An Update on the WEP Elimination Law

President Biden has signed off on the Social Security Fairness Act, which eliminates WEP and GPO. Eliminating WEP may mean hundreds of extra dollars per month in Social Security benefits for families that have lived and worked in the U.S. and Canada. In this video, we:

- Update you on the new law
- How it impacts both past and present payments
- Lump-sum payments for people impacted by WEP in 2024
- The timing of the changes
- What you need to do next

[NorCAL_Stacker]

I am affected by WEP. I only receive $241 SS a month. I am on a fixed pension. Have limited money. Pay check to Pay check. I aid into the SS system with payroll deposits. I worked and satisfied the law of earning 40 quarters with 10 years of work history. Plus I satisfied and paid into a pension every pay day. I think I am deserving of being made whole.

[GillerHeston]

The 2.5% COLA for 2025 provides a modest increase in benefits for Americans receiving Social Security and SSI payments, helping to offset the rising cost of living and inflation. This increase offers essential financial relief for vulnerable populations like retirees.

[markchuchra]

Thank you, President Biden. Promises made, promises kept. Thank you to both houses for two years of bipartisan cooperation on this issue and bringing it to long overdue conclusion

[landscapevision]

The benefit for Les than 20 years was reduced 60%! We should get that 60% reduction back as a credit.

[michaeltolsdorf]

I took my SSA in November 2014. The annual social security information letter showed that I would be earning $1184.00 starting in December 2014.

I was floored when the lady from SS on the phone told me that my monthly earning was going to be $340.00. When I told her the amount shown on the annual SSA earnings letter, she briefly informed me about the WEP and its effect on my monthly earnings.

I had to sit there and watch the govt rob me of approximately 78% of my earned SSA.

When I calculated the amount that I will never get back, lets just say that I could buy a a lot of nice things like a small home, a new 30 foot motorhome or a brand new 2025 Corvette Z06.

[markchuchra]

Brian, I’m very much looking forward to your new thinking and scenarios on what the right sequence might be now. Now that Social Security and CPP payouts are more truly independent (except for taxation on worldwide income inclusive of SS and CPP), I think this will change the optimal approach for many. As with most things, the devil’s in the details of every individuals income stream and retirement assets.

[loricone]

I get a huge $15.00 a month after Medicare payment because I was a teacher for 20 years. I worked and paid SS for 20 years before becoming a teacher. Yay, I will get PART of what I paid in! 😂

[iflyrushcity]

Another expert!! Where were all you clowns when we were fighting like hell to get this bill passed for the past 10 years!!!@

[unclecreepy]

Under WEP I receive $337 a month but after medicare I get $78 a month put into my bank account. Hopefully this will increase dramatically.

[carolmcallister]

I also have a pension from usps for 32 years

[ronchiu]

The strategy for cross border retirees were to start CPP a few years before Social Security. This was to get a few deduction free years. What would the recommend now? Thanks

[roomaustin]

Another question, if you were an accountant adjuster what bank could you use? like if you were a military accountant adjuster, or just a contractor. What kind of bank could accept these kind of funds? I have never heard of this before in banking-- wouldn't there be some sort of issue with who can view these kind of verifications?

[francespulone]

Jeesh. For years I was getting $1.25 social security deposited after deducting Medicare! Yes. One dollar fifty cents😅 It has increased to $199 this past year. Thanks to WEP. Let’s see what happens now.

[Butchy-tu]

Question : will the larger increase on Soc Sec benefit be TEMPORARY or Permanant ????

[jacoll]

Two question regarding the SSFA. A person worked 25 years as a state worker and paid no FICA would they be entitled to SS benefits? A person worked 15 years as a state worker and paid no FICA; however, they also worked 20 years and paid FICA would they be entitled to SS benefits?

[lisafilly]

What about us on SS who weren’t firefighters teachers or any public servant job?? We are paid the lowest out of everyone. Who can live off of $900.00 a month??

[carolmcallister]

What can you say about paying into ss for 21 years at minumum wage of 7.25

[susantavernier]

I have a WEP reduction, however, I have been married for 37 years. Wouldn’t I be entitled to 1/2 of my husband’s social security versus mine. It would be a bigger increase.

[roomaustin]

What if my accountant forgot to file for a business?

[jimmcdiarmid]

It was auto signed. Is it still valid?