The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Over 3 million on Social Security may wait more than a year for higher payments

by admin January 30, 2025
January 30, 2025
Over 3 million on Social Security may wait more than a year for higher payments

More than 3.2 million people will see increased Social Security benefits, under a new law.

However, individuals who are affected may have to wait more than a year before they see the extra money that’s due to them from the Social Security Fairness Act, the Social Security Administration said in an update on its website.

“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 states.

The Social Security Fairness Act eliminates two provisions — known as the Windfall Elimination Provision and Government Pension Offset — that previously reduced Social Security benefits for certain beneficiaries who also had pension income provided from employment where they did not contribute Social Security payroll taxes.

Those provisions reduced benefits for certain workers including state teachers, firefighters and police officers; federal employees who are covered by the Civil Service Retirement System; and individuals who worked under a foreign social security system.

The law affects benefits paid after December 2023. Consequently, affected beneficiaries will receive increases to their monthly benefit checks, as well as retroactive lump sum payments for benefits payable for January 2024 and after.

The benefit increases “may vary greatly,” depending on an individual’s type of Social Security benefits and the amount of pension income they receive, according to the Social Security Administration.

“Some people’s benefits will increase very little while others may be eligible for over $1,000 more each month,” the agency states.

The Social Security Administration said it cannot yet provide an estimated timeline for when the benefit adjustments will happen.

In the meantime, the agency is advising beneficiaries to update their mailing address and bank direct deposit information, if necessary. In addition, non-covered pension recipients may now want to apply for benefits, if they are newly eligible following the enacted changes.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Restaurants are rebounding — but Starbucks and McDonald’s still have work to do
next post
Matthew Piepenburg: Gold, Markets and Debt in 2025 — What to Watch, What to Do

Related Posts

American Eagle shares plunge 17% after it withdraws...

May 15, 2025

With Trump all-in on crypto, bitcoin bulls bet...

February 14, 2025

Microsoft fires back at Delta after massive outage,...

August 8, 2024

Target blamed theft and violence for 9 store...

December 21, 2023

Judge temporarily blocks sports streaming service owned by...

August 18, 2024

The new class war: A wealth gap between...

May 1, 2024

Alaska Airlines and United Airlines returning Boeing 737...

January 30, 2024

UAW, U.S. dealers increase criticism of Stellantis CEO...

September 14, 2024

AMC bets on premium screens as Hollywood slate...

April 2, 2025

Weekly mortgage refinance demand rose 5% after a...

May 11, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,399)
    • Investing (3,371)
    • Politics (4,552)
    • World (4,488)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved