Could your Social Security check be bigger? Lawmakers push for a major increase
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Millions of Americans rely on Social Security to cover everyday expenses, but concerns about the program’s future continue to grow.
Rising costs of living and warnings about potential funding shortfalls have lawmakers looking for solutions.
Now, a new proposal could increase benefits while securing Social Security funding for the next 75 years.
A group of legislators has introduced the Social Security Expansion Act, a bill that aims to provide retirees and beneficiaries with an extra $2,400 per year.
If passed, the plan would ensure additional funding by taxing earnings above $250,000—a move that would impact less than 9% of American households.
The legislation, introduced by Independent Senator Bernie Sanders, Senator Elizabeth Warren, and Representatives Jan Schakowsky and Val Hoyle, would address two key concerns: increasing benefits and securing long-term funding for the program.
The program serves as a financial lifeline for millions of retirees, with nearly 40% of seniors relying on Social Security as their primary income source.
For one in seven retirees, it accounts for over 90% of their income.
Senator Bernie Sanders emphasized the need for expansion, stating, "At a time when nearly half of older Americans have no retirement savings and over 26 percent of seniors are trying to survive on an income of less than $17,500 a year, our job is not to cut Social Security… Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve."
Senator Elizabeth Warren echoed this sentiment, saying, "Social Security serves as a lifeline for millions of seniors, and hardworking Americans deserve to receive the benefits they paid into."
While the Social Security Expansion Act has gained support from nine additional senators and 17 House members, its future remains uncertain.
Lawmakers are divided on how to address Social Security’s funding concerns, with some favoring spending cuts instead of tax increases.
Michael Ryan, a finance expert at MichaelRyanMoney.com, emphasized the significance of the proposed benefit increase, stating, "The extra $2,400 a year would be huge for many seniors living on fixed incomes."
Given that millions of retirees rely on Social Security as their primary or sole source of income, even a modest boost could provide meaningful relief.
However, some financial analysts remain skeptical about the bill’s viability.
Kevin Thompson, CEO of 9i Capital Group, acknowledged the need for a funding solution but pointed out, "I've always thought there was an obvious solution here—one that doesn’t put additional tax burdens on lower-income individuals."
His concerns highlight the broader debate on how best to ensure Social Security’s solvency without disproportionately affecting certain income groups.
Meanwhile, Alex Beene, a financial literacy instructor at the University of Tennessee, cast doubt on whether the bill could make it through Congress.
He explained, "While we certainly need more proposed solutions to Social Security's solvency problem, it's unlikely this one will gain much traction… The likelihood of both sides finding equal ground and passing this legislation seems virtually non-existent."
With a divided political climate and competing fiscal priorities, the bill’s future remains uncertain despite its ambitious goals.
These perspectives underscore the complexity of Social Security reform. While the proposed legislation aims to provide stability and relief, its path forward is anything but guaranteed.
If the bill passes, it could help stabilize Social Security for decades to come.
However, with Republican lawmakers focusing on tax cuts and spending reductions, the proposal faces an uphill battle.
Ryan summarized the situation, stating, "This proposal has strong support among progressives… But the comprehensive package as described would unfortunately face an uphill battle in the current political environment."
There’s been growing discussion around Social Security, with recent claims from Trump and Musk adding to the debate. At the same time, policy shifts—like potential changes to the payroll tax—are gaining attention. Stay updated on how these developments might impact your benefits.
Do you think this proposal is the right solution for Social Security’s future? Would an extra $2,400 per year make a difference in your budget? Share your thoughts in the comments and join the discussion.
Read more: Reminder: Don’t miss your final February Social Security payment
Rising costs of living and warnings about potential funding shortfalls have lawmakers looking for solutions.
Now, a new proposal could increase benefits while securing Social Security funding for the next 75 years.
A group of legislators has introduced the Social Security Expansion Act, a bill that aims to provide retirees and beneficiaries with an extra $2,400 per year.
If passed, the plan would ensure additional funding by taxing earnings above $250,000—a move that would impact less than 9% of American households.
Lawmakers plan to increase Social Security benefits. Image source: The Washington Examiner / YouTube
The legislation, introduced by Independent Senator Bernie Sanders, Senator Elizabeth Warren, and Representatives Jan Schakowsky and Val Hoyle, would address two key concerns: increasing benefits and securing long-term funding for the program.
- Benefit Increase: The plan proposes a $2,400 yearly boost to Social Security checks, offering much-needed relief to recipients struggling with rising expenses.
- Funding Mechanism: The bill seeks to extend Social Security’s solvency by applying payroll taxes to all earnings above $250,000. Currently, wages beyond $168,600 are exempt from these taxes.
- Future Stability: Lawmakers behind the bill claim this measure would keep Social Security fully funded for the next 75 years.
The program serves as a financial lifeline for millions of retirees, with nearly 40% of seniors relying on Social Security as their primary income source.
For one in seven retirees, it accounts for over 90% of their income.
Senator Bernie Sanders emphasized the need for expansion, stating, "At a time when nearly half of older Americans have no retirement savings and over 26 percent of seniors are trying to survive on an income of less than $17,500 a year, our job is not to cut Social Security… Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve."
Senator Elizabeth Warren echoed this sentiment, saying, "Social Security serves as a lifeline for millions of seniors, and hardworking Americans deserve to receive the benefits they paid into."
While the Social Security Expansion Act has gained support from nine additional senators and 17 House members, its future remains uncertain.
Lawmakers are divided on how to address Social Security’s funding concerns, with some favoring spending cuts instead of tax increases.
Michael Ryan, a finance expert at MichaelRyanMoney.com, emphasized the significance of the proposed benefit increase, stating, "The extra $2,400 a year would be huge for many seniors living on fixed incomes."
Given that millions of retirees rely on Social Security as their primary or sole source of income, even a modest boost could provide meaningful relief.
However, some financial analysts remain skeptical about the bill’s viability.
Kevin Thompson, CEO of 9i Capital Group, acknowledged the need for a funding solution but pointed out, "I've always thought there was an obvious solution here—one that doesn’t put additional tax burdens on lower-income individuals."
His concerns highlight the broader debate on how best to ensure Social Security’s solvency without disproportionately affecting certain income groups.
Meanwhile, Alex Beene, a financial literacy instructor at the University of Tennessee, cast doubt on whether the bill could make it through Congress.
He explained, "While we certainly need more proposed solutions to Social Security's solvency problem, it's unlikely this one will gain much traction… The likelihood of both sides finding equal ground and passing this legislation seems virtually non-existent."
With a divided political climate and competing fiscal priorities, the bill’s future remains uncertain despite its ambitious goals.
These perspectives underscore the complexity of Social Security reform. While the proposed legislation aims to provide stability and relief, its path forward is anything but guaranteed.
If the bill passes, it could help stabilize Social Security for decades to come.
However, with Republican lawmakers focusing on tax cuts and spending reductions, the proposal faces an uphill battle.
Ryan summarized the situation, stating, "This proposal has strong support among progressives… But the comprehensive package as described would unfortunately face an uphill battle in the current political environment."
There’s been growing discussion around Social Security, with recent claims from Trump and Musk adding to the debate. At the same time, policy shifts—like potential changes to the payroll tax—are gaining attention. Stay updated on how these developments might impact your benefits.
Read more: Reminder: Don’t miss your final February Social Security payment
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