Huge news social security update – Plans to get millions of Americans an EXTRA $2,400 a year unveiled

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If a new bill introduced in Congress is successful, Social Security recipients are looking at an additional $2,400 per year in benefits.

under the specifics of social security extension actCurrent Social Security recipients or those who turn 62 in 2023 can receive an additional $200 in each monthly check.

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If passed, the Social Security Expansion Act would increase monthly payments to $200, representing a 12 percent increase for senior recipients.credit: getty

The new bill was introduced on June 9 by Senator Bernie Sanders and Representative Peter DeFazio.

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

In addition to increasing monthly payments, the bill aims to add more money by applying a Social Security payroll tax to all income above $250,000.

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

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

The bill seeks to base annual cost adjustments on the Consumer Price Index for the Elderly (CPI-E) instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

If the bill is approved, all amendments under section two are expected to take effect from January 1, 2023.

As inflation remains at its high, the new bill aims to ease the financial strain on senior citizens living on fixed incomes, many of whom rely entirely on Social Security payments.

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The annual inflation rate in May stood at 8.6 percent, the highest since 1981 as measured by the Consumer Price Index in the latest report from the Bureau of Labor Statistics.

Even if the bill doesn’t win approval from Congress in its current form, observers expect some changes to Social Security to ensure it meets the needs of future recipients well. does.



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