A Big Social Security Change Just Signed by President Biden Comes With Bad News for Retirees
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On Jan. 5, President Joe Biden signed into law the Social Security Fairness Act. That means nearly 3 million public-sector workers with government pensions will receive larger Social Security benefits, with the average increase estimated at $360 per month. But the new law also comes with bad news for beneficiaries.The Social Security trust fund that pays benefits to retired workers, spouses, and survivors was already on pace to be depleted by 2033. That means automatic benefit cuts (without Congressional intervention) were less than a decade away. But the Social Security Fairness Act brings those cuts even closer by increasing program spending.Here are the important details.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
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