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In 2024, HR 82, the Social Security Fairness Act—repealing the WEP—passed both houses of Congress, and was signed by President Joe Biden on January 5, 2025. [11] According to the Congressional Research Service, approximately 2.1 million people were affected by the WEP as of December 2023.
The maximum Social Security benefit can give you over $60,000 per year in retirement income. ... 2025. The video was published on Jan. 15, 2025. Where to invest $1,000 right now?
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024 and then passed the Senate in December. [2] It was signed into law by President Biden on January 5, 2025. [3]
The Windfall Elimination Provision (WEP) ... and the $10.30 increase, to $185.00, in the standard monthly premium for Medicare Part B in 2025, up from $174.70 in 2024. ...
Social Security's 2025 cost-of-living adjustment (COLA) bumped the average benefit from $1,927 per month to $1,976 per month. It's a $49 increase, but many hoped for more. ... (WEP) and the ...
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
In 2025, that cap is $176,100, up from $168,600 in 2024. ... To qualify for Social Security as a retiree, you need to earn 40 work credits in your lifetime, at a maximum of four credits per year ...
The windfall elimination provision ... The WEP has a maximum reduction equal to 50% of pension or retirement benefits from any non-covered employment. ... The best laundry detergent sheets of 2025 ...