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Huge Social Security News – Plans to give millions of Americans $2,400 EXTRA a year unveiled

Social Security recipients can expect an additional $2,400 a year in benefits if a new law introduced in Congress is passed.

Under the specifics of the Social Security Expansion Act, current Social Security recipients or those turning 62 in 2023 could receive an additional $200 in each monthly check.

If passed, the Social Security Expansion Act would increase monthly payments by $200, a 12 percent increase for older recipients

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If passed, the Social Security Expansion Act would increase monthly payments by $200, a 12 percent increase for older recipientsPhoto credit: Getty

The new bill was introduced June 9 by Sen. Bernie Sanders and Rep. Peter DeFazio.

Currently, the average monthly Social Security check is about $1,658, meaning a $200 increase would represent a 12 percent increase.

In addition to increasing monthly payments, the bill aims to provide more funding by levying Social Security payroll taxes on all earnings over $250,000.

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Currently, income over $147,000 is not subject to Social Security tax.

In addition, the bill will likely make several changes to the program itself.

The bill would base annual cost-of-living adjustments on the consumer price index for the elderly (CPI-E) instead of the consumer price index for city wage earners and employees (CPI-W).

If the bill is passed, all changes in section two are expected to go into effect on January 1, 2023.

With inflation at its peak, the new bill aims to ease the financial burden on seniors living on fixed incomes, many of whom rely solely on Social Security payments.

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The annual inflation rate was 8.6 percent in May, the highest since 1981, as measured by the consumer price index in the latest Bureau of Labor Statistics report.

Even if the bill doesn’t pass Congress as it stands, observers expect some sort of change to Social Security to ensure it continues to meet the needs of recipients in the future.

https://www.the-sun.com/news/us-news/5656862/social-security-update-dollars-payments/ Huge Social Security News – Plans to give millions of Americans $2,400 EXTRA a year unveiled

DevanCole

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