Social Security recipients could get an additional $200 per month if Congress passes legislation introduced by Senator Bernie Sanders.
This so-called “Bernie Bump” is part of the Social Security Expansion Act. According to an article by The Independent, the $200 increase would be paid on top of beneficiaries’ regular Social Security benefits and annual cost-of-living adjustment (COLA).
Additionally, the proposed legislation would change how future COLAs are calculated. Instead of using the current inflation measure, this legislation would use the Consumer Price Index for the Elderly, which better reflects expenses older Americans face, such as healthcare.
If passed, the Social Security Expansion Act would also increase the amount of income subject to Social Security payroll taxes. Earnings above $250,000 would be subject to the tax. This added revenue could help extend Social Security solvency.
This is great, but what about the losses retirees have already experienced?
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
Please take a moment and sign our petition today to show your support.