Social Security Benefits Get Boost Under New Law
The Social Security Fairness Act signed into law by former President Joe Biden aims to increase benefits for millions of Americans, including retroactive payments for those who had lost out on benefits due to the elimination of two provisions that reduced or eliminated their benefits. Beneficiaries will receive boosted checks, with some people eligible for over $1,000 more each month. The changes apply to around 3.2 million people, mostly government workers and civil servants.
- As a result of this new law, Americans in underfunded retirement accounts may face increased pressure to catch up on their savings or risk facing reduced benefits, potentially forcing them to reevaluate their financial priorities.
- How will the rising Social Security benefit checks impact household budgets across the country, particularly for retirees who rely heavily on these monthly payments?