Social Security beneficiaries might earn an extra $2,400 a year if a new bill recently proposed to Congress is approved.
Retirees would enjoy the boost as inflation wash out their yearly cost-of-living adjustments.
Sen. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) proposed the new Social Security Extension Act on the 9th of June, 2022.
Current Social Security beneficiaries and those reaching 62 in 2023 would earn an extra $200 monthly.
This new bill is very timely for couple of reasons.
First, it follows a Social Security Administration declaration earlier this month that full payments will end in ...
...13 years without action.
It arrives during a time of unusually high prices.
...which hurts seniors on a limited income, a majority of whom rely only on Social Security.
This year's 5.9% COLA is based on 2021 inflation.
Ever since inflationary levels are above 8%, thus Social Security beneficiaries are losing a lot of their earnings.
The new proposal increases each user's monthly payment to ease the economic strain.
The current average Social Security payment is $1,658, so a $200 increase will imply a 12 percent rise.
Even if the new plan in its current version doesn't pass...
...Analysts anticipate Social Security will be changed to meet future requirements.
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