Cary Sinnett and Dan Snyder discuss the repeal of the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP), major changes impacting public workers, spouses, and retirees. Learn who is affected, how to claim retroactive payments, and key financial planning strategies.

Key Takeaways:

• Who’s Affected? Retired public workers, teachers, police, firefighters, and spouses previously impacted by GPO/WEP.
• What Changed? The Social Security Fairness Act (Jan 2025) repeals GPO & WEP, allowing full Social Security benefits.
• Retroactive Payments: Eligible recipients may receive lump sums dating back to Jan 2024. Apply immediately to maximize benefits.
• Tax Planning Alert: Lump sums are taxable with no withholding—prepare for potential Medicare IRMAA impacts.
• Action Steps for Advisors: Identify affected clients, review tax strategies, and ensure timely applications.

Access resources and events related to this podcast. Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links:

• Guide: Social Security Planning
• Webcasts: How to Guide Clients Through the Maze of Social Security Decisions
• IRS Publication 915: Social Security and Equivalent Railroad Retirement Benefits

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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