N※N

Social Security Fairness Act Adds to Pressure on Safety Net

The article from Kiplinger discusses the Social Security Fairness Act, which aims to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions currently reduce or eliminate Social Security benefits for individuals who receive pensions from jobs not covered by Social Security, like certain government positions. The Act has garnered significant bipartisan support in Congress, with over 300 co-sponsors, reflecting widespread frustration among affected retirees. Critics argue that WEP and GPO unfairly penalize public servants, particularly teachers, police officers, and firefighters, who have paid into both Social Security and separate pension systems. The potential repeal could increase Social Security costs by $150 billion over ten years, raising concerns about the program's financial sustainability. However, supporters believe it would correct an inequity in the system, providing full benefits to those who have worked in both covered and non-covered employment.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/social-security-fairness-act-adds-to-pressure-on-safety-net ]