The Social Security Fairness Act, passed at the end of President Joe Biden’s term in 2024, removed the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) and made it possible for many public servants to earn Social Security income on top of their other retirement plans.

As a result, many retirees are now receiving, or will soon receive, an influx of Social Security funds. Additional income for retirees is typically very welcome, but it can also lead to a temptation to overspend.

Here, three different financial experts suggest the first thing you should do with your additional income.

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The first thing you should do with any influx of funds you receive from the Social Security Fairness Act is create or contribute to an emergency fund, according to Eric Steffy, founder and CEO of Federal Solutions Support.

“Life happens and having an emergency fund for a time when you’ll face unexpected costs can keep you from racking up high-interest charges on a credit card, taking high-interest loans or dipping into accounts budgeted for daily expenses,” he said.

Ideally, your emergency fund should have at least $10,000 in it, though some people are able to ensure they have an even larger cushion.

“Having an emergency fund is a critical step for ensuring financial stability and providing a safety net during unexpected events,” Steffy said.

For seniors, the No. 1 big-ticket expense is, perhaps surprisingly, unexpected dental bills, because most costly dental procedures aren’t covered by Medicare. The second-largest unexpected financial event is changes in housing costs or property assessments.

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Jason LaBarge, president at LaBarge Financial, suggested your first move be to review your high-interest debt and make a plan to pay it off as soon as possible.

“Credit card interest rates are usually over 20%, and that can cripple your finances over time. Use this opportunity to get yourself out of debt and back on track to achieving your retirement goals,” LaBarge said.

Debt payoff was another suggestion by Steffy. “Receiving an unbudgeted windfall may tempt you to make a few things on your wish list come true: that dream trip, new car or home improvement project. It’s fun to go for that wish list but it may be even more satisfying to erase stress by reducing debt,” he said.