Social Security Fairness Act - What to Know

Anderson Wozny |
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Education
Retirement
Legislation

On January 5, 2025, the Social Security Fairness Act was signed into law, repealing two provisions — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Here's what this means:

 

  1. No more WEP reductions - If you received a pension from non-Social Security-covered employment, the previous reductions to your Social Security benefits have been eliminated.
  2. GPO is repealed - Spouses and survivors receiving government pensions will now receive their full spousal or survivor benefits.

 

This change is expected to benefit approximately 2.5 million retirees[1], including teachers, firefighters, and police officers, with some individuals seeing an increase of $360 per month in Social Security payments. Survivors and spouses receiving benefits will see even larger increases, with averages of $700 to $1,190 per month depending on circumstances.

 

The Social Security Administration (SSA) is currently working on implementation. While the law is effective immediately, adjustments and back payments may take several months. I recommend updating your contact and direct deposit details with the SSA to ensure smooth communication and timely payments.

 

If you have any questions about these changes or how they might impact you, please reach out. 

Investment advice offered through Stratos Wealth Advisos, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC andd Wozny Capital Advisors, LLC are speparte entities.

This material is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.

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