Millions of retired public-sector workers across the United States are set to receive higher Social Security payments following the enactment of the Social Security Fairness Act. Financial experts say the new law will significantly impact those who were previously affected by benefit reductions.
The legislation eliminates two key provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—which had lowered Social Security payments for approximately 3.2 million retirees receiving government pensions. With these changes, many retirees could see substantial increases in their monthly benefits, with some receiving over $1,000 more per month.
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Additionally, the law applies retroactively from January 2024, meaning eligible retirees may receive a one-time lump sum reflecting the difference in past payments. However, financial analysts warn that the higher benefits could also lead to increased tax liabilities for some recipients.
The Social Security Administration is expected to provide further guidance on how retirees can claim their adjusted benefits in the coming months .
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