Nicholas Roth, CFP®, Financial Planner at Foster & Motley, Inc., joins us to discuss the recent changes to Social Security, specifically the removal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which could significantly boost retirement income for millions of public sector workers.
Key Takeaways:
(01:04) The Social Security Fairness Act removes WEP and GPO provisions.
(02:39) Public sector workers were penalized by these offsets.
(03:01) Spousal benefits were cut for spouses of public pension recipients.
(05:37) The law is retroactive, requiring the SSA to correct past benefits.
(06:03) Affected individuals get adjusted benefits and a lump sum.
(07:21) Those over 70 should apply to avoid losing retroactive payments.
(08:58) Benefits do not increase after age 70.
(10:29) The SSA provides regular updates on its website.
Resources Mentioned:
Nicholas Roth, CFP®
https://www.fosterandmotley.com/our-team/bios/nicholas-e-roth
Foster & Motley, Inc.
https://www.fosterandmotley.com/
Social Security Administration (SSA)
https://www.ssa.gov/
Connect with Nicholas Roth:
info@fosterandmotley.com
+1 513-561-6640
LinkedIn: Nicholas Roth
https://www.linkedin.com/in/nickroth14/
LinkedIn: Foster & Motley, Inc.
https://www.linkedin.com/company/fosterandmotley/
#WealthManagement #FinancialPlanning #InvestmentAdvisory #WealthManagementPodcast