Social Security typically undergoes significant changes at the beginning of each year, including cost-of-living adjustments and adjustments to earnings-test limits. Recently, new provisions were enacted that benefitted many recipients by eliminating the Windfall Elimination Provision and the Government Pension Offset. This legal change enabled an estimated 3.2 million individuals to see an increase in their monthly benefits, coupled with retroactive payments for previously withheld amounts. These recent adjustments reflect the ongoing transformations within the Social Security system aiming to increase financial support for many seniors.
Over the past four weeks, some recipients may have seen their monthly Social Security benefits increase, particularly due to the repeal of the Windfall Elimination Provision.
Social Security's earnings-test limits also rose at the start of the year, giving seniors more leeway to earn income while collecting benefits.
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