Honk News – More than 3.2 million Social Security recipients, including retired teachers, firefighters, and police officers, will soon see an increase in their benefits. The Social Security Administration (SSA) has announced that most beneficiaries will receive a one-time retroactive payment by the end of March, with increased monthly payments beginning in April.
Background on Benefit Changes
The increase follows the rescission of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) through the bipartisan Social Security Fairness Act, signed into law last year by former President Joe Biden. These provisions had previously reduced Social Security benefits for retirees who also received pensions from public service jobs or foreign social security systems.
Advocates say the new law corrects a long-standing disparity, though it also accelerates concerns over the solvency of the Social Security Trust Fund. According to the 2023 annual Social Security and Medicare trustees report, the trust fund is expected to be unable to pay full benefits beginning in 2035. The new law is projected to hasten insolvency by about six months.
Impact on Social Security Recipients
| Category | Number of People Affected |
|---|---|
| Total Social Security Recipients Impacted | 3.2 million |
| Affected by Government Pension Offset | 745,679 (1% of beneficiaries) |
| Affected by Windfall Elimination Provision | 2.1 million (3% of beneficiaries) |
| Total Social Security Beneficiaries | 72.5 million |