New life has been breathed into the bill introduced in February. The Social Security Expansion Act, first introduced by Senator Bernie Sanders, seeks to ease the pressure on America’s oldest. by providing extra social security
If the bill is passed and signed, people with Social Security payments or turning 62 this year will: Additional $200/month or $2,400/year.
“When nearly half of America’s seniors have no retirement savings and nearly 50% of our nation’s seniors are trying to survive on less than $25,000 a year, our job is to cut Social Security. No,” Sanders said. statement.
that is The bill is unlikely to pass as Republicans control the HouseWithout their support, the bill would not be passed by the president. They say they will not cut Social Security, although not everyone believes it. are essential to the lives of millions of Americans.
According to a press release from Senator Sanders’ office,Nearly 40% of seniors depend on social security for the majority of their income.1 in 7 people depend on the Internet for more than 90% of their income. Nearly half of Americans age 55 and older have no retirement savings at all. ”
What will my bill cost?
Concerns persist that by 2035, without further funding, Social Security beneficiaries will not be able to claim full benefits.
Back in March, the Social Security Council annual report About the financial status of the Social Security Trust Fundwhich has
According to reports, Social Security program cash will run out in 2035, just 13 years awayIf no further funds are directed towards support Benefits cut by a quarter for 66 million beneficiaries.
