When will social security recipients get an extra $200 a month in 2022

By

• Juliet Schulman-Hall |

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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It’s projected that Americans will stop receiving their full Social Security benefits in 2035, if lawmakers don’t act, according to a report released by the Social Security and Medicare trustees. (AP Photo)Douglas Sacha | Getty Images

By

• Kristin F. Dalton |

STATEN ISLAND, N.Y. – Although the future of the Social Security benefits are in jeopardy, some congressional members are not only looking to save American’s hard-earned benefits, but give recipients an additional $200 per month.

Introduced in June by Rep. Peter DeFazio (D-Oregon) and Sen. Bernie Sanders (I-Vermont), the Social Security Expansion Act would give beneficiaries an additional 12% each month -- $200 per month -- totaling $2,400 annually.

According to CBS News, the average monthly Social Security payment is approximately $1,658. The Social Security Administration said Social Security benefits have increased by 5.9%, the largest increase since 1982.

Anyone who is a current Social Security recipient or will be eligible in 2023 – at least 62 years old – would receive the bonus check.

“I am proud that the Social Security Administration has estimated that our legislation to expand Social Security benefits by $2,400 a year will fully fund Social Security for the next 75 years by applying the payroll tax on all income – including capital gains – above $250,000 a year,” Sanders said.

The bill would boost benefits for the lowest income earners in the U.S. under the Special Minimum Benefit program. Current recipients receive approximately $900 per month, according to the Social Security Administration. The proposed legislation would adjust the rate to 125% of the federal poverty line, increasing the monthly check to an estimated $1,400 per month.

It would also increase payroll taxes for some earners; currently earnings above $147,000 are not subjected to Social Security taxes, but the bill would change it so all earnings at or above $250,000 are taxed. Lawmakers said more than 93% of households would not see a change in how their income is taxed and would not be raised.

It’s projected that Americans will stop receiving their full Social Security benefits in 2035, if lawmakers don’t act, according to a report released by the Social Security and Medicare trustees.

By expanding the payroll tax, DeFazio and Sanders said, it would bolster the Social Security Administration’s trust fund, securing it through 2096.

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