Nearly $2,400 Per Year Would Be Added To Social Security Benefits Under A Bill Supported By Bernie Sanders!

Nearly $2,400 Per Year Would Be Added To Social Security Benefits Under A Bill Supported By Bernie Sanders!

Senior citizens could receive an extra $2,400 per year under a bill currently before Congress that promises to enhance Social Security payments. For the vast majority of Social Security claimants, the Social Security Expansion Act was presented on June 9 by Vermont Sen.

Bernie Sanders and Oregon Rep. Peter DeFazio would increase monthly payouts by $200. With the proposed increase in Social Security taxes, which Sanders and DeFazio claim will not affect more than 93% of taxpayers, the plan aims to pay for itself. According to Rep. DeFazio, someone who qualifies for Social Security next year might earn an additional $200 in monthly payments if the bill is passed. According to CNBC, protecting Social Security is a top concern for voters.

Social Security Works and Data for Progress conducted a survey in June, and the results revealed that 64% of respondents were “very concerned” about the program’s ability to continue paying benefits to future generations.

Read More: Should I Apply For Social Security Because I’m 78 And Still Employed?

Nearly $2,400 Per Year Would Be Added To Social Security Benefits Under A Bill Supported By Bernie Sanders!

Last month, the Social Security Administration predicted that the program would only be able to pay out 80 percent of its benefits by 2035 if no changes were made. According to Sanders, “At a time when half of older Americans lack retirement savings and millions of seniors are living in poverty, our mission is not to slash Social Security.”

‘Our job must be to expand Social Security so that every American senior citizen and disabled person may retire with the dignity they deserve’ An increase in Cost-of-Living Adjustments would also be included in the plan offered by Sanders and DeFazio, according to  DeFazio office.

Each year, Social Security‘s cost of living adjustment is based on an inflation index that is connected to urban wage earners and clerical workers. Sanders-policy DeFazio’s would instead rely on spending on health care and prescription medications by the elderly,

Read More: Social Security Recipients May Be Hammered Twice By Inflation! 

Nearly $2,400 Per Year Would Be Added To Social Security Benefits Under A Bill Supported By Bernie Sanders!

 

which is more prevalent among older Americans than among younger people. According to the AARP, the average Social Security payment in May was $1,668. If costs continue to rise, checks might be much larger next year to keep pace.

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Jonathan Nicholas

Jonathan is a Content Writer at the Bulletin XP and has an experience of 8 years of working in different magazines as an Editor. He has been writing for Bulletin XP for over 3 years now. He writes on a wide range of Entertainment topics including Lifestyle, celebrities, net worth, Web Series, etc. When he isn’t writing, Jonathan enjoys playing video games and listening to music.

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