Social Security Fairness Act: How It Will Impact Seniors' Benefits

Background on the Social Security Fairness Act

The Social Security Fairness Act represents a pivotal change in how benefits are calculated for millions of seniors across the U.S. Congress is gearing up for a decisive vote on this important legislation, which aims to address long-standing issues related to the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

Key Aspects of the Legislation

• Windfall Elimination Provision (WEP): This provision can reduce Social Security benefits for individuals who have also earned pensions from government jobs.
• Government Pension Offset (GPO): Similar to WEP, GPO affects survivors’ benefits for those who have non-covered pensions.

Bipartisan Support for Change

With 325 cosponsors, including both Democrats and Republicans, the Social Security Fairness Act demonstrates a rare moment of agreement in Congress. The bill only needs 218 signatures to move forward to the House floor, highlighting its potential impact on the retirement landscape for many seniors.

What This Means for Seniors

If passed, the Social Security Fairness Act would bring much-needed relief to retirees facing reduced benefits due to WEP and GPO. This legislation embodies a critical step toward ensuring fairer treatment for seniors relying on Social Security for their financial stability.