New Bill Increases Social Security Benefit for Millions - but there’s a catch.

In this video, Kevin explains the Senate's recent approval of the Social Security Fairness Act, which follows the House's decision in November. The legislation will increase social security benefits by $196 billion over the next 10 years, positively impacting millions of Americans. Kevin discusses who qualifies for these benefits, the implications for those with non-covered pensions, such as teachers and firefighters, and provides a timeline for retroactive payments. If you don't qualify, Kevin offers additional resources to help you maximize your Social Security benefits.

00:00 Introduction
00:38 Understanding the Social Security Fairness Act
01:18 Windfall Elimination Provision Explained
02:54 Government Pension Offset: What You Need to Know
04:51 Who Benefits from the New Bill?
05:31 When to Expect Your Benefits
05:59 Conclusion

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*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF RETIREMENT PLANNING*

Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome

[foundryfinancial]

A few people mentioned that I could be clearer. I moved a bit too quickly over the fact that the WEP impacts people who have paid into Social Security through other jobs but later took a public sector job. Their Social Security benefit is significantly reduced. Eliminating the WEP does not provide a benefit to someone who hasn’t accumulated 40 quarters of Social Security contributions.

[Spaceshewarrior]

ONLY FOR FEW….what about of the rest of the workers of the middle and lower class?

[farmerjohn]

What ticks me off is that they have no problem cutting our meager income from Social Security while at the same time giving THEMSELVES a HUGE pay raise!!!! 😮

[billmoore]

They need to STOP taxing SS. That would give ALL seniors a nice raise.

[theressawagner]

THEY SHOULD NEVER EVER GIVE ANY SOC SECURITY TO NON CITIZENS OR PEOPLE WHO HAVE NEVER WORKED. THEY DID NOT EARN IT!!!!

[s.c.]

Politicians don't do anything it doesn't benefit them.

[pegasus]

It’s about time they stopped punishing legal Americans who were discriminated against for 40 YEARS!

[bethschreck]

Thank you! This is the clearest explanation I have heard! I worked into my 70's! The I heard the word "windfall." Windfall??? They didn't look at my check. It definitely was NOT a windfall. I would not even call it a "little breeze."

[deborahsherer]

My large pension is 2, 083 a month. My SS is 475. I run out of money every month. A majority of the people this affects don’t have large pensions. This is an answer to prayers from many. We can start to breathe.

[juliam]

I have been affected by both the WEP and GPO for the past 5 years. It greatly impacted my quality of life after my husband passed. I am greatly hopeful for this being signed and enacted soon. 🙏🙏🙏

[jimsteinway]

If you paid in you should get paid out

[ontheotherhand]

It’s not a “windfall”—it’s a restoration of earned benefits. Since some people are asking about this in your comments, I will clarify this point. This is only applicable to people who have actually earned Social Security by working a job that pays into Social Security, as well as working in non-covered employment, long enough to earn a government pension. This is a restoration of a cut, it is not an additional benefit. Instead of focusing on how much it’s going to cost to restore this, one might consider how much this targeted reduction in benefits has served to prop up Social Security and given politicians more grace in getting around to finally fixing the system.

This has been going on for 40 years. Some people have suffered from this for decades. The GPO is even crueler, because often people do not find out until they are dealing with bereavement that they will not be able to collect survivor benefits.

There are other forms of income that do not pay into Social Security, and yet earned benefits are not being cut for people who receive funding from those other sources.

[tonymnQuan]

I appreciate your calm and sincere vibe explaining these things. You look like a good person.

[brianmcdonagh]

I have never understood why most states tax Social Security benefits, especially if a retired person is low income. My Social Security benefits come to $1033 mo. And I worked for over twenty five years.

[rancherbabe]

Shame we all can't get something, this 2.5% was a slap in the face, especially with ridiculous prices, like $7. eggs

[altriplett]

Nobody’s “giving me”. a damn penny I didn’t EARN!!! There are @800, 000 of us legally screwed by SSA and our state’s work comp! It’s no “windfall “. That I am at home, in pain, while my former fellow workers are knocking down 120-k and real pension, along with better than Medicare health insurance!

[joycejackson]

You are great. This does impact us and I’m hoping for the best.

[ninalopes]

I won't get increase but i am super happy for those who will benefit from this increase...god is good

[dcsblessedbees]

Not for anyone that needs it, this wasn't for "We The People" it was the Politicians buying Gov employee votes in the next election.

[timgoodin]

Thanks for the update, I watched the Senate vote at about 1:15 this morning. So thankful since my spouse is impacted by this, she is a retired teacher and also works regular job paying social security which up to now was going to be of no benefit to her.