At Allworth Financial, we know how important Social Security is to your retirement. Recent changes through the Social Security Fairness Act could mean better benefits for you or someone in your family—especially if you’ve worked in public service.
Let’s break it down in plain terms, so you know what’s happening and how it might help.
The Social Security Fairness Act is a new law that repeals two rules that have reduced benefits for some retirees:
For years, these rules have caused financial headaches for many public servants and their families. The new law helps level the playing field for public servants like teachers, police officers, and firefighters who may have felt penalized under the old rules. For many, it means more financial peace of mind in retirement.
If you worked in public service or know someone who did, here’s the impact:
These changes start with benefits payable in January 2025.
If you’re affected by these changes, the Social Security Administration (SSA) will automatically adjust your benefits. You don’t need to do anything to make this happen.
That said, it’s always a good idea to check your Social Security statements to ensure everything looks correct.
Understanding Social Security is complicated, but you don’t have to figure it out alone. Your Allworth advisor can help you make sense of these changes, whether it’s reviewing your benefits, updating your retirement plan, or adjusting your investment strategy.
If you have questions about the Social Security Fairness Act or want to talk about your financial goals, give us a call. We’re here to help you make the most of what you’ve worked so hard to build.
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