hey everyone welcome back to financial Futures your go to channel for all things finance and the economy I'm thrilled to have you here today because we've got some exciting news to dive into a new bipartisan bill is likely to hit the floor for a vote in September and if it passes it could mean increased benefits for millions of Social Security recipients this is huge so make sure to stick around as we break down what this bill could mean for you in your financial future all right let's start with some important Updates this week the Social Security Administration is sending out two rounds of payments and I want to make sure you know when to expect them the first round is going out tomorrow Wednesday August 28th these payments are headed to beneficiaries with birthdays between the 21 and 31 of any month so if that's you keep an eye on your bank account now now for the big question how much are these checks worth on average beneficiaries will receive around $1,900 which is a nice boost to your budget then later this week on Friday August 30 the second round of payments will go out to SSI beneficiaries this payment will count as your September check since September 1 falls on a Sunday this year so don't be surprised when you don't see a payment in September this week's deposit is is covering that now let's dive into the main event of today's video the bipartisan bill that could bring significant changes to Social Security this isn't just another piece of legislation it's a GameChanger this bill has been on the table for a few years now but what's unique is that it's garnered support from both sides of the aisle that's right Republicans and Democrats are coming together on this one and it looks like it's finally going to get its Day on the house floor next month so what's this bill all about in a nutshell it aims to eliminate two Provisions that have been reducing Social Security benefits for millions of Americans the windfall elimination provision WP and the government pension offset GOP these Provisions have been a thorn in the side of many public servants think teachers firefighters and police officers who receive pensions essentially these rules have been cutting into their social security benefits just because they also receive a pension but if this bill passes that could all change let's break down what this bill could mean for you the Social Security Fairness Act co-sponsored by Virginia Democrat Abigail spanberger and Louisiana Republican Garrett Graves seeks to remove these penalties once and for all the wp currently reduces social Security benefits for anyone receiving a public pension from a job not covered by social security for example teachers who work in public schools and also have part-time jobs are seeing their benefits reduced under this rule the gopo on the other hand affects spousal benefits it reduces Social Security benefits for surviving spouses who receive a government pension by 2/3 this has left many public servants and their families with significantly lower Social Security benefits than they deserve now here's where it gets interesting this bill already has 325 co-sponsors in the house far more than the 218 needed to pass this means that if the bill is brought to a vote it's almost certain to pass the house after that it'll head to the Senate where it will need 60 votes to move forward and given the broad support it has already there's a strong chance it will pass there as well if it makes it to President Biden's desk we could be looking at a significant increase in Social Security benefits for those impacted by these Provisions so what does this mean for the future of Social Security if this bill passes it's going to be a huge win for public servants who've been penalized by these outdated Provisions it could also pave the way for further Social Security reforms especially as we we get closer to the potential benefit Cuts projected for 2033 we're talking about changes that could secure the financial future of millions of Americans ensuring that Social Security remains a reliable source of income in retirement but of course there are always two sides to every story some people argue that removing these penalties might be unfair to those who don't receive a pension what do you think should public servants get this extra boost in their social security benefits or do you believe the current system is fair as it stands let me know your thoughts in the comments below I'd love to hear what you think as we wait to see how this bill progresses one thing is clear change is on the horizon for Social Security whether you're a public servant affected by these Provisions or just someone keeping an eye on the future of Social Security this is a topic you'll want to stay informed about I'll be following this story closely so make sure you're subscribed to financial Futures to get the latest updates if you found this video helpful please give it a thumbs up and if you haven't subscribed yet now is the perfect time to hit that subscribe button thanks for watching and I'll see you in the next video take care and stay financially savvy