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They fought for Social Security Fairness Act. Now they wait for benefit increases

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1 year ago

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President Joe Biden after he signed the Social Security Fairness Act at the White House on Jan. 5 in Washington, D.C. 

Kent Nishimura | Getty Images News | Getty Images

The biggest changes to Social Security in years were signed into law on Jan. 5.

For more than 3.2 million individuals, that will mean bigger benefit checks. And in some cases, the change will qualify them for Social Security benefits.

The new law, the Social Security Fairness Act, repeals two provisions that previously reduced Social Security benefits for individuals who receive pension income based on work where employers were not required to withhold Social Security payroll taxes.

They were the Windfall Elimination Provision, which was enacted in 1983, and the Government Pension Offset, which was signed into law in 1977. They were federal laws that reduced Social Security benefits for people who received pensions from noncovered employment. Both were repealed by the Social Security Fairness Act.

Among those affected include certain teachers, firefighters and police officers, federal employees, and workers covered by a foreign social security system.

Benefit increases may range from “very little” to more than $1,000 per month, according to the Social Security Administration.

Those increases apply to future monthly checks, as well as retroactive benefits payable since January 2024.

The Social Security Administration “expects that it could take more than one year to adjust benefits and pay all retroactive benefits,” the agency says on its website.

Nevertheless, advocates who fought for the change for years — some of whom will see their own benefits increase — say the signing of the bill was a victory, even as many beneficiaries face an indefinite wait for the extra money.

‘It’s going to take some time,’ a former teacher said of the changes

Roger Boudreau, a 75-year-old former English teacher and president of the Rhode Island American Federation of Teachers retirees chapter, had been to the White House before through his work in union activism over the past 50 years.

But witnessing the signing of the Social Security Fairness Act in January was the “highlight of my life,” he said.

When Boudreau dies, he hopes his role as a founding member of the National WEP/GPO Repeal Task Force is included in his obituary.

“It was such an incredibly important piece of legislation that affected so many people who’ve been so deeply wronged for so many years,” Boudreau said. (To be sure, many retirement policy experts oppose the new policy.)

Boudreau estimates he personally has been losing about $5,000 per year in retirement due to a penalty of about 40% on his earned benefits for the past decade.

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Boudreau taught for 30 years on a variety of subjects including world and British literature and earned a pension toward retirement.

To supplement his income, he took on a variety of extra jobs where he paid into Social Security, working as a taxi driver, selling swimming pools and helping at bakeries over the holidays.

“When I started teaching in 1971, my salary was $7,000 [a year],” Boudreau said. “I had an infant child. If I had two, I would have been eligible for food stamps.”

In addition to the extra work while teaching, he also paid into Social Security when he worked in high school and college. If Boudreau had two more years of earnings, he would have been able to escape the penalty to his benefits, he said.

Now, he’s waiting on the Social Security Administration to find out how large his benefit increases will be.

“We understand that it’s going to take some time,” said Boudreau, who also serves as a task force liaison to the American Federation of Teachers.

In the meantime, the group is advising its retirees to make appointments with their local Social Security office to make sure their information is up to date.

Firefighter hoped benefits would help in retirement

Carl Jordan, a retired Canton, Ohio, fire captain, first found out his Social Security benefits would be reduced when he looked into retiring.

The reductions were a surprise to Jordan, who over a 33-year career started as a firefighter and worked his way up to serve as a medic and finally a captain.

While he earned a pension from that work, he also paid into Social Security through other work. He started as a phlebotomist working in blood donation and then trained as a apheresis technician to collect blood products for the treatment of cancer and other diseases.

“The whole reason for me working the second job was it contributed to the community and it also aided me in taking care of my family at the time,” Jordan said.

“Firefighter wages weren’t that great, and I had hoped that Social Security would supplement my retirement income when I got there,” he said.

Fiserv CEO on the nomination to Social Security Commisioner role

Today, Jordan, 73, estimates the reductions have cost him about 2½ years on his mortgage, or around $27,000 excluding interest.

The extra Social Security benefit money will help him pay off that mortgage a little sooner than expected, as well as pay for home improvements, he said.

Still, he doesn’t know exactly how much more benefits he will receive.

Jordan, who attended the January bill signing in Washington, D.C., spoke with a Social Security administrator there who said they could not provide more information on timing or the amount of benefit increases. A month later, he is still waiting for more information from the agency.

Nevertheless, Jordan said he was proud to witness a change he never expected to see in his lifetime, even after advocating for it for almost 16 years.

“To be there representing the profession that I had spent my life serving was an experience everyone should have,” Jordan said.

18-year-old lobbied on behalf of his grandmother

Eliseo Jimenez, who walked from Lubbock, Texas to Washington, DC, to discuss Social Security issues with government officials, leaves after being introduced by President Joe Biden during a signing ceremony for the Social Security Fairness Act at the White House. 

Chris Kleponis | Afp | Getty Images

At 18 years old, Eliseo Jimenez of Lubbock, Texas, may be the youngest to have lobbied for the Social Security Fairness Act.

His grandmother, a former teacher, had to rely mostly on her own pension as her source of income before the new law. Other family members who work in law enforcement were also affected by the provisions.

To call attention to the need for change, Jimenez last summer spent 40 days walking from Texas to Washington, D.C. Because he was under 18 at the time, he was not able to check into hotels or motels on his own, which forced him to sleep outside for several nights.

His efforts helped bring attention to the issue, he said.

“I had a lot of people email me and call me, supporting me and supporting the bill itself,” Jimenez said.

Last month, Jimenez returned to Washington, D.C., again, this time to witness the signing of the Social Security Fairness Act. At the event, then President Joe Biden led a chorus of other lawmakers and attendees to sing “Happy Birthday” to Jimenez. It was “pretty cool,” he said.

Since the changes became law, he has heard from his grandmother, neighbors and residents from other states like Virginia and Tennessee who are affected.

“They said it’s like amazing,” Jimenez said. “It’s life-changing.”

The win has inspired Jimenez, a high school senior who plans to attend college next year, to keep pushing for Social Security reform. He plans to complete another walk in Texas next month to call attention to the issue.

“I want to keep on being involved,” Jimenez said. “I want to keep on advocating for it.”

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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