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HR 82 Impact…The Story Continues
The long-awaited repeal of Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is old news at this point, but the continuing story relates to when those slated to benefit from the repeal will see the results in their monthly payment. The Social Security Administration (SSA) has not offered projections for how long the implementation will take to materialize–especially the retroactivity for all of 2024–noting that the Act, as approved, “did not provide money to implement the law.” In the interim, until the implementation process is fully developed, those affected are advised to keep tabs on SSA’s progress by periodically checking the SSA.gov website for updates.
The Motley Fool’s Bram Berkowitz, in a post today on their website, offers additional background on the WEP-GPO repeal matter, including a review of who is affected by the changes. Calling the wait time an “Unwelcome Surprise,” he stresses the complexity of the recalculation process and the struggles related to the absence of funding to accomplish it. Read the Berkowitz article here…
One additional point that should be noted, since those affected may not fully appreciate it, concerns the taxability of Social Security benefits. In planning adjustments to household budgets, it’s important to consider the modified adjusted gross income increase resulting from the benefit adjustment and plan accordingly. The AMAC Foundation offers free-to-the-public assistance via its Social Security Advisory Service if you have any questions. Click here to learn more about this service and how to access it.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.