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Social Security Fairness Act: Five Financial Planning Issues to Revisit

The article from Kiplinger discusses the potential implications of the Social Security Fairness Act, which aims to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions currently reduce Social Security benefits for individuals who receive pensions from jobs not covered by Social Security, like certain government positions. If passed, the Act would significantly impact financial planning for many retirees. Key points include the need for individuals to reassess their retirement income strategies, considering how their benefits might increase without these offsets. Financial planners would need to revisit calculations for retirement income, tax planning, and estate planning. The article also highlights the importance of understanding how this change could affect spousal and survivor benefits, potentially leading to higher benefits for many. However, it notes that while the Act has bipartisan support, its passage is not guaranteed, urging individuals to stay informed and possibly adjust their financial plans accordingly.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/social-security-fairness-act-financial-planning-issues-to-revisit ]