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Senators Announce Bill Aimed at Boosting Social Security Solvency, Increasing Benefits

On Behalf of | Jul 18, 2022 | Social Security Administration (SSA)

For several years, media sources reported that the Social Security Administration could run out of funds and become insolvent in the next couple of decades.  Now, Senators Bernie Sanders and Elizabeth Warren have introduced a new bill that is aimed at preventing exactly that.

According to some estimates, the Social Security Administration will run out of funds by the year 2035.   Bernie Sanders, Independent -Vermont and Senator Elizabeth Warren -Democrat Massachusetts recently introduced a bill targeted at an increase in Social Security funding.

The bill aims at making the agency solvent by 2096, and also targets an increase in the amount of monthly benefits for beneficiaries.  According to the plan, which should be welcomed by all Social Security beneficiaries, benefits will increase by as much as $200 per month or $2,400 per year.  The cost of living in several American cities, including in Georgia, has skyrocketed over the past decade and Social Security benefits haven’t kept pace.

In order to finance the expansion of Social Security funding, Senators Warren and Sanders propose to increase the number of people who are eligible to pay taxes.  The increase in taxable income would apply to not just payroll taxes, but also wealth and business taxes.

The bill also proposes an expansion of benefits to the children of disabled workers after the age of 22, and a continuation of benefits payable to the children of deceased workers.