There are big changes to Social Security in 2025. Congress passed a law called the Social Security Fairness Act which could increase Social Security benefits for many Americans, which President Biden signed into law. If some of your career was spent working in non-Social Security covered employment, you are probably eligible to collect higher, sometimes substantially higher Social Security benefits, which are based on your own covered work or that of a current or ex-spouse, living or deceased.
The Act eliminated both the GPO (Government Pension Offset) and the WEP (Windfall Elimination Provision). Those provisions previously reduced retirement benefits and either reduced or eliminated spousal, divorced spouse, widow or widower, and divorced widow or widower benefits of those with pensions or retirement accounts resulting from non-covered employment. If you are in this position, you probably know who you are.
In addition, more than 95% of Social Security recipients don’t maximize their benefits, according to a study by the Center for Retirement Research at Boston College. Over 40% of Americans file at age 62, minimizing their benefits if they live into their eighties. By minimizing their benefits, Americans are missing out on tens of thousands or hundreds of thousands of dollars of benefits, if not more, according to Larry Kotlikoff, author of a best-selling book on maximizing social security benefits that was published in 2015. The problem with maximizing Social Security benefits is how complicated it has become and is likely to remain so for the next several years.
On Wednesday, February 26, 2025, from noon to 1:30 p.m., Susan Moore of Moore Wealth Management, Inc. (MWM) will conduct a complimentary and without obligation “Maximizing Social Security” webinar. There will be both a live and recorded version. If you would like to be included in the webinar, please call the Moore Wealth Management office for further information or reservations at 334.270.1672, or email sarah@moorewealthmanagement.com. If you miss the webinar, we also offer free consultations that are without obligation.
In addition to explaining the new Social Security Fairness Act, the workshop will also cover how the Social Security system works in general. Specifically, the workshop will discuss different techniques to maximize Social Security including when and how to file, how to lessen taxes on Social Security, and special rules that impact widows and widowers, divorcees and spousal benefits. It pays to know how to maximize your benefits.
Susan Clayton Moore, J.D., is a financial advisor and wealth manager of Moore Wealth Management, Inc., with offices Montgomery and Alexander City, AL. Susan has under advisement over $150 million (as of 9.1.24) in brokerage and advisory assets through Kestra Financial and has been a financial planner for over 40 years. Contact Susan at 334.270.1672. Email contact is susan@moorewealthmanagement.com.
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney or tax advisor regarding your individual situation. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS or Kestra AS are not affiliated with Moore Wealth Management, Inc. https://bit.ly/KF-Disclosures