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HR 82’s Impact on Social Security
In case you were wondering, the January 5, 2025 enactment of the WEP and GPO repeal via H.R. 82–the Social Security Fairness Act–had a fairly significant effect on Social Security’s timeline for insolvency. As Social Security Administration (SSA) Chief Actuary Karen Glenn reported in a recent American Enterprise Institute (AEI) webinar, “…the Social Security Fairness Act brought up the insolvency date of the retirement fund by ‘roughly six months.’” This moved the full depletion date to the beginning of 2033, the point at which the Old-Age and Survivors Insurance (OASI) trust fund reserves are projected to reach zero, resulting in an across-the-board reduction in payments to all beneficiaries.
H.R. 82’s repeal is not the only factor adding to Social Security’s insolvency problem. Ms. Glenn’s comments also addressed “…income inequality and lower birth rates as important drivers of Social Security’s funding woes.” National Associarion of Plan advisor’s Paul Mulholland provides a recap of Ms. Glenn’s remarks in a post on their website, which you can access here…
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