Accelerated Social Security Fairness Act: Lump Sum Payments and Increased Benefits Ahead for Millions!

Big news from the Social Security Administration (SSA)! Starting in February, retroactive payments will begin to arrive for many beneficiaries. Most folks can expect to receive this one-time payment by the end of March.

The SSA will roll out increases to monthly benefits starting in April. This new timeline shows the agency’s commitment to implementing the Social Security Fairness Act as quickly as possible, according to acting commissioner Lee Dudek. He mentioned that what was once expected to take over a year will now mostly take less time, except for more complex cases that need special handling.

Those beneficiaries affected by this change include teachers, firefighters, police officers in certain states, federal employees under the Civil Service Retirement System, and individuals who worked under foreign social security systems.

What to Expect for Retroactive Payments

Most beneficiaries should see their retroactive payments deposited directly into their bank accounts by the end of March. To keep you informed, the SSA will send a notice by mail detailing the retroactive payment and the new benefit amount. You can expect these notices to arrive about two to three weeks after the payments.

If your direct deposit information and mailing address are current with the SSA, you don’t need to do anything. However, if you want to check your details, you can log into your personal online account or call the agency directly.

If you’re curious about the status of your retroactive payment, it’s best to wait until April for updates. Similarly, hold off on inquiries about your new benefit amount until you’ve received your April monthly check.