Did you know about the introduction of the Social Security Expansion Act by Senators Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.)? This proposed bill by these Senators has the potential to significantly impact the financial situation for many Washington residents. It aims to expand Social Security benefits by $200 per month or $2,400 annually. The bill's proponents assure that it won't raise taxes for more than 93 percent of American households (source).
In addition to the aforementioned proposal, the Social Security Administration has already announced increases for 2023. At the start of the year, qualifying individuals witnessed an 8.7% boost in their Social Security income benefits.
Washington residents have been particularly affected by inflation. Supporters of this new bill argue that the cost-of-living adjustment (COLA) falls short. For instance, Washington has seen an inflation rate as high as 13%, resulting in residents paying around $707 more per month (source).
The numbers clearly demonstrate that the average retiree payment, with the 2023 COLA increase, has only risen by approximately $152 per month (source). If this proposal gets approved, the additional $200 would certainly be beneficial to Washington residents.
What are your thoughts on this bill?
Do you believe there should be another increase to Social Security or does it go too far?
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