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Social Security Fairness Act

  • Writer: Christopher Lakian
    Christopher Lakian
  • Feb 19
  • 2 min read

Dear Friends.

 

Our outgoing president, Joe Biden, passed a very beneficial bill for millions of Americans.

 

The Social Security Fairness Act

 

The bipartisan bill was designed to help teachers, firefighters, police officers, and other employees receiving government pensions to allow full social security benefits (if applicable)

 

Pre-2025, workers with state or federal pensions had a reduced social security payout because of their state/government pension plans. This was called the Windfall elimination provision.

 

Over the last 30 years, millions of Americans with federal and/or state jobs may have worked part-time in the private sector to help pay bills, etc.

 

Those wages were taxed by social security, but the benefit will never be received due to their respective government pension.

 

This new law change will affect 2 million retired public servants and 750,000 spouses and survivors receiving reduced Social Security Benefits.

 

Since this law was a huge change to millions of Americans and requires research on behalf of the Social Security Administration, it will take some time to determine individual benefit adjustments.

 

 

Stay tuned

 

Chris

 

 

For more information, please click the Social Security Office link below about The Fairness Act.

 

 

 

 

Christopher R Lakian

Owner, Portfolio Manager, AIF

 

Magnetic North Financial LLC

1156 Bowman Road Suite 200

Mt Pleasant SC 29464

Main Number: 843-353-0313

Cell: 843-737-6060

Global Relay Secure Text: 843-428-7827

 

 

OneSeven ("OneSeven") is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. All titles listed for individuals associated with Magnetic North Financial represent the individual's role with Magnetic North Financial, and not their role with OneSeven. Services are provided under the name Magnetic North Financial, a DBA of OneSeven.

 

 

 
 
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OneSeven ("OneSeven") is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. All titles listed for individuals associated with Magnetic North Financial represent the individual's role with Magnetic North Financial, and not their role with OneSeven. Services are provided under the name Magnetic North Financial, a DBA of OneSeven.

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