![]() This bill would more accurately measure spending patterns of seniors by adopting the Consumer Price Index for the Elderly (CPI-E), which would change the formula to reflect what seniors spend a disproportionate amount of their income on such as health care and prescription drugs. Increase Cost-of-Living Adjustments (COLAs).Under this bill, Social Security benefits for someone turning 62 next year would be $ 200 per month higher. Expand Social Security benefits across-the-board for current and new beneficiaries.Under this bill, more than 93 percent of households would not see their taxes go up by one penny. This legislation would lift the income tax cap and subject all income above $ 250,000 to the Social Security Payroll tax. Extend the solvency of the Social Security trust fund 75 years, through 2096,īy requiring the wealthiest Americans to pay their fair share into the fund, just like everyone else.Here’s what else you need to know about the proposed bill. ![]() While the average Social Security payment is $ 1,658, a $ 200 rise in funds will result in an overall 12% increase. $ 200 a month can make a significant difference for many people. She told CBS News, “Many, many seniors rely on Social Security for the majority, if not all, of their income. Martha Shedden is the president of the National Association of Registered Social Security Analysts. “This legislation would ensure that the Social Security Trust Fund remains solvent for another 75 years, increasing 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, ”DeFazio added. Hence, the new bill will increase retirees’ monthly payments by $ 200, for a total annual increase of $ 2,400. In May alone, inflation rose by 8.6% compared to a year ago, a four-decade record high, CBS News reported. The announcement comes after the Social Security Administration recently said Americans will lose their full benefits in 13 years without any further preventive actions planned at the time.Ĭurrently, recipients get a cost-of-living adjustment (COLA) every year to match current inflation, but this year’s inflation has outpaced the retirees’ COLA increase of 5.9%. 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. ![]() “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,” DeFazio said. Peter DeFazio, who’s a Democrat from Oregon, alongside Senator Bernie Sanders, an Independent from Vermont recently introduced a bill called the Social Security Expansion Act on June 9.
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