Social Security Benefits to Increase for Millions of Americans with This New Bill

In this video, Ara Oghoorian discusses the newly passed H.R.82 bill, the Social Security Fairness Act, and how it could significantly increase your Social Security benefits. He breaks down the key elements of the bill, including the Windfall Elimination Provision and the Government Pension Offset, explaining how they impact you. Ara also guides you through the process of calculating your benefit increase and shares insights on when President Biden might sign the bill into law, offering a clear picture of what this change means for your Social Security benefits.

0:00 Introduction to the New Bill
1:08 H.R.82 Overview
2:32 WEP and GPO Explained
3:56 Social Security Progressive Benefit Formula Calculation
5:28 Who is Impacted by H.R.82?
7:46 What is 40 Quarters Rule in Social Security?
9:24 Who is Not Impacted by H.R.82?
11:45 How to Calculate Your Windfall Elimination Provision (WEP)?
13:32 When will President Biden Sign H.R.82?

The Social Security Fairness Act (H.R.82) marks a transformative milestone in U.S. retirement policy. Recently passed by the Senate and awaiting the President's signature, this legislation seeks to eliminate the long-standing Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions have historically reduced Social Security benefits for millions of public sector employees, who also receive non-covered pensions. Once enacted, the Act will increase Social Security benefits for an estimated two million Americans, with retroactive payments effective January 1, 2024. Over the next decade, it is projected to provide $196 billion in additional benefits, significantly enhancing retirement income for many while addressing decades-old inequities in the Social Security system.

👉 Open Your Social Security Account
https://www.ssa.gov/

👉 Social Security Windfall Elimination Provision (WEP) Online Calculator
https://www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html

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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED