benefits back to January 2024, potentially leading to lump-sum payments for eligible individuals
- Strategies to maximize benefits under the new rules, including understanding survivor and spousal benefit eligibility
- Steps to take now, such as applying for benefits, checking eligibility, and consulting financial advisors to adapt retirement plans accordingly
- And more!
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Episode Resources:
- Join the Simply Retirement Newsletter
- Ask a Question or Suggest a Topic for the Podcast
- Join the Facebook Group
- Visit SSA.gov: To check Social Security statements and eligibility
- #14 - Top 5 Things Every Woman Should Know About Social Security
- #24 - Understanding Spousal (and Ex-Spousal) Social Security Benefits
- #32 - The Essentials of Social Security: An Insider’s Insights to Help You Plan with Confidence
- #37 - Top 5 Questions on Social Security Survivor Benefits
- Am I Eligible For Social Security Benefits as a Surviving Spouse?
- Am I Eligible For Social Security Benefits If I Have Been Divorced?
- Am I Eligible for Social Security Benefits As A Spouse?
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