Congress in Washington is finishing up debating and getting ready to vote on a bill that, if approved, could increase Social Security benefits for certain Americans who meet some characteristics.
In September, Reps. Abigail Spanberger, D-Va., and Garret Graves, R-Louisiana, will introduce a proposal to vote on the bill known as the Social Security Fairness Act, which would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Together, the WEP and the GPO cause a significant reduction in Social Security benefits for millions of Americans. Although the project has 325 co-sponsors, it only needs the signature of 218 legislators to bring it to a vote in the House of Representatives.
Could Your Social Security Check Increase?
For more than four decades, millions of Americans, including police officers, teachers, firefighters and other public officials, have been deprived of their Social Security benefits as an unfair punishment for dedicating themselves to serving their communities, Spanberger and Graves said in a statement. joint, and added that “these citizens deserve to receive their full benefits, just like any other taxpayer to the Social Security system.
These two legislators have worked for years to build bipartisan support and pressure House leadership to take action to correct this situation with the WEP and the GPO.
Since those efforts have stalled, they have been trying to apply pressure using the tools at their disposal. Spanberger and Graves highlighted that the Social Security Fairness Act would eliminate sanctions affecting public servants.
What Are WEP and GPO, and How Do They Impact Social Security?
The WEP affects Social Security benefits by reducing them when the beneficiary also receives a public pension from employment not covered by Social Security. This affects teachers in public schools who also work part-time.
On the other hand, the GPO establishes that the spousal benefits of public sector employees must be reduced if the work is not covered by Social Security, which can reduce by two-thirds the benefits of surviving spouses who receive a government pension.
Maximum Social Security Benefits in 2024
During fiscal year 2024, which ends next September 30, the Social Security Administration (SSA) establishes that the maximum benefits that an American can receive is $4,873 per month.
That juicy payment is not for everyone, but you have to meet a handful of requirements: having waited until age 70 to claim your benefits, and having worked for at least 35 years with maximum taxable salaries of $168,600.
The maximum monthly benefit for those retiring at full retirement age (FRA), which is 66 or 67 depending on year of birth, is $3,822. If someone retires at age 62, the earliest possible age to collect Social Security, the maximum monthly benefit is $2,710.
Social Security imposes an early retirement penalty for those who begin receiving benefits before reaching FRA. However, benefits increase by about 8% for each year someone delays beyond full retirement age. The average Social Security check as of May 2024 was $1,916.63.
