Checks worth 2,400 dollars could be available for those who collect Social Security benefits. This check could also be available for those who are 62 years old in 2023 as well. Rather than getting a single 2,400-dollar check, they would get 200 dollars in 12 months. Getting 2,400 dollars extra in just one year is something that would help overcome inflation difficulties for seniors.
However, this bill still needs approval and it is uncertain whether this check will become a reality or not. It was last February 13, 2023, when Senator Bernie Sanders reintroduced this bill again to Congress. It is known as the Social Security Expansion Act. Despite the fact that in his first attempt, he was not very successful, there are more lawmakers that are supporting this proposal now. Let us see if they approved it or not in the short term.
When was this bill to pay 2,400-dollar checks first introduced?
It was last June 9, 2022, when the Social Security Expansion Act started its approval process. Both Peter Defazio and Bernie Sanders were in charge of this bill and they introduced it. Luckily for those who would welcome collecting this 2,400-dollar check, there are more people willing to carry out this measure.
Apart from this check, there are other measures they would like to come into effect if the bill achieves its approval. For instance, in its draft, the aim is to fund better the Social Security system. So that people can continue getting retirement benefits in the future. To reach their goal, they want high earners to pay more taxes.
Who will have to pay more taxes to fund Social Security?
According to United States Congresswoman Jan Schakowsky, most Americans will not have to pay more taxes to fund the Social Security system as well as checks. She would like to fund Social Security for the following 75 years so that all the people who worked hard can retire with dignity and security. Taxes will not be higher for 93% of American households that earn 250,000 dollars or less than that.
Bernie Sanders also said that their duty is not to cut Social Security because many seniors have no savings and many have a low income in retirement. Besides, they want to make sure that seniors can live with dignity once they can no longer work. It is also important for him to help those people with a disability. By doing so, they can lead a life with security. Checks will definitely help them cope with exorbitant prices. There is a lot of concern regarding Social Security funds.
Some people believe they could run out of funds in over a decade if they do nothing to fix it. Social Security Administration stated last year that Americans who receive benefits will not get the full amount of their benefits checks unless they improve the program.
Bolstering Social Security funds is essential to get full checks after 2034. There are many seniors that mainly rely on Social Security retirement benefits so it could be impossible for them to make ends meet without checks.