01-09-25 ARI News AM

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President Joe Biden has signed the Social Security Fairness Act into law, effectively repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions had previously reduced Social Security benefits for public sector workers, including teachers, firefighters, and police officers, who received pensions from employment not covered by Social Security. The new law is expected to enhance benefits for nearly 3 million retirees, providing them with increased financial security in their retirement years.

While this legislative change is a significant victory for public sector retirees, some critics express concern about its potential impact on the Social Security Trust Fund's solvency. Estimates suggest that repealing the WEP and GPO could increase the federal deficit by over $196 billion and may accelerate the depletion of the Social Security trust fund, which is already projected to run out by 2034. Nonetheless, supporters argue that the act corrects long-standing inequities, ensuring that all retirees receive fair Social Security benefits regardless of their employment history.

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Fun Fact of The Day

Did you know that the concept of retirement is relatively modern? In the U.S., the Social Security Act of 1935 introduced the first national retirement benefits, setting the retirement age at 65. Today, full retirement age varies between 66 and 67, depending on your birth year.