Month: July 2025
What the Social Security Fairness Act mean for Your Benefits in 2025
By Mark Sipos, LFG Tax Director If you’ve worked in a public service job, chances are you’ve heard of the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO). WEP reduced Social Security benefits for individuals with pensions from jobs that didn’t pay into Social Security, and GPO reduced Social Security spousal and survivor benefits for individuals who also received a pension from a job that wasn’t covered by Social Security. But at the beginning of the year, as one of their last acts in office, the Biden Administration passed the Social Security Fairness Act (SSFA), meaning many retirees may see higher monthly payments and possibly retroactive benefits. Let’s break down what SSFA entails, how the repeals affect you, and what you need to know about the taxation of your Social Security benefits moving forward. What Changed in 2025? On January 5, 2025, the Social Security Fairness Act officially repealed WEP and GPO. This change applies to Social Security benefits payable for any months after December 2023. That means if you were previously impacted by WEP, your benefit could increase, possibly significantly. The repeal also opens the door for retroactive payments dating back to January 1, 2024. In total, more than 3.2 million Americans are expected to benefit from the elimination of WEP and GPO, according to the Social Security Administration. How WEP, GPO Repeal Impacts Public Employees and Retirees The repeal
Municipal Bond Market Spotlight
By Chad Roope, CFA ®, Chief Investment Officer U.S. municipal bonds (munis) are prized for their tax advantages, but their historic tendency to provide a stable source of return also makes them valuable amid market volatility and uncertainty. Munis are generally less vulnerable to inflation shocks or the crossfire of global trade policies because they are often linked to public authorities that provide fee-based essential services, such as waste collection and public transportation, or secured by taxes on sales, property, and income. Munis have also shown historically low default rates and high credit ratings (Aa3 versus Ba1 for global corporate debt, on average) thanks to the disciplined finances and stable revenues of most state and local governments. Tax equivalent yields of munis have reset to levels not seen in over a decade, with some investment grade yields north of 6%. Against this backdrop, we see an opportunity to increase allocations, particularly as the outlook for limited supply relative to demand in July and August could bolster performance. Additionally, munis offer a possible antidote to tariffs and recession concerns. Amid Wall Street’s growing concern over a potential tariff-induced recession, investors are seeking refuge in areas least affected by global supply chains. This is fueling interest in state and local government bonds for the following reasons: Limited exposure to trade risks: A broad-based economic slowdown would reduce state r
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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