A new petition in Congress could mean hundreds of extra dollars per month for families that have lived and worked in the U.S. and Canada. The Social Security Fairness Act, a petition introduced in early 2023, is finally gaining momentum. The Act would eliminate the Windfall Elimination Provision. Before becoming a law, it still has a way to go, but this is the furthest a bill to eliminate WEP has made it. In this video, we discuss:
– What is the Windfall Elimination Provision (WEP)
– Explaining the Social Security Fairness Act
– Where do we stand now, and what lies ahead for the Bill
Watch the video here:
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Interesting post. I am a 65 y.o. self employed Canadian living in Canada. I have less than 20 years of SS work experience in the US and am eligible for a SS benefit. So far I have NOT taken my CPP or SS. This WEP is quite a potential wrench as it currently stands. Based on your post, I am thinking it would be better for me to take the SS sooner and delay the CPP until age 70 (or earlier if the WEP is repealed). What are your thoughts on this strategy? It may be worth noting that I do not “need” either pension prior to age 70 as I have reasonable self employment income between now and then.
Hi, if you don’t need the money you may be better off delaying until age 70. I’m not sure I’d turn on SS until you retire if you don’t need it.
Thanks,
Bryan
Hi Bryan,
I see the bill to eliminate WEP passed Congress the other day and has enough support in the Senate to probably pass as well.
Do you have information to share yet on potential timing of implementation?
In January 2023 I submitted the form to declare my paltry CPP benefits which SSA processed in September 2024.
SSA says I must reimburse by way of monthly deduction which I did not dispute. SSA published a schedule then last week SSA changed the schedule so that deduction will be higher and start next month, then end sooner.
I guess my question is: When would Senate voting on this bill happen and when would it become law?
Many thanks for anything you can share.