Towerpoint Wealth’s Expert Insights on the Social Security Fairness Act
by Towerpoint Wealth
are you getting the social security benefits that you deserve social security fairness law
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Towerpoint Wealth’s Expert Insights on the Social Security Fairness Act

At Towerpoint Wealth, we pride ourselves on staying ahead of financial trends and government legislation that impacts retirees and their financial well-being. Recently, our President, Joseph Eschleman, was featured as an expert on ABC10’s Dollars & Sense with Lora Painter, discussing the new Social Security Fairness Act and how it promises to provide much-needed financial relief for millions of retirees nationwide.

Understanding the Social Security Fairness Act

Millions of retired teachers, firefighters, police officers, and other public servants have been subjected to reduced Social Security benefits due to two long-standing provisions:

  • The Windfall Elimination Provision (WEP)
  • The Government Pension Offset (GPO)

These policies, introduced in the late 1970s and early 1980s, reduced the Social Security benefits of over 3.2 million people who receive a pension based on work that was not covered by Social Security (i.e. a “non-covered” person) because they did not pay Social Security taxes. However, with the passage of the Social Security Fairness Act on January 5, 2025, these restrictions have been repealed, allowing affected retirees to receive their full Social Security benefits.

How This Law Benefits Retirees

During his appearance on ABC10, Joseph Eschleman explained that this law will provide financial relief to nearly 3 million people nationwide. According to estimates from the Congressional Budget Office (CBO), non-covered retirees could see an average increase of $360 per month, with some individuals potentially receiving over $1,000 more in benefits each month.

Key highlights of the benefits:

  • Increased Social Security payments for impacted retirees
  • Higher spousal benefits for surviving partners
  • Retroactive benefits dating back to December 2023

Eschleman emphasized that while the law provides much-needed relief, there will be a waiting period before beneficiaries start receiving their increased payments. Experts predict that it could take more than a year for the Social Security Administration (SSA) to adjust benefits and process retroactive payments.

Potential Costs and Considerations

While the Social Security Fairness Act is a win for retirees, it comes with a financial cost to U.S. taxpayers. The CBO estimates the cost of the new law to be $196 billion over the next 10 years. However, proponents argue that correcting the unfair reduction of benefits is a necessary step toward ensuring financial stability for those who have spent their careers serving the public.

Eschleman also pointed out that retirees do not need to take action to receive these enhanced benefits, which could take more than a year to implement. However, it is essential that those affected verify their current mailing address and direct deposit information with the SSA to ensure seamless payment processing.

Towerpoint Wealth’s Commitment to Financial Clarity

At Towerpoint Wealth, we understand that navigating Social Security and retirement planning can be complex. That’s why we are dedicated to keeping our clients informed about new laws, financial opportunities, and risks that impact their retirement security. Our team, led by experts like Joseph Eschleman, works diligently to provide coordinated and comprehensive financial and wealth management planning services tailored to our clients’ unique needs.

As the Social Security Fairness Act begins to roll out, our team is here to answer any questions you may have about how this change will affect your financial future. Whether you are a retired public servant or simply planning ahead, we are here to help you maximize your benefits and ensure your longer-term financial success.

Need Guidance on Your Retirement Plan?

If you have questions about Social Security, pensions, or your retirement planning, Towerpoint Wealth is here to help. Reach out to us today to schedule a consultation with one of our expert advisors.

Watch the full segment featuring Joseph Eschleman on ABC10’s Dollars & Sense with Lora Painter here: Are You Getting the Social Security Benefits You Deserve?