Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Over 3 million on Social Security may wait more than a year for higher payments

by admin January 30, 2025
January 30, 2025
Over 3 million on Social Security may wait more than a year for higher payments

More than 3.2 million people will see increased Social Security benefits, under a new law.

However, individuals who are affected may have to wait more than a year before they see the extra money that’s due to them from the Social Security Fairness Act, the Social Security Administration said in an update on its website.

“Though SSA is helping some affected beneficiaries now, under SSA’s current budget, SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits,” the agency states.

The Social Security Fairness Act eliminates two provisions — known as the Windfall Elimination Provision and Government Pension Offset — that previously reduced Social Security benefits for certain beneficiaries who also had pension income provided from employment where they did not contribute Social Security payroll taxes.

Those provisions reduced benefits for certain workers including state teachers, firefighters and police officers; federal employees who are covered by the Civil Service Retirement System; and individuals who worked under a foreign social security system.

The law affects benefits paid after December 2023. Consequently, affected beneficiaries will receive increases to their monthly benefit checks, as well as retroactive lump sum payments for benefits payable for January 2024 and after.

The benefit increases “may vary greatly,” depending on an individual’s type of Social Security benefits and the amount of pension income they receive, according to the Social Security Administration.

“Some people’s benefits will increase very little while others may be eligible for over $1,000 more each month,” the agency states.

The Social Security Administration said it cannot yet provide an estimated timeline for when the benefit adjustments will happen.

In the meantime, the agency is advising beneficiaries to update their mailing address and bank direct deposit information, if necessary. In addition, non-covered pension recipients may now want to apply for benefits, if they are newly eligible following the enacted changes.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Frontier Airlines proposes merging with fellow budget carrier Spirit — again
next post
Matthew Piepenburg: Gold, Markets and Debt in 2025 — What to Watch, What to Do

Related Posts

Dollar General tests same-day delivery as discounter chases...

December 7, 2024

Amazon is stepping up to fill a gap...

May 2, 2025

June home sales slump as median sales price...

July 24, 2024

Hermès to hike U.S. prices for iconic bags...

April 18, 2025

OpenAI is done with Shipmas and staring down...

December 21, 2024

Fed holds interest rates but keeps door open...

August 2, 2024

Walmart hikes its outlook again as shoppers spend...

November 21, 2024

Tesla investors want Elon Musk to answer questions...

January 31, 2025

Reddit targets international users for ad growth, teases...

November 28, 2024

DirecTV is pushing its pay TV bundle —...

August 14, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Run Your Stock Portfolio Like a Pro Sports Team

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 31, 2025
    • Alleged attempt to impersonate White House chief of staff under federal investigation

      May 31, 2025
    • Unfinished Business: The budget cuts Musk couldn’t complete and what’s next for DOGE

      May 31, 2025
    • ‘American hero’ or ‘failure’: Elon Musk’s DOGE departure divides Capitol Hill

      May 31, 2025

    Categories

    • Business (957)
    • Investing (2,284)
    • Politics (2,830)
    • Stocks (1,044)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved