It ends the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which reduced or eliminated the Social Security benefits of over 3.2 million people who receive a pension based on work that was not covered by Social Security (a "non-covered pension").
It took 40 years for Congress to pass a law to boost Social Security for public workers. Now, SSA says they must wait at least a year for the money.
In 2024, approximately 171 million American workers paid Social Security taxes, and nearly 72.9 million Americans received Social Security benefits. Personal finance bestselling author Dave Ramsey has a strong warning about the federal program.
The Social Security Fairness Act increased benefits to millions more retirees, including some who never claimed them.
An important footnote in the memo calling for a federal funding freeze exempted Social Security. The White House subsequently walked back the freeze after a federal judge issued a temporary restraining order.
There’s a rumor circulating that Social Security is headed toward bankruptcy. And thankfully, that rumor isn’t true. Social Security can’t completely go bankrupt because it gets funded by payroll taxes.
By now, all seniors on Social Security should have gotten their first checks for 2025. With the latest 2.5% cost-of-living adjustment (COLA) in effect, the average benefit has climbed to $1,976 per month. That's about $49 higher than the average in December 2024.
Louisiana Senator Bill Cassidy said the Social Security Administration must implement the Social Security Fairness Act as quickly as possible.
He's known as a Jamie Dimon protegé, a 9/11 hero, and an operational expert. Now Fiserv's Frank Bisignano can add government hell-raiser to his résumé.
The maximum monthly SSI benefit for 2025 is $967 for an individual and $1,450 for a couple, compared to $943 and $1,415, respectively, in 2024. The increase resulted from a 3.2% Cost of Living Adjustment that started at the first of the year.
Unclear if sweeping executive order will affect Medicaid and other federal assistance programs for older Americans.
Learn how the Social Security Fairness Act may increase your retirement benefits by eliminating the Windfall Elimination Provision and the Government Pension Offset.