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hey everyone welcome back I hope you're having a fantastic day so far today we're diving into a topic that could bring significant financial relief to millions of Americans a new bill currently making its way through the Senate has the potential to increase social security benefits by $700 or more per month for certain beneficiaries if past this would be a GameChanger providing much needed assistance to those who rely on Social Security in today's video we'll break down the bill explain its potential impact and discuss the timeline for when these changes could take effect before we begin let me share a quick opportunity with you if you're interested in receiving up to $118,000 in free stock check out the pinned comment below it contains a link to webble where you can sign up for a free account by depositing at least $100 you'll receive six free stocks valued at up to $188,000 don't miss this chance to grow your portfolio now let's get into the main topic the Social Security Fairness Act this is a bipartisan piece of legislation that has already cleared the House of Representatives with overwhelming Support garnering over 300 votes it's now up to the Senate to decide its fate if the Senate passes the bill and it's signed into law by President Joe Biden millions of social sec security recipients could see a substantial increase in their benefits up to $700 or more per month this increase could provide critical Financial relief especially for retirees and families struggling to make ends meet the bill specifically addresses two controversial Provisions within the Social Security System the windfall elimination provision W and the government pension offset gopo these rules were originally introduced to prevent individuals from double dipping into both public sector pensions and Social Security benefits however critics argue that these Provisions have had the unintended consequence of penalizing individuals who worked in both sectors as a result many retirees face steep reductions in their social security benefits even though they paid into the system during their careers for example a public sector worker who also spent part of their career in private sector employment is often hit with significant reductions under these rules this has left many retirees facing monthly decreases of $500 $700 or even $800 in their social security benefits for many families this is the difference between Financial stability and hardship the Social Security Fairness Act aims to repeal these Provisions entirely ensuring that retirees receive the full benefit benefits they've earned if passed the bill would bring immediate financial relief on average the repeal of w and gopo would increase benefits by approximately $700 per month for many individuals with even larger increases for certain groups such as surviving spouses ing to the Congressional budget office these increases could rise further over time reaching an average of $860 per month for spouses and over $1,100 for surviving spouses by 2033 this would represent a substantial Improvement in Financial Security for millions of households despite the strong support for this bill its future remains uncertain the Senate has only a few weeks left in session before the current Congress ends and the Bill's passage hinges on whether Senate Majority Leader Chuck Schumer decides to bring it to the floor for a vote the Senate's December schedule is tight with three working weeks remaining December 2nd through 6th December 9th through 13th and December 16th through 20th after that lawmakers will return to their home States for the remainder of the year and the bill could stall indefinitely the good news is that the bill already has 62 co-sponsors in the Senate surpassing the 60 vote threshold needed to overcome a filibuster this bipartisan support reflects the the widespread recognition of the need for reform however the ultimate decision lies with Schumer will he prioritize this bill and allow a vote if he does the chances of Passage are extremely high given the level of support from both Democrats and Republicans if the bill becomes law when can beneficiaries expect to see the increased payments ing to experts the payment increases would begin in January 2025 Additionally the bill includes a provision for retroactive payments covering increases from January 2024 onward this means beneficiaries could receive a lumpsum payment in January 2025 that includes all retroactive increases from the previous year along with their regular January 2025 payment this retroactive feature is a crucial element of the bill ensuring that recipients are compensated for the time lost during the legislative process the repeal of WEP and gopo is more than just a financial adjustment it represents a step toward fairness and Equity within the social security system while some experts have suggested revising the formula rather than eliminating these Provisions entirely the current system has clearly caused undue hardship for too many people a revised formula might balance fairness with fiscal responsibility but the outright repeal proposed by the Social Security Fairness Act would provide immediate relief to those most affected critics of the current rules argue that the reductions imposed by WEP and gopo are excessive and unfair for example a retiree who spent most of their career in public service but also paid into Social Security during a brief period of private sector work often receives disproportionately reduced benefits these reductions have a ripple effect impacting not only retirees but but also their families spouses and Survivors by addressing these issues the bill would restore trust in the social security system and provide long overdue Justice to those who have been unfairly penalized in conclusion the Social Security Fairness Act is a transformative piece of legislation that has the potential to improve the lives of Millions with strong bipartisan support and enough co-sponsors to guarantee its passage the bill is closer than ever to becoming law however the clock is ticking and the decision ultimately rests with Senate Majority Leader Chuck Schumer if you or someone you know could benefit from this bill now is the time to contact your senators and urge them to support this critical legislation thank you for tuning in to today's video stay informed stay engaged and I'll see you in the next one with more updates