The recent passage of the Social Security Fairness Act has sparked significant discussions among public employees, especially in states like Ohio. In our latest podcast episode, Ben is joined by Dan Oaklief, ChFC®, RICP®, CFP® and Colleen LeMasters, CFP®, ChFC®, BFA™ to dive into the implications of this new law and what it means for those relying on public pensions.
The act addresses two critical provisions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions have long affected public employees, reducing their Social Security benefits based on their public pension income. With the new changes, many public employees can now look forward to receiving their full Social Security benefits, whether from their own earnings or as a spousal or survivor benefit.
For Ohio’s teachers, firefighters, police officers, and other public workers, this is a monumental shift. This show will look at how these changes will unfold and the strategic planning opportunities that arise. Ben, Colleen, and Dan discuss the potential for increased income and the necessity of reevaluating financial plans to maximize retirement benefits. If you have any questions about it, please reach out and we’re happy to help.
Here’s some of what we discuss in this episode:
- What types of workers/former workers are impacted?
- How does the law impact the future of Social Security.
- Impacts on individual planning.
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