Shocking Changes Ahead: How the New Social Security Fairness Act Could Impact Your Payments Next Year

The Social Security Fairness Act, which the House of Representatives passed, is currently being debated in the Senate; what exactly is it, and how can it affect American benefits.

Democrats and Republicans have approved the Act, but it must be passed fast before the transitional phase of the United States government begins. The announcement comes after research found that 53% of workers expect to rely on Social Security to cover their retirement expenses. At the same time, another 73% are anxious that the payments will no longer be available. “For the first time in history,” Senators Sherrod Brown and Susan Collins and Representatives Abigail Spanberger and Garret Graves told the Senate.

“As representatives of the nearly 2.5 million retirees impacted by WEP and GPO in each state across the nation, we encourage you to put the Social Security Fairness Act (H.R.82) into the U.S. Senate for a vote.”

What changes will the Social Security Fairness Act bring?

It seeks to expand Social Security to some retirees, such as firefighters and teachers, whose benefits are cut if they get a pension from jobs not covered by the retirement program. Furthermore, it seeks to ensure that survivors continue to receive the entire amount, as Social Security has decreased for them as well, and it took almost 25 years to design before being adopted by House 327-75.

Specifically, it will eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), allowing more money to go to those in jobs who do not qualify for Social Security due to legal provisions. The law must be passed by December 31, when the second session of Congress concludes; otherwise, it will require another draft and must be offered by someone else despite being supported by both parties. It is anticipated to cost roughly $190 billion over a decade.