Recent changes to Social Security include the signing of the Social Security Fairness Act, which eliminates the Windfall Elimination Provision and Government Pension Offset, potentially increasing benefits for over three million retirees. Additionally, a cost-of-living adjustment (COLA) of 2.5% was implemented in January, impacting the monthly benefits recipients receive. Moreover, the wage cap and earnings-test limits saw an increase, reflecting the ongoing adjustments within the Social Security program. Staying informed on these changes is crucial for current and future beneficiaries.
The Social Security Fairness Act was signed into law earlier this year, eliminating provisions that reduced benefits for public employees, benefiting over 3 million retirees.
Although this year's cost-of-living adjustment (COLA) was only 2.5%, it significantly impacts monthly paychecks, highlighting the importance of keeping up with Social Security updates.
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