Big Changes to Social Security! But Millions Must Wait Over a Year for Higher Benefits!

Race Day Live  More than 3.2 million people will receive higher Social Security benefits under the new Social Security Fairness Act.

However, the extra payments will not arrive immediately. The Social Security Administration (SSA) recently stated that some beneficiaries may have to wait more than a year before they see the money owed to them.

“Though SSA is helping some affected beneficiaries now, under SSA’s current budget, SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits,” the agency explained on its website.

The Social Security Fairness Act removes two major provisions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

These provisions previously reduced Social Security benefits for people who also received a pension from employment where they did not pay Social Security payroll taxes.

These rules affected workers such as state teachers, firefighters, police officers, federal employees covered by the Civil Service Retirement System, and individuals who worked under a foreign social security system.

The elimination of these provisions means that many of these individuals will now receive full Social Security benefits, including retroactive payments.

Who Will Get Higher Payments?

The law applies to Social Security benefits paid after December 2023. As a result, affected beneficiaries will see their monthly checks increase.

Additionally, they will receive lump-sum payments for benefits owed from January 2024 onwards.

The size of the benefit increase will vary. The SSA notes that some people may only see small increases, while others could receive more than $1,000 extra per month.

The amount depends on the individual’s type of Social Security benefits and the pension income they receive.

Why Are Payments Delayed?

Although the new law has been enacted, the SSA has not provided an exact timeline for when payments will be adjusted.

The agency cited budget limitations as a key reason for the delay, stating that processing all the necessary adjustments will take time.

For now, those affected are encouraged to keep their mailing address and direct deposit details updated to avoid any delays in receiving payments.

Additionally, people who were previously ineligible for benefits due to WEP or GPO restrictions may now want to apply, as they could qualify under the new rules.

What Should Beneficiaries Do?

While waiting for their payments, eligible individuals should take a few key steps:

1. Check Eligibility – If you were previously affected by WEP or GPO, verify if you are now eligible for increased benefits.
2. Update Information – Ensure that your mailing address and direct deposit details are correct with the SSA to avoid payment issues.
3. Apply for Benefits – If you were previously denied benefits due to the old provisions, consider applying now.
4. Monitor Updates – Stay informed about any new announcements from the SSA regarding payment processing timelines.

Read More:

• Trump’s Social Security Moves: 4 Smart Steps to Keep Your Retirement Safe!
• Social Security Boost Delayed: Why Payments Might Take Over a Year to Arrive?

When Will the Payments Arrive?

The SSA has not yet confirmed when all payments will be processed. However, given the large number of beneficiaries affected and the agency’s current budget constraints, the process could take more than a year.

Those expecting increases should regularly check the SSA’s website or contact their local Social Security office for updates.

Final Thoughts

The Social Security Fairness Act is a major win for many retirees and government workers, as it eliminates unfair reductions in benefits.

However, the delays in payments mean that millions will have to wait longer than expected to receive the money they are owed.

For now, staying informed, ensuring all personal information is updated, and applying for benefits if newly eligible are the best steps for affected individuals.

While it may take time, the increased payments will eventually arrive, providing much-needed financial relief to many retirees across the country.

Reference

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