In this episode, Ara Oghoorian discusses the newly passed H.R.82 bill, the Social Security Fairness Act, and how it could significantly increase your Social Security benefits. He breaks down the key elements of the bill, including the Windfall Elimination Provision and the Government Pension Offset, explaining how they impact you. Ara also guides you through the process of calculating your benefit increase and shares insights on when President Biden might sign the bill into law, offering a clear picture of what this change means for your Social Security benefits.

The Social Security Fairness Act (H.R.82) marks a transformative milestone in U.S. retirement policy. Recently passed by the Senate and awaiting the President's signature, this legislation seeks to eliminate the long-standing Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions have historically reduced Social Security benefits for millions of public sector employees, who also receive non-covered pensions. Once enacted, the Act will increase Social Security benefits for an estimated two million Americans, with retroactive payments effective January 1, 2024. Over the next decade, it is projected to provide $196 billion in additional benefits, significantly enhancing retirement income for many while addressing decades-old inequities in the Social Security system.

👉 Open Your Social Security Account
https://www.ssa.gov/

👉 Social Security Windfall Elimination Provision (WEP) Online Calculator
https://www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html


✅ Schedule a Free Consultation:
https://www.acapam.com/contact/

Financial Advisor in Los Angeles, CA
CPA in Los Angeles, CA

Connect with ACap on social media:

Twitter: https://twitter.com/acapam/
Instagram: https://www.instagram.com/acapadvisorsaccountants/
Facebook: https://www.facebook.com/ACapAdvisorsAccountants/
LinkedIn: https://www.linkedin.com/company/acapadvisorsaccountants/

DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED