Some Americans May Get New Social Security Lump Sum Payment
Summary
Some U.S. senators are asking the Social Security Administration to change its policy on retroactive payments after the Social Security Fairness Act. The Act was meant to increase benefits for certain retirees, but some have not received full back payments as intended. The policy change could affect teachers, firefighters, police officers, and their surviving spouses.Key Facts
- The Social Security Fairness Act eliminated the Windfall Elimination Provision and the Government Pension Offset.
- This change was supposed to increase Social Security benefits for some retirees who have pensions.
- The current policy only allows six months of retroactive payments, not the full year some are arguing for.
- Senators from both political parties have asked the SSA to extend these retroactive payments to twelve months.
- About 2.8 million people could be affected by the current retroactive payment limit.
- There are concerns about the SSA's funding and whether it can support increased payments beyond 2033.
- The new policy could increase the income for retirees and may have tax implications.
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