Social Security New Bill: Benefits from Social Security to Increase for Certain Americans Congress will vote on a package known as the “Social Security New Bill” that, if approved, would raise some Americans’ Social Security payouts. Abigail Spanberger, a Democrat from Virginia, and Garret Graves, a Republican from Louisiana, will present a petition to the U.S. House of Representatives next month in an attempt to force a vote on the Social Security Fairness Act. This legislation would do away with the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).
For millions of Americans, Social Security is lowered by the WEP and GPO. Even if there are already 325 supporters of the bill, only 218 signatures are required for a floor vote in the House.
Social Security New Bill to Increase Benefits
As an unfair punishment for dedicating a significant portion of their lives to helping their communities and fellow citizens, millions of Americans, police officers, teachers, firefighters, and other local and state public servants have been denied Social Security benefits for more than 40 years. Spanberger and Graves released a joint statement saying, “These Louisianans, Virginians, and Americans across our nation deserve their full retirement benefits just like every other American who has paid into Social Security.”
- In instance, the Work Experience Program (WEP) reduces the earned Social Security payments if the beneficiary also receives a public pension from employment that is not covered by Social Security. This rule reduces benefits for teachers who work in public schools and simultaneously have part-time employment.
- Meanwhile, if a government worker’s employment is also covered by Social Security, the GPO sees a reduction in their spouse benefits. That means that for surviving spouses who also get a government pension, their payments may be lowered by two thirds.
What did Alex Beene says?
Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek that “Social Security recipients are leading the charge on many new bills and ideas, and for good reason.” There are many possible changes that might significantly help people and families who might be getting more money at a time when the majority of them really need it. The goal of this bill is to modify WEP and GPO, two provisions that lower Social Security benefits for some federal and state employees working in multiple states in different employment.
- In total, the GPO and WEP cut over 2.8 million Social Security beneficiaries’ benefits.
- Beene predicted that the bill would be a “game changer” for those beneficiaries.
- A raise to Social stability benefits would be an additional layer of financial stability in these times when every dollar matters, he said. This is because many people are living without it due to a decades-old practice.
- It has long been expected that Social Security’s funding would run out and the government would run out of money by 2033.
- If Congress does not act, Social Security will have a 17% benefit shortfall for all of our recipients who are presently receiving payments.
- The good news is that this is a problem that can be resolved,” Martin O’Malley, commissioner of Social Security previously said.
Fact Check
Rumors of specific Social Security checks often arise from misunderstandings of existing government benefits or exaggerated claims made online. It’s important to rely on official sources like the Social Security Administration or IRS website for accurate information. There has been no federal announcement in 2024 about Social Security payments. Most direct deposits for government programs will vary based on individual circumstances, including income, work history, and eligibility. To avoid becoming a victim of misinformation, always verify claims through official government websites or consult a financial advisor.
