There is no way to say that inflation in the United States is unimportant. Prices are increasing more every day, and that’s why it’s so important for everyone collecting Social Security to have the opportunity to have enough money to be able to live in a relaxed and peaceful way. But it seems that retirement benefit payments need a little boost, as they seem to be insufficient. Thus, anyone collecting Social Security will need more than the COLA next year to live well.
Seniors, people with disabilities, children with disabilities and blind people could have a small increase within their monthly Social Security check. This is not certain, but it could be the case for next year. Thanks to the Social Security Expansion Act (SSEA), the United States Government could have all long-term benefits covered and could also increase those benefits.
What is the Social Security Expansion Act?
The SSEA is a bill that will make a change and improvement to Social Security payments. Through a tax increase on a specific sector and a few other measures, Senator Bernie Sanders intends to change the rules of the game. With these changes, not only will there be enough funds to last longer, but the monthly payment for SS beneficiaries will be higher.
And it not only affects Seniors and people with disabilities, but also accepts their offspring. So, it is a fair bill that advocates for a change that will bring a lot of peace of mind to families in need of financial benefit. Anyway, it is important to remember that it is still a bill, so nothing is decided at the moment.
What are the changes to the SSEA?
The changes to the SSEA are basically four different ones, although there are a few more. These are the most important changes to Social Security:
- An increase in the primary insurance amount for some Social Security beneficiaries.
- The proposal includes a revision to the COLA calculation.
- Determining a minimum benefit for some low-income workers.
- Helping children of retired, deceased or disabled workers by giving them a benefit up to age 22 (provided they are in full-time education).
All this is intended to give a boost to the economy of the most needy people. Therefore, it is a bill that, if it goes through, will save many people from difficult situations on the verge of poverty. Social Security seems to be changing little by little towards a fairer and even more humane path.