Cary Sinnett and Dan Snyder discuss the repeal of the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP), major changes impacting public workers, spouses, and retirees. Learn who is affected, how to claim retroactive payments, and key financial planning strategies.

Key Takeaways:

Who’s Affected? Retired public workers, teachers, police, firefighters, and spouses previously impacted by GPO/WEP.
What Changed? The Social Security Fairness Act (Jan 2025) repeals GPO & WEP, allowing full Social Security benefits.
Retroactive Payments: Eligible recipients may receive lump sums dating back to Jan 2024. Apply immediately to maximize benefits.
Tax Planning Alert: Lump sums are taxable with no withholding—prepare for potential Medicare IRMAA impacts.
Action Steps for Advisors: Identify affected clients, review tax strategies, and ensure timely applications.

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Additional Social Security Payments for Some Clients

AICPA Personal Financial Planning (PFP)

Additional Social Security Payments for Some Clients