Ask Terry Questions Social Security fairness act

Social Security fairness act

By Terry Savage on January 24, 2024 | Financial Planning / Retirement

As an employee of a community college, who formally worked in the private sector, I would stand to benefit if the Social Security fairness act were passed. Currently my estimated SS benefit is decreased $500/mo due to the WEP. It also impacts my spouses estimated benefit. I am set to retire this May. Should I wait to take Social Security until the act is passed? Or if I take my benefit and then the act is eventually passed, would my benefit increase? Or is it locked it regardless of future legislation?

Terry Says

For everyone who is wondering about the “Social Security Fairness Act” here is a link to learn all about it:

It’s likely to be reintroduced in the next Congress, but whether it will pass and in what form is anyone’s guess. I suggest you make your decisions based on existing law.

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