New Social Security Benefits!

New Social Security Benefits Signed Into Law REPEALING the "Windfall Elimination Provision" (WEP) and "The Government Pension Offset"!

InvesTex Credit Union is working with Jason Stepanik, with SF Planning Group, LLC, to help assist those members with questions regarding the new Social Security Benefits. See below...

On January 5th President Biden signed the Social Security Fairness Act officially repealing the Windfall Elimination Provision and the Government Pension Offset. The WEP and GPO provisions were designed to reduce and, in some cases eliminate Social Security benefits for individuals that receive a government pension, Teachers receiving TRS, Firefighters, and Police. It is estimated that the average recipient subject to WEP/GPO will see a monthly benefit increase of approximately $460 per month and more than $1,000 for some spouses of affected workers. Another added benefit is the new law is retroactive for calendar year 2024. This could create a substantial windfall for any members that are subject to WEP or GPO.

So, what is next? We are still waiting on the Social Security Administration to provide details on how and when they will begin disbursements. If you are currently claiming Social Security, benefit increases should be automatic. If you have not claimed benefits you will need to schedule a meeting with the Social Security Administration to review your options. In the meantime, please go to www.ssa.gov/myaccount and make sure the Social Security Administration has your correct contact information. You can also view updates at www.ssa.gov/benefits/retirement/social-security-fairness-act.html. Lastly, it is a great time to develop a plan for any potential windfall or increase in monthly benefits.

If you have any questions on how these changes may impact your personal situation, please feel free to contact me.

Jason Stepanik CFP®, CIMA®
Founder-Lead Planner
SF Planning Group, LLC
jason.stepanik@sfpgrp.com
www.sfpgrp.com