Social Security Fairness Act - What You Need to Know

The Social Security Fairness Act was passed into law on January 5, 2025. This landmark bill marks some of the largest changes to Social Security laws in over 40 years.
The bill eliminates the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions previously reduced - or eliminated - retirement, spousal, and survivor benefits for certain Social Security recipients.
In this video, we discuss the new law, how the WEP & GPO worked, and how benefits will change for those impacted by the new law. It also addresses criticism for the new bill and the impact it will have on future Social Security benefits.
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⏱️Time Stamps⏱️ for this video referenced below:
00.00 Intro
0:17 What is the WEP & GPO?
1:10 How Social Security Benefits Are Designed
2:00 How WEP & GPO Impacted Benefits
3:28 Social Security Fairness Act Overview
5:00 Conclusion
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Financial Synergies Wealth Advisors, Inc. is a fee-only RIA (Registered Investment Advisor) located in Houston, TX. For over 35 years we’ve been providing wealth management and financial advisory services to clients throughout the U.S. Our Certified Financial Planner™ professionals and advisors combine holistic financial planning and investment management to deliver a total wealth management experience.
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