ARI | 1-29-25 AM: Understanding the Social Security Fairness Act

January 29, 2025

Today’s Story

The recently enacted Social Security Fairness Act has led to increased benefits for over 2 million public sector retirees by repealing the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). According to financial expert Isabel Barrow, this law may allow retirees to receive retroactive payments for 2024 and full monthly benefits going forward. 

Barrow advises those affected to use retroactive payments to address financial priorities such as paying off high-interest debt or boosting emergency funds. Additionally, the extra income from this legislation could influence future Medicare premiums, making it essential for beneficiaries to carefully manage their income thresholds to avoid increased premiums. Furthermore, Barrow notes that the funding required by the new law could accelerate the depletion of the Social Security trust fund, necessitating future adjustments by Congress.

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Fun Fact

The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) were originally enacted to prevent individuals from receiving both a full pension from non-Social Security-covered employment and full Social Security benefits, a practice known as "double-dipping."