Senators propose new Social Security benefits increase of $2,400

Jake Wells
one hundred dollar billPhoto byOmid ArminonUnsplash

A new bill has been proposed by Senators Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) that would increase Social Security benefits by $2,400 a year. This bill would also fully fund Social Security through the year 2096. The founders of this bill state this bill would not raise taxes for over 93 percent of American households. (source)

This increase would be on top of the 2023 Social Security adjustments

This increase would be in addition to the already announced increases for 2023 for Social Security by the Social Security Administration. During January of 2023, Social Security income benefits increased 8.7% for qualifying individuals. For more information about that increase, I shared about that in this article on NewsBreak that you can read right here.

Proponents of this new bill claim that the cost-of-living adjustment (COLA) simply does not provide enough to recipients. For example, the inflation rate in Pennsylvania has been quoted as being as high as 12%. And residents are paying out approximately $623 more per month. (source)

Clearly these numbers don't add up for Social Security recipients when the average retiree payment has increased approximately $152 per month with the 2023 COLA increase. (source)

What do you think of this news about Social Security? Do you think there should be another increase to help keep up with the cost of inflation?

Please feel free to share your thoughts in the comments and let me know what you think.

Disclaimer: Please note that the information in this article is only for educational and informational purposes.

Comments / 82

Published by

Sharing helpful stories with you about local businesses, income taxes, and much more.

Akron, OH

More from Jake Wells

Comments / 0