Since H.R. 82 has passed in Congress and if you are thinking about planning for your retirement and when to apply for Social Security benefits, you can use a simple calculation, like individuals that weren't a public service employee or retiree and not effected by Windfall Elimination Provisions or Government Pension Offset. To determine your break even age without trying to factor in your Social Security payments with WEP/GPO reductions, has became simpler for everyone.
First log into My Social Security or create an account, view your retirement calculation based on the age you plan to retire, then multiply by 12 to determine your yearly salary. Then write down payment you would receive if you collect SS early verses your normal retirement age. Then you can work out your break even age using the below formula or just use the break even calculator with your full retirement age.
https://smartasset.com/retirement/social-security-break-even-age
https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/
Thanks again for supporting www.change.org/Act2RepealWEP_GPO and being an advocate for Social Security Fairness Act. I will not be providing to many more updates on Act2RepealWEP_GPO as the last piece of legislation we await is for Congress to present H.R. 82 to the President for his signature. The President would have ten days to sign, or the bill would be pocket vetoed but if H.R. 82 is not signed into law by January 3, 2025, it will expire when to new Congress is convenes.
We are pretty sure once the bill is presented to the President it will be signed into law by January 3rd. 2025, just wanted to present a clearer timeline.
The bill is sent to the President for review.
A bill becomes law if signed by the President or if not signed within 10 days and Congress is in session.
If Congress adjourns before the 10 days and the President has not signed the bill then it does not become law ("Pocket Veto.")
If the President vetoes the bill it is sent back to Congress with a note listing his/her reasons. The chamber that originated the legislation can attempt to override the veto by a vote of two-thirds of those present. If the veto of the bill is overridden in both chambers then it becomes law.
THE BILL BECOMES LAW: Once a bill is signed by the President or his veto is overridden by both houses it becomes a law and is assigned an official number.
If signed by the president before the new Congress convenes on Jan. 3, the law would boost Social Security payments to more than 2 million beneficiaries, according to the Congressional Research Service. The increases — as much as $550 a month for some retirees but average of $360 by December 2025/2026
— would be retroactive to December 2023.
https://smartasset.com/retirement/social-security-tax-limit
https://www.kiplinger.com/retirement/social-security/changes-coming-for-social-security-in-2025
I invite everyone to look at Brandywine Maryland Facebook page and to follow, especially if you reside in Southern Maryland for more useful news and content, thank you.