The retirement picture has just changed for many Alaskans; are you one of them? I am
My husband, John, is a math teacher at Romig Middle School, but I met him when we were both young bankers. It wasn’t until after a 10-year career paying into the social security system that he decided to go back to grad school to become a teacher. We knew that this career would be a setback to our collective retirement because most of the social security benefit he had earned and contributed to would be wiped out as well as any benefit he would otherwise be entitled to as my heir. We were part of hundreds of teachers, firefighters, police officers, and other state workers in Alaska who were subject to the Windfall Elimination Provision and Government Pension Offset.
On January 5, 2025, the Social Security Fairness Act was written into law. John will now be entitled to receive the benefit he contributed to for those 10 years. He will also be entitled to what a normal widower would receive. He is so busy teaching that he had no idea that when he heard about this on the news, it would apply to him. It changes the retirement plan for many families like ours in Alaska.
Please help me get the word out as hundreds, particularly widows and widowers, will miss out on what they are entitled to because it requires action.
Here is what you can do to help:
- If you know someone who is receiving a government pension, send them this blog.
- If you know a widow or widower of someone who received a government pension, send them this blog.
- If you are in either of these categories and we have previously done a retirement plan analysis for you, please call so we can revisit its impact.
- If you or anyone you care about has questions, please have them call us.
We are committed to helping our fellow Alaskans maximize what they have earned. Please let us know how we can help you.
To learn more about these changes, you can visit the Social Security site.
CEO
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.
