Social Security Benefits Increase by $360 – Find Out When You’ll Get Paid!
The recently passed Social Security Fairness Act is set to bring financial relief to millions of retirees, with an average monthly increase of $360 in Social Security benefits. This legislation, signed by President Joe Biden, eliminates outdated provisions that previously reduced benefits for public sector workers. Here’s what you need to know about the changes, how they affect you, and when you can expect the increase.
What Changes Are Coming?
The Fairness Act repeals two key provisions that have long reduced Social Security payments for certain retirees:
- Windfall Elimination Provision (WEP): This provision reduced benefits for individuals who earned a government pension in jobs not covered by Social Security taxes.
- Government Pension Offset (GPO): This provision cut spousal and survivor benefits for retirees who also received a government pension.
The removal of these provisions means that many public sector retirees, including teachers, firefighters, and police officers, will now receive their full Social Security benefits without offsets.
How Much More Will Retirees Receive?
With the repeal of WEP and GPO, beneficiaries will see an average monthly increase of $360. In some cases, the increase could be as high as $1,190 per month, depending on the individual’s work history and pension status.
This change represents one of the most significant benefit adjustments in decades, particularly for those who have been disproportionately affected by these provisions.
When Will the Payments Start?
The Social Security Administration (SSA) is working on implementing these changes, with retroactive payments dating back to January 2024.
- Monthly Payments in 2025: Payments will follow the regular Social Security schedule, typically based on your birthdate:
- Birthdays 1st–10th: Payments on the second Wednesday of the month.
- Birthdays 11th–20th: Payments on the third Wednesday.
- Birthdays 21st–31st: Payments on the fourth Wednesday.
Recipients should expect their first adjusted payment along with any retroactive lump sum owed by early 2025.
How to Check If You’re Eligible
If you worked in a government job not covered by Social Security and also earned benefits under the program, you may qualify for this increase. To verify your eligibility:
- Log In to Your SSA Account: Check your benefit status and payment details on the Social Security website.
- Review Your Earnings Statement: Ensure your work history and earnings are accurately recorded.
- Contact the SSA: Call 1-800-772-1213 or visit your local office for personalized assistance.
Why This Law Matters
For years, public sector employees who earned pensions saw reduced Social Security benefits, often leaving them financially strained. The Fairness Act acknowledges their contributions by restoring benefits to equitable levels. This increase is a crucial step in addressing long-standing disparities and providing much-needed financial security to retirees.
What Should You Do Next?
- Stay Informed: Follow SSA announcements to track updates on payment schedules and retroactive distributions.
- Update Your Information: Ensure your bank details and mailing address are current to avoid payment delays.
- Consult an Expert: Reach out to a financial advisor if you have questions about how this increase affects your overall retirement planning.
The $360 monthly increase under the Social Security Fairness Act is more than just a number—it’s a lifeline for retirees who have been waiting for fairness in their benefits. Make sure you’re ready to receive the new payments and take advantage of the financial boost this law provides.
