A recent Yahoo Finance article by senior columnist Kerry Hannon highlighted a much-needed increase in Social Security benefits for certain retirees. Thanks to the Social Security Fairness Act, signed by President Biden in January, more than 3 million public sector retirees—including teachers, firefighters, police officers, and federal employees—will see a boost in their monthly Social Security payments.

For many, this is welcome news, especially since it also includes retroactive payments back to January 2024. Some retirees will receive lump sums deposited by the end of March and increased monthly payments starting in April.

Is This Enough to Ensure a Secure Retirement?

While this increase provides relief, the bigger concern remains: Will it be enough? Most retirees worry about outliving their savings, and relying on Social Security alone is risky. Even with this bump in benefits, Social Security was never designed to be the sole source of retirement income.

Eliminating the Risk of Running Out of Money

To ensure you don’t outlive your savings, consider establishing financial accounts that provide guaranteed income throughout retirement. Options include:

📌 Annuities – Guaranteed income for life, so your money lasts as long as you do.
📌 Tax-Advantaged Retirement Accounts (IRAs, Roth IRAs, 401(k)s) – Grow your wealth while minimizing tax burdens.
📌 Dividend & Interest Income – Let your investments work for you, creating passive cash flow.
📌 Cash Value Life Insurance – A smart way to create tax-free income while protecting your loved ones.

While the elimination of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is a step forward, smart financial planning is still key to eliminating the risk of running out of money in retirement. Now is the time to assess your retirement strategy and ensure your golden years are truly golden.