BREAKING: Social Security Fairness Act Passes (Here's What Happens Next)

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Devin Carroll, CFP®

Devin Carroll, CFP®

Күн бұрын

Пікірлер
@DevinCarroll
@DevinCarroll Күн бұрын
Here's one example of how the WEP can be unfair: My son is a firefighter, and like his dad, he has an incredible work ethic. His official schedule is 24 hours on duty followed by 48 hours off, but "off" doesn't really mean off for him. Instead of taking time to rest, he spends nearly every one of his off days working a second job-a "covered" job where Social Security taxes are withheld, unlike his firefighter position, which is part of a pension system. For perspective, the typical full-time worker has about 20 working days in a month. My son essentially doubles that. He works 10 days as a firefighter and then puts in 20 more days at his second job. That means he works the same number of days at his second job as his colleagues who only hold that covered position. Yet, when it comes time to calculate Social Security benefits, the comparison becomes glaringly unfair. If my son and his friend-who only works the second, covered job-earn the same wages there, my son will receive a lower Social Security benefit. Why? Because his years of service as a firefighter trigger the Windfall Elimination Provision (WEP), a formula designed to reduce Social Security benefits for workers who also receive a pension from a job that didn’t contribute to Social Security. In essence, his public service is penalized. Even though he’s worked just as hard-if not harder-than his friend, his retirement benefits won’t reflect that. Now, are there scenarios where the WEP and the related Government Pension Offset (GPO) make sense? Sure, the original intent was to prevent "double-dipping" into both a pension and Social Security benefits for the same work. But in cases like my son’s, the WEP is nothing more than an unjust penalty for dedicating part of his career to public service. Public servants like my son work tirelessly-sometimes in dangerous, high-stress roles-to keep our communities safe. And yet, the retirement system often punishes them for choosing a path of service. These stories are a stark reminder of why reforms like the Social Security Fairness Act are so important. They aim to eliminate the WEP and GPO, leveling the playing field for public servants like my son and ensuring their hard work is fairly rewarded.
@EleanorMcisaac
@EleanorMcisaac Күн бұрын
Finally someone who explained it properly. Thank you. If only the haters on TV could explain it so clearly.
@SissyPeak-kq6vi
@SissyPeak-kq6vi Күн бұрын
@@DevinCarroll very well said! Know how you feel,my husband same situation. Was firefighter for 22 years but worked in private sector before and after retirement. That money is owed to them.
@jeanareed1854
@jeanareed1854 Күн бұрын
@@DevinCarroll I agree. My brother battalion Chief. Niece a cop. But, I also know how much he receives on his pension. He loved his. career. He also has a pension . And this unfair for seniors who worked all their lives paid into SS and government took it out as a piggy bank.
@robedmund9948
@robedmund9948 Күн бұрын
Well explained. And there are a LOT of people out there in your son's situation! They put in to SS and they should get their fair share out!
@helendropinski3754
@helendropinski3754 Күн бұрын
Most jobs dont offer a guaranteed pension like public service,
@MadAudi
@MadAudi Күн бұрын
If SS was taken out of your check for decades… you should get your money back.
Күн бұрын
if you paid into SS then you should get it, if you did not pay into SS then you shouldn't get it...PERIOD
@shvsing-tb9ym
@shvsing-tb9ym Күн бұрын
I thought that’s how it works, if you didn’t pay in then you don’t get a pay out!
Күн бұрын
@@shvsing-tb9ym That's how it was "supposed" to work, sadly many get it that never paid in or barely paid in.
@stephenmcclure2716
@stephenmcclure2716 Күн бұрын
And congress should have to pay back every dollar "borrowed" out of their own pockets.
@kathychanning1614
@kathychanning1614 Күн бұрын
And politicians should pay back what they took.
@renyhermosilla7274
@renyhermosilla7274 Күн бұрын
Absolutely..! Only who paid SS premium is entitled!
@genxx2724
@genxx2724 21 сағат бұрын
I’m glad this was corrected. Receiving what you earned is not a “windfall”.
@karenf5878
@karenf5878 Күн бұрын
Ive been penalized after paying into social security for over 23 years. All because I switched jobs and worked at a school for 21 years. Im looking for nothing except what I deserve. Im not double dipping and paid into the system for over 23 years. Every hard earned paycheck. I agree that if you didnt pay into the system , you deserve nothing. Unfortunately people dont understand its an unfair law and needs to be fixed.
@kingghost7423
@kingghost7423 Күн бұрын
Reform for people related to the WEP and GPO SS Bill is a good thing, and I'm all for it. I hope these lawmakers realize there are still 68 to 70 million seniors that are still in need of help
@HolyCkow
@HolyCkow Күн бұрын
Your money is going to the illegals. Stop putting hope in the government old man.
@DannyWalker247
@DannyWalker247 Күн бұрын
People should be able to retire on social security at 60 years old and earn more if they delay that retirement maxing out at age 70. Earners should have to pay into social security up to $250k.
@johnchandler1687
@johnchandler1687 Күн бұрын
Earners should have yo pay SS on every dime of income with no upper limit.
@davidthompson6636
@davidthompson6636 Күн бұрын
If it is from Congress and it says “Fair”, it probably isn’t
@captsorghum
@captsorghum Күн бұрын
Yes, considering the WEP and GOP were there to provide some fairness in the first place. The bill should have been named "The Social Security Fairness Reduction Act."
@danielabbey7726
@danielabbey7726 Күн бұрын
Thank you for keeping us informed! My Wife has been impacted as a retiree from the US Postal Service, and we've been closely following this bill.
@Bella1neverknows670
@Bella1neverknows670 Күн бұрын
@danielabbey7726 my dad passed away a few months ago he worked for the post office in the 70s and Post Office didn't pay into Social Security he quit and went to a different job then years later he went back to the post office work and retired around 2000 I know that he is deceased they won't
@jankin23
@jankin23 20 сағат бұрын
We had a similar worry. I have a 37-year state pension that is less than my husband's 40+ year social security. I have been worried he may die first, and with this economy, it would be difficult not to receive his social security or very reduced. Other wives who were stay at home moms or worked without paying social security would still draw their social security. Now, it will be reduced, but not as much. With that and other ways that we planned, I should be able to keep my home (upkeep and taxes). That said, he will get my state pension without having paid into it. Good news we are both over 70 and have good health. I'm hoping we have a few more of these together.
@4hiskingdom401
@4hiskingdom401 Күн бұрын
Since WHEN can fairness be found in government!? Ask anyone in Western NC tring to keep thier family warm in a tent or donated dilapidated camper. Fair- Surely, you jest. Gov. is not our Provider, we have a King, & he's not in WA.
@sandracrandall4561
@sandracrandall4561 Күн бұрын
🙏🇺🇸❤️
@geebroni4118
@geebroni4118 5 сағат бұрын
Dems just passed debt ceiling to prevent shutdown. Got increases in disaster relief for citizens impacted by hurricanes. Not gonna get help from trump.
@lindahofer510
@lindahofer510 Күн бұрын
I have a public pension but also worked at ss jobs during my working life. So I should be penalized for busting my ass for years? Maybe the Federal government should pay back the ss trust fund all the money they have stolen from it all these years.
@Truth-s9m
@Truth-s9m Күн бұрын
I don't have a public pension and unlike you every check I have ever earned had SS held out. You got a damn good deal getting that extra money on each check instead of paying SS and now on top of that extra money you get full benefits. You don't realize that the reduction just made up for all the extra money you got on each check while not paying SS.
@johnshelton1141
@johnshelton1141 Күн бұрын
As of 2015, 5 Trillion of the 18 Trillion in US Government bonds that represent the national debt were owned by the Social Security Trust. 30% of the interest on the national debt was paid into the trust fund. The real structural problem of the Social Security program is that people are living longer. They get back all the money they [ and their employer's matching payment] paid into SS. Then their benefits they continue to get are from taxes paid by people still working. For the first 25 to 30 yrs that the program operated, benefits should have been paid out of general revenues so the FICA would build up trust fund.
@DannyWalker247
@DannyWalker247 Күн бұрын
@@Truth-s9m These people paid into social security and earned the benefit that was withheld by this unjust provision implemented in 1983 during the Reagan administration. They are not getting a free ride here they worked under social security and paid into the system.
@TimHall-y8s
@TimHall-y8s Күн бұрын
@@Truth-s9m they will not get a huge windfall. SS is based on 35 years of covered wages. they will not get a full SS payment if they had not paid in. do some research
@captsorghum
@captsorghum Күн бұрын
I paid into SS my entire working life and don't have any additional pensions. Is it fair that the benefits on my last dollars paid in were reduced by 83.3% (from 90% of indexed income down to 15%) ?
@totogogocc5526
@totogogocc5526 Күн бұрын
Some paid all their working life, no pension. only get a grand?? Sad & dont qualify for food help.. What a sic way to live.
@LarryCoburn-iw6cl
@LarryCoburn-iw6cl Күн бұрын
I know how ya feel I get a 1,000 a month also.
@kevinedwards7206
@kevinedwards7206 Күн бұрын
yep 1200...
@Brucev7
@Brucev7 12 сағат бұрын
@@LarryCoburn-iw6cl i have met several that only receive 800
@CopCat34
@CopCat34 Күн бұрын
We are so happy the Social Security Fairness Act passed. I have paid twenty-two years into social security and was going to be penalized sixty percent. The sixty percent would be taken off the top of my Social Security monthly payment. Why? Because I had been a police officer and upon retirement, I received a police pension for our family. I have been in the workforce for over forty-five years and do not feel it is fair to be penalized for serving my community.
@bowmadness1333
@bowmadness1333 Күн бұрын
Amen to that and ditto.....Retired Chicago Police 2024
@Lana-hh4ko
@Lana-hh4ko Күн бұрын
Same here...
@SissyPeak-kq6vi
@SissyPeak-kq6vi Күн бұрын
Us too!
@pamelawalker9056
@pamelawalker9056 Күн бұрын
​@@bowmadness1333 thank you for your service - westside Chicago
@remarkymarkable
@remarkymarkable Күн бұрын
It wasn't fair at all, it was theft of the benefits that were earned outside of public service. I tired of people talking as if this is a handout. It is NOT.
@altriplett9099
@altriplett9099 Күн бұрын
My benefits were reduced by $1,000.00 per month, at first, by Washington work comp, and, from age 62 , by SSA! I paid into BOTH MANDATORY programs for 35 years!
@FeralPlumber
@FeralPlumber Күн бұрын
The WEP was going to affect my SS greatly, taking nearly 1/2 of my benefit!!! I paid in those years and I'm vested, I should get what I'm entitled to what I paid in.....NOW its fair.
@davidrte.664
@davidrte.664 Күн бұрын
The reason for that is that ssl has been robbed by government for years. And many want a select group to take a cut in their ss. Instead of having the ones who stole it pay it back.
@barbarajasper8001
@barbarajasper8001 Күн бұрын
I worked 30 years for local government and 11 years part time second job paying into SS. When I retired I was shocked to find out that because I was receiving a pension, my SS would be reduced! So after my Medicare premium is taken out of my SS check, I receive a whopping $16.00. I worked, paid into SS so I should rightfully be entitled to what I earned!
@dianep6791
@dianep6791 Күн бұрын
Wow! And I complain about getting $174.00!
@LCinc707
@LCinc707 Күн бұрын
You receive pension, why wouldn't the amount be deducted from amount of SS you receive? Most don't have a pension, just SS.
@barbarajasper8001
@barbarajasper8001 Күн бұрын
@@LCinc707 Don’t understand your comment … I said my Medicare premium is TAKEN OUT of my social security check MONTHLY after which I RECEIVE $16.00! My monthly pension has nothing to do with my social security benefits! The Government has been ROBBING people for DECADES and it’s about time someone had the guts to correct the wrongs!
@genxx2724
@genxx2724 21 сағат бұрын
@@LCinc707 Because she contributed to both. She doesn’t “receive” a pension. She contributed toward it and EARNED it, just as she contributed to Social Security and earned it.
@johnponm
@johnponm 19 сағат бұрын
I worked 40 yrs federal govt. and parttime job paying into SS. After my Medicare premium taken out, I received $25 !!!
@icecreamladydriver1606
@icecreamladydriver1606 Күн бұрын
Thanks for keeping us updated.
@elsam8216
@elsam8216 Күн бұрын
MERRY CHRISTMAS! I'm one of those who lost half of my payment when I retired from my county job of 17 years. The retirement amount I receive will not last until my later years, so this is much needed. Plus, don't tax our SS since it's not much $$. I hope to see this reimbursement soon.
@Truth-s9m
@Truth-s9m Күн бұрын
Congratz, I am one of those that had to pay SS tax on every check I ever got. Unlike you who got extra money on your checks for 17 years because you didn't pay any SS tax during that time. So now you get all the extra money you got over those 17 years, plus full benefits and a tax payer funded pension. So no you didn't lose half your payment, you got that money in each and every check you cashed for 17 years and now you are going to get extra money you didn't earn.
@elsam8216
@elsam8216 Күн бұрын
@Truth-s9m so clueless about my situation! You're wrong!
@anitamiller5913
@anitamiller5913 Күн бұрын
​Listen and try to learn how this works ... you keep repeating the same comments over and over .... LEARN BEFORE YOU COMPLAIN . ​@@Truth-s9m
@genxx2724
@genxx2724 14 сағат бұрын
@@Truth-s9m there is no “extra money”. Government employees contribute to their pensions instead of Social Security. Some of the formulas are based on age, so as they get older, a higher percentage of their paycheck is deducted and contributed to the pension system - higher than the Social Security deduction.
@ranlitt3201
@ranlitt3201 10 сағат бұрын
They tax 85% of our SS.
@SickNTired-t1i
@SickNTired-t1i 21 сағат бұрын
So now, the billionaires want to privatize Medicare as a payback for passing this overdue legislation. So they do something good, for once, and then turn around to introduce privatizing seniors health care, we lose. This is madness.
@williamclark755
@williamclark755 Күн бұрын
Make the criminal politicians put everything back the stole of the trust. No borrowing. 🦅🇺🇸
@cynthiacarter770
@cynthiacarter770 Күн бұрын
As usual thank you for the updates lol as soon as I see you pop up I'm right there. Happy Holidays Prayers
@bradleyanderson4315
@bradleyanderson4315 Күн бұрын
One thing to remember is that social security for 40 quarters is not as much as for 120 quarters (30 years). Social security averages the contribution for each of 35 years. If you didn’t pay social security for 20 of those years each of those 20 years counts as a zero. Now they use a sort of sliding scale but you still receive less.
@apeflawless
@apeflawless Күн бұрын
right, i had just 40+ quarters, earn a little over $500 from SS. To be reduced by WEP $200 a month, which pays my Medicare and $130 in the hand. Think I'll get the $30k shorted for the past 15 yrs? 🤣🤣🤣
@eugenedavis6792
@eugenedavis6792 Күн бұрын
How about not tax Social Secruity Period!
@sharynloshakoff5404
@sharynloshakoff5404 13 сағат бұрын
As a public school teacher who worked a second job to make ends meet for decades, I am overjoyed that I will finally be receiving my rightful SS payments now that I am retired. Thanks to all who made this possible. 💙
@brucesanders8343
@brucesanders8343 Күн бұрын
I'll believe it when I see it!
@kvdme
@kvdme Күн бұрын
Working penalty is ridiculous!! Remove it!!
@donnamiller2125
@donnamiller2125 Күн бұрын
I am sure there are surprises coming our way, good, some not so good. Have faith, God has us covered......
@Behindtheski
@Behindtheski Күн бұрын
Thanks for the info...
@danlsmock
@danlsmock Күн бұрын
I paid in for over 21 years as required by law with the expectation that I would receive full SS benefits when old enough. Because my 2nd career came under the WEP provision the benefit I fully paid for would have been cut nearly in half. I'm glad this has finally been changed so I can receive the benefit I paid for.
@ms5221
@ms5221 Күн бұрын
Agreed and I’m happy for you and my spouse
@nomad7540
@nomad7540 Күн бұрын
Exactly. It is akin to cutting you SS because you have an IRA or 401K. Bad you for being responsible.
@genxx2724
@genxx2724 14 сағат бұрын
Did you take action to get your congressmen to pass this?
@NurOmer-u4c
@NurOmer-u4c 2 сағат бұрын
Just joined the Alemio community, and I’m already impressed by how active and supportive everyone is. This project feels special.
@RS-lw9cd
@RS-lw9cd Күн бұрын
Some commenters here do not understand WEP or GPO and the requirements needed to qualify for S.S. benefits in the first place...
@ms5221
@ms5221 Күн бұрын
True
@LarryCoburn-iw6cl
@LarryCoburn-iw6cl Күн бұрын
😂only government employees and state get it no one else ,fair act???
@BadWolf762
@BadWolf762 Күн бұрын
Because of how the bend points work to create the SS payment repealing these laws is unfair. 90% of the payment is calculated from your first $1,115 AIME (averaged income monthly earnings from the pay you paid SS) to benefit lower wage workers over higher income earners. If you worked most of your years at a high paying, high benefit job that includes a lavish government pension you really don't deserve to collect the higher rate that the lower income workers receive, since you have far surpassed that. It's too bad the public is easily bamboozled and don't research any farther than what the see on the slanted nightly news.
@whereswaldo5740
@whereswaldo5740 17 сағат бұрын
I’m guessing they’ve done their homework and know most of those people are blue.
@JamesLandolt-m1e
@JamesLandolt-m1e Күн бұрын
Its not a new law, merely the repeal of an old, bad law that was passed about 1983. So if you were working at that time for a state, Federal or local Government they suddenly changed the rules on you if not covered by SS. The law at that time also changed a couple of more things - SS suddenly became taxable and, at least Feds, had to pay into SS. So this is only half a loaf as they only fixed one part of the change that was 40 years ago - they need to repeal the Fed tax on SS and return the law to what is was.
@JamesLandolt-m1e
@JamesLandolt-m1e Күн бұрын
I meant the Feds - if still not covered by SS, had to pay into Medicare (new Feds began to pay into SS at that time.
@shellyhenning7482
@shellyhenning7482 Күн бұрын
SS needs to return to full retirement age of 65 for everyone!! If the government had not been stealing from SS then the money would be there! Those funds with interest need to be paid back. So tired of the government stealing from us!
@combatK9
@combatK9 Күн бұрын
As a retired undercover dope cop, I paid into CalPERS and now receive a pension. During undercover assignments I realized almost every drug dealer collected SSDI….normally for ADHD….funny, but true. I married an ER manager whom paid into SS for 30 years. Until yesterday, I could not receive spousal benefits. However, a 20 year old crack dealer that did not attend school, due to ADHD 🤣, did receive benefits. It needed to be fixed!
@genxx2724
@genxx2724 14 сағат бұрын
It is absolutely ridiculous that our government supports doers of nothing. So many of these people never lifted a finger and made any effort to do what was expected of them.
@sandramattos3393
@sandramattos3393 Күн бұрын
My husband worked a whole career paying ss fulfilled his quarters and years. Then went to work in fire fighting career and completed another 25 yrs. In total worked over 50 yrs. Shouldn't he get what he paid in?
@robertadams2857
@robertadams2857 Күн бұрын
Many in comments don’t understand we have put our 40 quarters into SS like all others. Just because we also worked another government job shouldn’t mean our benefits are less than others who didn’t work a pensioned job.
@katherinedemott298
@katherinedemott298 Күн бұрын
People draw false assumptions because they do not do even basic research into the topic. They’d rather just spout off about what they do not have a clue about.
@myidisinhim559
@myidisinhim559 Күн бұрын
I want to make sure I understand. I worked 30 years in the public sector and collect that pension now as a retiree. I also worked an additional 20 years in the private sector and paid into social security. But my SS benefits have been reduced by something like 60% just because I collect the public sector pension. So...this new bill, if signed by the President, will fix that and I'll receive full SS benefits...correct?
@pamelawalker9056
@pamelawalker9056 Күн бұрын
​@@myidisinhim559yes. You will get the full amount of social security benefits for the number of years worked in the private sector based on the salaries earned in the private sector.
@cincygal4490
@cincygal4490 Күн бұрын
@@myidisinhim559 Correct.
@myidisinhim559
@myidisinhim559 Күн бұрын
@@cincygal4490 👍🏻 Thanks
@charlieruns7953
@charlieruns7953 Күн бұрын
Wait. That is not what WEP is. What the elimination of WEP does is rightfully give those who paid into SS and a pension, they SS benefits. I've been employed since I was 16; I'm now 58. Between 16 and 27, I paid into SS only. Between 27 and 51, my primary job was a pension; the employer and I didn't pay into SS. However, most of those years, I paid into SS with side jobs. Some of those years, I paid both "sides" because it was a 1099 job. From 51 to present , I pay into a state pension and SS. With WEP, I would get penalized 60% of my SS. I just want my earned benefit. Nothing more, nothing less.
@1BADGT500
@1BADGT500 Күн бұрын
WEP affects widows, you would be affected by GPO (Government Pension Offset). Both WEP and GPO were repealed.
@Truth-s9m
@Truth-s9m Күн бұрын
Nothing more nothing less??? What about the extra money you got on each check between 27 and 51 that went into your pocket instead of SS? So now you get full SS benefits, a tax payer funded pension and get to keep 36 years of extra money on each check that didn't go into SS. Lets say for those 36 years you averaged 50K a year. Times that by the SS rate of 6.2% you get an extra $3100 a year bring home. Times that over 36 years and you got an extra $111,600 in your pocket because you paid no SS. I say they should hold that amount out of your pension to pay back SS and then give you full benefits on that new amount and that would be fair.
@robedmund9948
@robedmund9948 Күн бұрын
100% correct!!
@stevewalker9027
@stevewalker9027 Күн бұрын
@@Truth-s9m Incorrect. If you don't have 35 full years of working and paying SS, you do not receive "full benefits". You receive a percentage of full benefits. Say you only worked 15 years paying into SS. (the rest being under a job that you paid a portion of your check for a private pension) Your SS benefit is 15/35ths of what your benefit would have been. Also, your calculation of 6.2% of your wage as being your SS benefit is incorrect.
@BadWolf762
@BadWolf762 Күн бұрын
Because of how the bend points work to create the SS payment repealing these laws is unfair. 90% of the payment is calculated from your first $1,115 AIME (averaged income monthly earnings from the pay you paid SS) to benefit lower wage workers over higher income earners. If you worked most of your years at a high paying, high benefit job that includes a lavish government pension you really don't deserve to collect the higher rate that the lower income workers receive, since you have far surpassed that.
@RezanFadil
@RezanFadil 2 сағат бұрын
I’ve seen plenty of presales over the years, but Alemio stands out for its professionalism and vision. Looking forward to seeing this project grow!
@jerrycurtin2141
@jerrycurtin2141 Күн бұрын
I think the retroactive payments are from December 2023 not December 2024.
@bubbles205
@bubbles205 Күн бұрын
As I understand it, retro for the 12 months in 2024.
@July.4.1776
@July.4.1776 Күн бұрын
So if you worked for the government and did your 40 quarters in the private sector you will most likely get a 90% return on your bend point calculation due to you having a lower AIME. The rest of Americans who spent 35 years paying into social security end up having our benefits lower due to all our wages being calculated in the AIME. 🤔
@dgknapp
@dgknapp 20 сағат бұрын
Thank you! Finally, someone who understands how Social Security works
@DemetSelma
@DemetSelma 2 сағат бұрын
The Alemio team seems to really know what they’re doing. Their updates are detailed, and they actually listen to feedback. Refreshing to see!
@TrekkingwithDebandMike
@TrekkingwithDebandMike Күн бұрын
Great update
@shannonlohr1565
@shannonlohr1565 Күн бұрын
Nothing for seniors as usual.
@johnc2438
@johnc2438 Күн бұрын
What about eliminating federal income taxes on Social Security benefits? Any news on that topic? Have a wonderful Christmas and New Year! 🎅
@josephcalp1604
@josephcalp1604 Күн бұрын
It's a political handout out. WEP ensures that people that get a pension that they pay Social Security tax on don't use the welfare calculation that is meant for low wage earners that had paid 30 years or more into Social Security. You should be telling folkes that are currently in full offset due to GPO to make sure that their address and direct deposit is correct or there will be delays in their retro payment.
@susanworden6459
@susanworden6459 Күн бұрын
Thank you.
@brianbaker-h8c
@brianbaker-h8c Күн бұрын
It’s about time 👍
@TLP202
@TLP202 Күн бұрын
Do we know how long before the bill is sent to the President and how long he has to sign this late in the year?
@willywold9090
@willywold9090 Күн бұрын
Basically SS figures everyone’s SS the same, you pay into SS. I pay into SS. There were two formulas. If I paid into SS “X” years and amounts, and you paid the exact same amount, but also worked a civil service job, they would reduce yours up to $584 a month. Only reason is the other pension you earned.
@nomad7540
@nomad7540 Күн бұрын
It’s akin to reducing SS because you have a 401K or IRA. How would that go over?
@BadWolf762
@BadWolf762 Күн бұрын
It's about the bend points and the high government paid workers with great pensions getting more SS money than they should because of the way the payments are skewed to give more to the lower wage workers. These laws were put into effect to make it fair.
@jukeboxzero1
@jukeboxzero1 Күн бұрын
"The first $12,000 of averaged FICA income is given an almost three-fold (90/32) advantage. It’s a sort of welfare benefit for people that have not earned a lot over their lifetime. The public employees that typically make far more than $12,000/year just got thrown most of that welfare benefit too."
@July.4.1776
@July.4.1776 19 сағат бұрын
You hit the nail on the head. … If you worked 40 years in the private sector vs someone who worked say 30 years in the public sector with the prior WEP they then work 10 years in the private sector.. they both have the exact same wages over the 40 years. The government worker reaps a larger percentage due to AIME and the PIA calculations. Being calculated over 420 months this will put them in the first bend point of 90%.🤔
@EveningDeveloper
@EveningDeveloper Күн бұрын
Now, if we can just get rid of IRMAA, which punishes people who worked hard and saved.
@KerimDamla-x3y
@KerimDamla-x3y Сағат бұрын
Already participated in the Alemio presale, and I’m feeling pretty good about the future of ALM. Time to get in while the price is still low!
@bubbles205
@bubbles205 Күн бұрын
Question: Mother receives pension from Teachers Retirement. She did not pay enough quarters into SSA to get benefit; however, my Dad did and receives his SSA benefit monthly. Is she now eligible for spousal benefit? Due to the formula used before and the monthly amount of her pension, her spousal benefit was reduced to $0.
@martinshelton1247
@martinshelton1247 Күн бұрын
My survival benefit was approved but denied because I have a government pension. Will they retroactively apply my survival benefits?
@nomad7540
@nomad7540 Күн бұрын
It appears that it will be retroactive to Jan 1 2023, so probably the value of 1 year.
@martinlord8837
@martinlord8837 Күн бұрын
@@nomad7540 Dec 2023, so effective Jan 2024.
@SirTools
@SirTools Күн бұрын
I would think the 2.5% increase would have to be re-calculated based on the higher amount that should have been paid since Jan. 2024.
@jeanareed1854
@jeanareed1854 Күн бұрын
@@SirTools this windfall is for 3 million public servants. Not the 65 million SS people
@SirTools
@SirTools Күн бұрын
@@jeanareed1854 I was a victim of the WEP and reduced to $200 a month...ya..
@dweiss2740
@dweiss2740 Күн бұрын
I think you misspoke-you get benefits if you paid into SS by working a second career or supplemental job in addition to a public pension, with the elimination of WEP. If your spouse worked a SS job, and you have a state government pension, you now can get the full spousal support without reduction, due to the elimination of GPO.
@DevinCarroll
@DevinCarroll Күн бұрын
Both are correct. WEP reduces a benefit from an individual's own work history. The GPO reduces a spousal or survivor benefit.
@Northeastken
@Northeastken Күн бұрын
Finally, some fairness coming through. As a police officer for the 2nd half of my career, the WEP has hit my ss benefit. 14 yrs into social security at a young age. Started collecting at 62 and as of this year with the 2,5 Cost of living adjustment from SS and after the Medicare increase, my total increase on my social security benefit is $2.00 per month. The WEP elimination has been long overdue.
@cutehumor
@cutehumor Күн бұрын
did you say there will be retro SS payments? My dad retired in 1992 at age 47 from his federal pension job.
@DunRovinRanch-1969
@DunRovinRanch-1969 Күн бұрын
He said retro active to Jan 2024.
@katherinedemott298
@katherinedemott298 Күн бұрын
Retro to Jan 2024 if you listen to
@dawnboooooo9244
@dawnboooooo9244 Күн бұрын
Oh calm down. It's one year of retro pay. Not all the way back for tens of years
@dawnboooooo9244
@dawnboooooo9244 Күн бұрын
​@@katherinedemott298some people just see and hear dollar signs and then their brain short circuits
@katherinedemott298
@katherinedemott298 Күн бұрын
@ retro to Jan 2024.
@tippersteffi1
@tippersteffi1 Күн бұрын
Does this mean my wife who gets a very small school pension will now be able to collect half of my monthly SS benefit?
@everetteborr
@everetteborr Күн бұрын
Thank you for the update! I’m grateful for this increase in my benefits, but at some point, we will need to pay for it.
@alanlajoie7307
@alanlajoie7307 6 сағат бұрын
Davin Question my wife worked for the federal government (CSRS) and did not pay into SS. with the elimination of the WEP and govt offset would she now be able to receive 50% of the SS that i currently receive?
@michaelterry4394
@michaelterry4394 Күн бұрын
Im from thee government and here to help you RR SCARY WORDS
@lindawilson8434
@lindawilson8434 17 сағат бұрын
How do they figure out the additional money now in our check?
@jimbrauer1711
@jimbrauer1711 Күн бұрын
I'm so happy! I really need my SURVIVOR BENEFIT!
@dannyrobinson985
@dannyrobinson985 Күн бұрын
You can't draw survivors benefits an you ss to can I you.
@JamesLandolt-m1e
@JamesLandolt-m1e Күн бұрын
Yeah - that's what a lot of people don't understand - when they changed the law in 1983 they essentially eliminated survivors benefits for a lot of people - even though the spouse had earned it. This law restores the earned spousal benefit for many folks!
@nomad7540
@nomad7540 Күн бұрын
It’s been very unfair. And those against the fairness act and the cost are just fine with all the spouses that receive increased benefits and sometimes benefits without having contributed one cent to the SS system. They would rather support foreign wars than keep roofs over elder citizen’s heads.
@kbkatherineb3944
@kbkatherineb3944 Күн бұрын
I was taken off social security contributions for six years as a young person and then put back on the program again six years later for same employer. So many years later when calculating my benefits not only was I not given credit for those years (appropriate for zero contributions) but I was dinged again under WEP. I call that a double hit don’t you?
@felipekim9488
@felipekim9488 Күн бұрын
Carroll would that apply to social security recipients who were affected by WEP because they receive a pension from an overseas government?
@beckaarrnondo8622
@beckaarrnondo8622 Күн бұрын
Yes! Because I got a pension from a job I took overseas, I got burned by WEP.
@robedmund9948
@robedmund9948 Күн бұрын
Just wait til Trump stops taxing SS payments!! Talk about helping people who need it!!
@martinlord8837
@martinlord8837 Күн бұрын
Trump made a LOT of promises on tax cuts and he can't possibly keep them all.
@kingfishphill4120
@kingfishphill4120 23 сағат бұрын
Damm 36 dollars for 2025 that's a kick in the ass by the government , 48 years I worked all my life for what peanuts I'm on disability , I can't even afford groceries !!!!!
@ffdbc
@ffdbc 12 сағат бұрын
How does this affect special category employees where the supplement was based on social security?
@mcclaynjazmyn9845
@mcclaynjazmyn9845 Күн бұрын
I'm a Newbie to the SSD/Disability part of SSI, What does this mean for us who are on 'Disability'? Thank You....
@beckaarrnondo8622
@beckaarrnondo8622 Күн бұрын
This new law doesn't apply to SSI. Sorry.
@katherinedemott298
@katherinedemott298 Күн бұрын
Finally!
@joanncole1656
@joanncole1656 6 сағат бұрын
Will this only be for new retiress or include include us that have had our social security reduced for years? And shouldn't we receive back pay?
@lettheriver
@lettheriver Күн бұрын
Win of teachers union
@billclancy4913
@billclancy4913 22 сағат бұрын
What about the generous TSA that the government workers got? I was DOD contractor, and paid into SS, and a 401k as well, but our employees only contributed as little as 1.5% into our 401s,..Where's the fairness in that?
@bobbarnhill8557
@bobbarnhill8557 Күн бұрын
retro active pay to Jan 2024 is fantastic. Wonder how long it will take for this change to take place or If those of us that are affected will need to jump through any hoops.
@lindawilson8434
@lindawilson8434 17 сағат бұрын
Yes I wonder too
@tonydibartolo7985
@tonydibartolo7985 16 сағат бұрын
and hopefully no scams or scammers! no more fraud!!
@KorayArife
@KorayArife 2 сағат бұрын
I rarely feel this confident about a presale. Alemio has a roadmap that actually makes sense and tech that feels innovative.
@Earthtime3978
@Earthtime3978 11 сағат бұрын
I get a state pension but I dont know if i paid into SS or or paid into it at a reduced rate.
@galenstone9097
@galenstone9097 Күн бұрын
SS, as well as healthcare, should be fully funded, debt be damned. Debt can be serviced by cutting Pentagon waste, as well as Senate and House administrative waste, taxing corporations, and the super wealthy at the same percentage as workers and eliminating loopholes, as well as borrowing less, and mandating domestic production for all US manufacturers. Not to mention? Removing the cap for SS pay-ins Not everything should be for the benefit of profiteers.
@SezinSibel
@SezinSibel 2 сағат бұрын
Alemio’s focus on scalability and practical AI applications is what caught my attention. This isn’t just hype-it’s substance.
@280zone
@280zone Күн бұрын
Did these people pay into Social Security or were they exempted out in lieu of pension contributions?
@nomad7540
@nomad7540 Күн бұрын
They paid into the SS system but their benefit has been reduced compared to someone else who contributed the same amount for the same time. It’s akin to reducing benefits simply because you have an IRA or 401K.
@martinlord8837
@martinlord8837 Күн бұрын
WEP only impacts workers who worked in a job where they contributed into social security for at least 10 years and another job where they earn a government pension where they were not contributing to SS.
@davidrte.664
@davidrte.664 Күн бұрын
There is alot of misunderstanding as to the purpose of this act. If you never paid into social security then you get nothing. If worked 20 yrs and paid into social security and then got a job that didn’t withdraw Social security and worked there 20 Yrs. You only get an increase based on the 20 yrs. you paid in. The reason for this is that if made it to retirement and were cut your retirement payment that you deserved because you paid into it for 20 years
@donnamcclenton7340
@donnamcclenton7340 Күн бұрын
Umm no this is only for those that had a government pension not for the rest of us, also not all are living at the federal poverty level on benefits either, even survivors get more..
@davidrte.664
@davidrte.664 Күн бұрын
@@donnamcclenton7340 who are the rest.
@gbinman
@gbinman Күн бұрын
wow, I was expecting, hoping for some information on how to determine the new benefit.
@lindawilson8434
@lindawilson8434 17 сағат бұрын
Yes I have searched and searched and can find nothing
@patriciacestare232
@patriciacestare232 Күн бұрын
Nothing for regular SS...I just got 26 dollars more
@Jamespowell-lb5ot
@Jamespowell-lb5ot Күн бұрын
Topped ya, I got 32. 😂😂😂
@rebeldoherty5432
@rebeldoherty5432 21 сағат бұрын
It's about time! I should get what I paid for!
@fremontpathfinder8463
@fremontpathfinder8463 Күн бұрын
This is such great news. This means I will get my full Social Security. I am a teacher in a state who changed careers at 39 to teaching. I paid into Social Security for about 20 years. This means I will get 600 dollars more when I collect Social Security. I am concerned about the new incoming administration which wants to cut federal workers.
@mburton2402
@mburton2402 Күн бұрын
I don't know if this has been covered on this channel, but maybe a history lesson is in order. Start from where the SS TRUST was only to be used for SS benefits. Then explain how it was voted that that money could be used by the government however they wanted. If they kept their thieving fingers out of the pot, and used it as originally "mandated" maybe we wouldn't be in this situation.
@SureyyaAyhan-l6q
@SureyyaAyhan-l6q 2 сағат бұрын
Honestly, I was on the fence about this presale, but the more I read about Alemio, the more convinced I became. The AI integration is brilliant!
@rancid216
@rancid216 15 сағат бұрын
The WEP and GPO were put in place in the first place because the Trust Fund was going to run out of money in the 80's. Now is not the time to be paying out more benefits.
@JJP1960
@JJP1960 Күн бұрын
If someone is eligible for this but has not yet begun drawing social security benefits, would they be entitled to what they would have received from the beginning of last year? Lot of questions on how this will work. Thanks!
@beckaarrnondo8622
@beckaarrnondo8622 Күн бұрын
No. You have not been cheated yet by WEP yet so they have nothing to reimburse you for.
@rph111745
@rph111745 Күн бұрын
I get a government pension, but I paid enough into SS to be entitled to a small SS check based on active duty and reserve component military pay. But when I applied for SS, I only got half of what I should have received.
@automationbyrob
@automationbyrob Күн бұрын
How would this affect spousal benefits? aka I have always had private sector jobs that withheld SS and most of my wife's work has been as a teacher with a pension that does not withhold SS. She only had a few years before teaching where she had a job that withheld SS so I do not think she has the credits.
@nomad7540
@nomad7540 Күн бұрын
She will be able to receive survivor benefits now. I think this is the case.
@MORTONBettencourt
@MORTONBettencourt 2 сағат бұрын
Alemio’s combination of AI and DeFi feels like a no-brainer. Can’t wait to see how this ecosystem evolves in the coming months.
@rancid216
@rancid216 15 сағат бұрын
Leave it to Congress to address the problem of the Trust Fund going broke by pay out more benefits. LOL
@minab7390
@minab7390 Күн бұрын
As far as figuring it out social security ADMN needs a programmer to write the code, do testing, and then implement. Since the code is in there to reduce the payments, they may even be able to back that part out. Hopefully go smoothly.
@VBD288
@VBD288 Күн бұрын
They plan on getting the back pay for those that have been affected by GPO and WEP NLT June 1st. This will give the new Trump Administration time to pass the budget reconciliation bill that will be eliminating taxes on Social Security
@katherinedemott298
@katherinedemott298 Күн бұрын
@@VBD288 that won’t happen. More likely they get rid of SS
@Canneveroverblue
@Canneveroverblue Күн бұрын
and eliminating SS all together as he has said.
@everetteborr
@everetteborr Күн бұрын
@@CanneveroverblueTrump has never said that he would eliminate Social Security. Trump is a populist, he will never eliminate Social Security. He will more likely give more benefits, like this act, without funding them. Think of new benefits,like not paying taxes on Social Security benefits.
@trentadams1755
@trentadams1755 Күн бұрын
Hope they don’t pay that extra benefit in IOUs!
@DEVanderbiltCecil
@DEVanderbiltCecil 3 сағат бұрын
I haven't known a fireman who didn't have a second job. Holy cow. Firemen are hard workers. And just good people.
@billb9854
@billb9854 Күн бұрын
Our annual SS statement shows “survivor benefit suspended”. I think a push of a few buttons SSA will know who and how much fairly quickly. But the wheels of government to move slow!
@kathychanning1614
@kathychanning1614 Күн бұрын
@@billb9854 so I wonder who will get these funds? And who gets the funds of the people that work, pay in and unfortunately pass away before they collect? I know at least a dozen of these people along with those that collect 2 or 3 years and die. Who gets those funds?
@katherinewagner987
@katherinewagner987 Күн бұрын
What's going to be done for the people on SSI and SSDI. They can't live on what the government hands out.
@Brian1961-ep4bq
@Brian1961-ep4bq Күн бұрын
You're not going to do a damn thing for us the put in 50 years or 60 years we get to live with our 2.5 cola
@katherinewagner987
@katherinewagner987 Күн бұрын
@Brian1961-ep4bq you got that right 👍
@greenmedicinetm299
@greenmedicinetm299 Күн бұрын
according to my recent letter my pay will not increase. I am thinking this is all lies...
@jameso.4381
@jameso.4381 Күн бұрын
If your SS benefit has been reduced due to the Windfall Elimination Provision (WEP) you will not see an increase until AFTER the law is actually passed, which it is scheduled to be signed into law by Joey B. If you are not affected by the WEP or Government Pension Offset/GPO, you will only receive the 2.5% COLA increased scheduled for the January 2025 payment.
@greenmedicinetm299
@greenmedicinetm299 Күн бұрын
@@jameso.4381 Ty James
@martinlord8837
@martinlord8837 Күн бұрын
dude the bill hasn't even bee signed into law yet. how could a letter you received recently mention an increase?
@greenmedicinetm299
@greenmedicinetm299 Күн бұрын
@@martinlord8837 It is obvious I was unaware... come on man peace out lol
@scottmichael-n9u
@scottmichael-n9u Күн бұрын
I completely agree fair is fair this change has been long overdue - job well done. We should have never penalized our public service workers and/or educators.
@Truth-s9m
@Truth-s9m Күн бұрын
Not to fair considering these people got extra money on each paycheck because they paid no SS and they get a tax payer funded pension. So actually they were not getting penalized seeing as how for decades they got extra money for not paying SS. It all evened out.
@sunkissed3868
@sunkissed3868 Күн бұрын
@@Truth-s9m you are required to pay into a PUBLIC PENSION.
@ms5221
@ms5221 Күн бұрын
@@Truth-s9mwhat about the idea that those people didn’t save any of that”extra “. Why should the rest of us make up for that?
@thomasparks6822
@thomasparks6822 Күн бұрын
​@@Truth-s9m you really are clueless.
@nomad7540
@nomad7540 Күн бұрын
The original act was the same as cutting SS because you have a 401K or IRA. It’s a slippery slope so be glad the fairness act passed and all will be paid according to the amount contributed to SS and the time contributed rather than being cut. Don’t worry, those who did not contribute do not collect. …….. except in the case of spouses who never worked but collect on their spouses record. Maybe that is what we should put a stop to. That is actually double-dipping. Not talking about survivor which is not double-dipping.
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