Social Security Increased By How Much?
Will Seniors be getting more money?
Inflation is eating away at the finances of Seniors and other Social Security recipients. Now a group of lawmakers are planning to boost Social Security payments by $2,400 yearly to help them deal with inflation.
According to CBS, The Social Security Expansion Act was introduced last week by Rep. Peter DeFazio and Senator Bernie Sanders after the Social Security Administration said that they would stop paying out full Social Security benefits in roughly 13 years.
This would mean that Seniors would receive an additional $200 every month on top of what they earn.
The president of the National Association of Registered Social Security Analysts explained, “Many, many seniors rely on Social Security for the majority, if not all, of their income. $200 a month can make a significant difference for many people.”
Currently, average monthly Social Security checks come out to around $1,658. an additional $200 would give them a 12% boost.
