As the cost of living has skyrocketed in the past several years due to inflation, politicians have introduced new legislation to help Social Security recipients receive more money, according to CBS News.
In June, U.S. Representative Peter DeFazio and Senator Bernie Sanders introduced the Social Security Expansion Act which was created to “strengthen and expand Social Security for current and future generations,” by increasing the cost of living adjustments, expanding social security benefits and requiring people with large amounts of wealth to pay social security, among other changes according to DeFazio.
The bill was introduced after the Social Security Administration said that Americans won’t receive benefits in 13 years if lawmakers don’t act to address the funding shortage, according to AL.com.
A new bill would make it so a Social Security recipient might receive $200 more a month — a 12% boost in money, according to CBS News.
According to the Social Security Administration, Social Security benefits have gone up by 5.9%, the largest increase in the past four decades.
“Many, many seniors rely on Social Security for the majority, if not all, of their income,” Martha Shedden, president of the National Association of Registered Social Security Analysts, told CBS News. “$200 a month can make a significant difference for many people.”
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