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News in English (USA) / 13.01.2025 / 20:00

President Biden Signs Social Security Fairness Act, Impacting Millions of Retirees

In a significant move for American retirees, President Biden has officially signed the Social Security Fairness Act into law, a measure designed to enhance benefits for millions of public workers, including teachers, police officers, and firefighters. The legislation is expected to provide increased payments and backdated benefits for 3 million Americans, with many beneficiaries seeing an average increase of $360 per month. However, experts have raised concerns regarding the sustainability of the Social Security system and potential tax implications resulting from the new benefits. Proponents of the Act argue it rectifies longstanding unfair practices within the Social Security framework, while critics warn it may exacerbate insolvency issues in the future. As states such as California and Ohio prepare to implement these changes, the conversation around Social Security reform continues, with broader reforms still considered elusive.
Yahoo Finance, CNBC, Senator Susan Collins, ThinkAdvisor, WCPO 9 Cincinnati, cleveland.com, The 74, CBS News, USA TODAY, Government Executive