Social Security Fairness Act aims to expand benefits, but would cost $196 billion.

From Nasdaq: 2024-12-21 02:00:00

Social Security’s disappointing 2.5% COLA for 2025 raises concerns about its ability to provide for retirees as it nears a shortfall. The Social Security Fairness Act, passed by the House, aims to expand benefits for 2.7 million beneficiaries. This bill would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), affecting those with non-covered pensions. However, passing the act would cost $196 billion, accelerating the funding shortfall. With trust funds projected to deplete by 2034, Congress faces the challenge of finding solutions to ensure Social Security’s sustainability and benefits for retirees.



Read more at Nasdaq: This Law Would Expand Social Security Benefits for Millions — but It Comes at a Cost