The CPI-E more accurately reflects seniors' spending patterns, according to experts on Social Security. 02 2023. YouTubes privacy policy is available here and YouTubes terms of service is available here. The benefits bump comes in January after a year of surging inflation . Buy newspaper front pages, posters and more. Kirsten Gillibrand (N.Y.) and Cory Booker (N.J.) as well as Reps. Alexandria Ocasio-Cortez (N.Y.), Jamie Raskin (Md.) Social Security recipients would receive $200 extra each - masslive We hope this helps. This raise will kick in for 62 million Americans who receive Social Security benefits in January 2022. U.S. Rep. Peter DeFazio, D-Oregon and Sen. Bernie Sanders, I-Vermont, introduced the Social Security Expansion Act on June 9. best time to start collecting your benefits, Turning 67 in 2023? The Social Security Administration said Social Security benefits have increased by 5.9%, the largest . I am on Social Security disability and sometimes cant pay for my medication would like to know what do I qualify for what benefits do I have. Thanks for visiting our blog. %%EOF Our journalism needs your support. This website is produced and published at U.S. taxpayer expense. When she's not writing, she enjoys playing in golf scrambles, practicing yoga and spending time on the lake. Do social security recipients get a stimulus check on top of the monthly benefits starting next week? The legislation that we are introducing today will expand Social Security benefits by $2,400 a year and will extend the solvency of Social Security for the next 75 years by making sure that the wealthiest people in our society pay their fair share into the system. This is the annual cost-of-living adjustment (COLA) required by law. Please visit theIRS websitefor all your Economic Income Payment-related questions. Be among the first to know! The plan comes after the Social Security Administration earlier this monthsaidAmericans will stop receiving their full Social Security benefits in roughly 13 years without actions to shore up the program. The same limits apply to the self-employed, only theyre responsible for both shares of the tax. Anyone who is a current Social Security recipient or who will turn 62 in 2023 the earliest age at which an individual can claim Social Security would receive an extra $200 per monthly check. Clarification: This article has been updated to reflect that Americans would no longer receive full benefits if a funding shortage isnt addressed.

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