House Passes Bill to Reform Social Security

The U.S. House of Representatives has passed a significant Social Security reform bill with bipartisan support, aimed at providing full benefits to millions by repealing the Windfall Elimination Provision and the Government Pension Offset. The legislation, approved with a 327-75 vote, seeks to benefit approximately 2.8 million Americans, particularly public-sector workers such as teachers, firefighters, and police officers. However, its estimated cost of $195 billion over the next decade raises concerns about the fiscal sustainability of the Social Security Trust Fund, which is projected to face shortfalls by 2035. The bill now moves to the Senate, where its future remains uncertain amid budgetary debates. Additionally, the Social Security Administration announced a 2.5% cost-of-living adjustment (COLA) for 2025, providing average beneficiaries with an extra $50 per month, although long-term financial stability issues persist. Beneficiaries will receive detailed notices regarding these changes in the coming weeks, as they prepare for adjustments in benefits and Medicare premiums.