The Social Security landscape is changing dramatically with the recent passing of the Social Security Fairness Act, which eliminates two long-standing provisions that have affected millions of public employees. Retirement income expert Heather Schreiber joins us to unpack what this means for teachers, police officers, firefighters, and others who've earned pensions from non-covered employment.

We discover how this legislation retroactively benefits those previously denied spousal or survivor benefits, with many already receiving substantial deposits. While this brings welcome relief to affected individuals, it accelerates the projected depletion of Social Security trust funds by about six months – moving the insolvency timeline from 2033 to mid-2032.

Medicare beneficiaries will see significant changes in 2025, including a new $2,000 out-of-pocket maximum for prescription drugs covered under Part D plans. However, we take a deep dive into the often-overlooked Medicare premium surcharges known as IRMA (Income-Related Monthly Adjustment Amounts), which can increase your Part B premiums from $185 to over $600 monthly based on income from two years prior. One-time financial events like inheritances or Roth conversions can trigger these surcharges unexpectedly, making proactive planning essential.

The conversation shifts to the unique financial challenges women face in retirement. With longer lifespans, lower lifetime earnings due to caregiving responsibilities, and a higher likelihood of widowhood, women need specialized planning strategies. Heather introduces the concept of "Social Security autonomy" – ensuring you qualify for benefits based on your own work record rather than depending solely on spousal benefits, which can create conflicts in optimal claiming strategies.

Whether you're approaching retirement or already there, this episode provides critical information on navigating recent legislative changes and creating a secure financial future. For additional education, visit guaranteedsafemoney.com to access a free retirement course developed by the American College. Call us at 866-780-SAFE (7233) to schedule your complimentary consultation.

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