It’s time to scrap the cap, expand benefits, and fully fund Social Security. And we will do that by demanding that the wealthiest people in America pay the same amount of Social Security taxes as someone making $147,000 a year. “Our job must be to expand Social Security so that every senior citizen in America can retire with the dignity they deserve and every person with a disability can live with the security they need. “At a time when half of older Americans have no retirement savings and millions of senior citizens are living in poverty, our job is not to cut Social Security,” said Sen. “This legislation would ensure that the Social Security Trust Fund remains solvent for another 75 years, increase monthly benefits for most recipients by $200, and alter the cost-of-living-adjustment (COLA) formula to meet the everyday needs of our nation’s seniors.” With the cost of living at an all-time high, Social Security has never been more important, yet Congressional Republicans continue to play games with its funding,” said Rep. One of my highest priorities is protecting Social Security, which millions of Americans rely on, including hundreds of thousands of Oregonians. “As a trained gerontologist, I have devoted my career to protecting and expanding programs that are vital to seniors. One would be to base the annual COLA on the Consumer Price Index for the Elderly (CPI-E) instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).WASHINGTON - Congressman Peter DeFazio and Senator Bernie Sanders today introduced joint legislation, the Social Security Expansion Act (SSEA), to strengthen and expand Social Security for current and future generations. In addition to boosting the monthly payment, the bill also would make several changes to the program itself. “$200 a month can make a significant difference for many people.” “Many, many seniors rely on Social Security for the majority, if not all, of their income,” said Martha Shedden, president of the National Association of Registered Social Security Analysts. The new bill aims to ease the financial strain by boosting each recipient’s monthly check. The average monthly Social Security check is about $1,658, meaning a $200 increase would represent a 12% boost. But since then, inflation has pushed well above 8%, meaning Social Security recipients today are actually losing money. This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021. It also comes during a period of historically high inflation that has a particularly big impact on seniors living on fixed incomes, many of whom rely solely on Social Security payments. Take Our Poll: What’s the Table Time Limit on a $400 Restaurant Meal?
#$200 SOCIAL SECURITY INCREASE 2021 UPDATE FULL#
First, it follows a Social Security Administration announcement earlier this month that Americans will stop receiving their full Social Security benefits in about 13 years without actions to bolster the program. The bill is timely for a couple of reasons. Under terms of the bill, anyone who is a current Social Security recipient or who will turn 62 in 2023 would receive an extra $200 in each monthly check.
Bernie Sanders (I-Vt.), CBS News reported. The Social Security Expansion Act was introduced on June 9 by U.S. Related: 7 Surprisingly Easy Ways To Reach Your Retirement Goals Social Security Reminder: Here’s Which SSI Recipients Can Expect Two Payments in September 2022 Social Security recipients could get an additional $2,400 a year in benefits if a new bill recently introduced to Congress wins approval - something seniors would no doubt welcome as surging inflation wipes out their annual cost-of-living increases.
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