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We know that The Social Security Fairness Act was signed into law on January 5th, 2025, and that it will affect the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP). While we know many of the details surrounding this law, certain details still have not been clarified. We have logged this as part of our Guide Audit Process and will be prepared to update this guide as soon as more updates are provided by the SSA. Click on the Learn More button for an official link to track those updates.
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Retirement/Decumulation

Social Security Benefit Reduction Rules

Updated for 12/1/2024

Will My Social Security Benefits Be Reduced?

Claiming Social Security benefits can be one of the more complicated topics that you will address with a client. There are a multitude of rules that can have a significant and lasting impact on your client’s future income stream and overall financial picture.

To help make this analysis easier, we have created the “Will My Social Security Benefits Be Reduced?” flowchart. It is based on the Social Security Administration’s guide, “Retirement Benefits,” and addresses common issues including:

  • How to determine Full Retirement Age (FRA)
  • Effects of marriage and divorce
  • Implications of collecting benefits before, at, or after FRA
  • Annual limits
  • Impact of continuing to work while claiming benefits
  • How benefits will be taxed
Related Guides
Social Security Disability Benefit Rules
Category: Retirement/Decumulation
Social Security Benefit Rules For Divorced Spouses
Category: Retirement/Decumulation
Surviving Spouse Social Security Benefit Rules
Category: Retirement/Decumulation
Spousal Social Security Benefit Rules
Category: Retirement/Decumulation
Social Security Retirement Benefit Issues
Category: Retirement/Decumulation
Social Security Fairness Act Rules
Category: Retirement/Decumulation

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