Could the Social Security Fairness Act increase your monthly Social Security benefit, or change the retirement income plan you built years ago?For decades, the Windfall Elimination Provision and Government Pension Offset reduced Social Security benefits for many people who also received pensions from work that was not covered by Social Security. Teachers, firefighters, police officers, government employees, spouses, surviving spouses, and people who moved between public- and private-sector careers were often affected.Those two Social Security reduction rules are now gone for benefits payable from January 2024 forward. That means some retirees may receive a higher monthly benefit, a retroactive payment, or access to spousal or survivor benefits that were previously reduced. People who have not applied for benefits may also need to reconsider assumptions that influenced their original retirement strategy.In this episode of Make It Personal, we explain what changed, who may be affected, and why a retirement income plan built under the old Social Security rules deserves another look. Even when the change does not apply directly to you, it may affect a parent, spouse, colleague, client, teacher, firefighter, or former public employee in your life.What You’ll Learn:→ The rules that changed: Understand how the Windfall Elimination Provision affected a worker’s own Social Security retirement benefit and how the Government Pension Offset affected spousal and survivor benefits.→ Who may be affected: Learn why teachers, firefighters, government employees, pension recipients, spouses, widows, widowers, and people with both public- and private-sector work histories should review their eligibility.→ Why your retirement plan may have changed: See how a higher Social Security benefit could affect retirement income projections, withdrawal decisions, pension planning, taxes, and long-term cash flow.→ What to review next: Discover why it may be worth checking your Social Security record, requesting an updated benefit estimate, reviewing your claiming strategy, and discussing the change with a qualified advisor.Benefits depend on individual work records, pension history, eligibility, and claiming circumstances. Confirm your personal information directly with the Social Security Administration before making financial decisions.Connect with Mutual of Omaha Advisors through the following links:→ Download The Game of the Decade eBook: https://makeitpersonalpodcast.com/free-ebook-page-2→ Download the Seven Principles eBook: https://makeitpersonalpodcast.com/free-ebook-page?utm_source=podcast&utm_medium=allplatforms&utm_mediacode=FCF&utm_campaign=makeitpersonal→ Instagram: https://www.instagram.com/makeitpersonal_podcast/→ Facebook - Mutual of Omaha Advisors: https://www.facebook.com/MutualofOmahaAdvisorsFB→ Sign Up For a Free Financial Strategy Meeting: https://makeitpersonalpodcast.com/get-connected/?utm_source=podcast&utm_medium=allplatforms&utm_mediacode=FCF&utm_campaign=makeitpersonal--Investing involves risk, including loss of principal. This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services, Inc. does not provide tax or legal advice. Please consult with the appropriate professional regarding your personal situation prior to making any financial decisions. Strategies discussed may not be suitable for everyone. Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.
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10 Min.