Big Changes to Social Security

Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

The Social Security Fairness Act is shaking up the retirement landscape, eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) for millions of retirees. These long-standing provisions have impacted Social Security benefits for public sector workers like teachers, firefighters, and police officers—until now.

In this episode, hear Tyler Emrick, CFA®, CFP® dive into what the changes mean, how retirees can expect retroactive payments, and the broader impact on the Social Security system.

Here’s some of what we discuss in this episode:

• Background on the Social Security Fairness Act that was signed into law on January 5.
• The Windfall Elimination Provision (WEP) and Government Pension Offsets (GPO) reduce regular Social Security benefits.
• Affected retirees stand to gain significant financial relief.
• The benefits come with a cost so what it does it mean for the long-term solvency?

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