AMERICANS are being robbed of their retirements through a Social Security loophole, a firefighters association has claimed.
The Senate has officially passed The Social Security Fairness Act 2023, which is set to repeal two federal laws and give millions access to their Social Security payments, namely first responders.
www.kbtx.comDaniel Buford (pictured) said that the two provisions that were blocking Social Security payments were causing Americans to struggle financially[/caption] www.kbtx.comJohn Riddle (pictured) said that millions of Americans are being forced to work a second job just to get by[/caption] www.kbtx.comBryan First Responders from Texas are praising the bill’s passing[/caption]Now that the bill has passed this crucial stage, first responders from the Fire Department in the city of Bryan, Texas, are speaking out about how this new bill will benefit them.
They have said that they were previously struggling to get by without the Social Security they were entitled to.
President of Bryan Firefighters Association Daniel Buford said: “We’re talking about employees that are teachers, firefighters, police officers, some of our federal workers, post office workers.
“These two provisions, they rob us of a retirement that through service we are due, and it makes us financially vulnerable after we retire.
“It’s been 40 years in the making.
“Now it’s time for us to do the right thing to take care of those people who have given a career choice to serve other people and serve their communities.”
John Riddle, president of the Texas State Association of Fire Fighters, commented: “So, when that happens, when they get ready to retire because they have a pension, they don’t get their full social security benefit even if they have worked, which a majority work a second job.”
“Getting the full social security benefit will make a big difference to them and their ability to eat and turn the lights on and all of that stuff.
“So, it would be a huge benefit for our members around the state.”
The Social Security Fairness Act, which passed the Senate with a 76-20 vote on December 21, will remove two provisions: the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
The GPO can reduce benefits for spouses, widows and widowers who also receive government pensions of their own.WEP can reduce benefits for individuals who also receive a pension or disability benefit from an employer who did not withhold social security taxes.
These two aspects of Social Security reduce benefits for nearly 3 million Americans, namely public servants who received a pension from a job that did not pay Social Security taxes.
RON BONASSO
The US Sun has previously reported on Ron Bonasso’s story, a retired postal worker who has had to work two jobs to survive before the bill passed.
Ron said: “I’m just trynna make ends meet here, it’s been no picnic.
“There’s a whole bunch of us who have been retired all these years who got schooled by Social Security.”
Senate Majority Leader Chuck Schumer said: “The Senate finally corrects a 50-year mistake.”
Shannon Benton, executive director for the Senior Citizens League, which advocates for retirees, commented that the bill‘s passage is “a monumental victory for millions of public service workers who have been denied the full benefits they’ve rightfully earned.
“This legislation finally restores fairness to the system and ensures the hard work of teachers, first responders and countless public employees is truly recognized.”
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here's how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
401(k) Plans A 401(k) is a retirement account offered through employers, where contributions are tax-deferred. Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings. Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority. IRAs An Individual Retirement Account (IRA) offers another avenue for retirement savings. Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices. Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.Republicans who spoke against the bill largely objected to its cost, noting that the measure would accelerate the Social Security trust fund’s projected insolvency by about six months.
This is reportedly estimated to be roughly a decade away.
Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center, said: “the fact that there is such overwhelming support in Congress for exactly the opposite of what policy researchers agree on is pretty frustrating.”
“We are racing to our own fiscal demise,” the group’s president, Maya MacGuineas, said in a statement.
“It is truly astonishing that at a time when we are just nine years away from the trust fund for the nation’s largest program being completely exhausted, lawmakers are about to consider speeding that up by six months.”
Now that the Senate has passed The Social Security Fairness Act, it will head to President Joe Biden‘s desk for approval.
www.kbtx.comwont-even-money-to-eat-960382193[/caption] GettyThe Social Security Fairness Act passed the Senate with a 76-20 vote[/caption] Read More Details
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