The Social Security Extension Act 2024 is a legislation that seeks to improve benefits for seniors who are eligible for Veterans Affairs (VA), Supplemental Security Income (SSI), and Social Security Disability Insurance (SSDI). Proposed legislation by Senator Bernie Sanders seeks to provide an extra $200 per month, totaling $2,400 per year, to individuals currently receiving benefits or those who will reach the age of 62 in 2024. There is a lower likelihood of the act passing the House of Representatives, primarily due to the Republican majority.
Similar to a certified financial planner (CFP), Social Security continues to be an essential and reliable source of income for many Americans, despite potential challenges. The Social Security Expansion Act is a policy that helps to increase social security benefits for both current and future recipients. It provides assistance with certain extra expenses and benefits for over 71 million Americans. Similar to a certified financial planner (CFP), a federal initiative known as Social Security offers financial assistance to eligible individuals.
Social Security Expansion Act 2024
Senator Bernie Sanders is proposing a monthly increase of USD 200 for individuals who are 62 years old in 2023 or currently receiving Social Security benefits. This proposal is part of the Social Security Expansion Act 2024. In addition, the bill aims to reinstate student aid for children of deceased or disabled workers, ensuring their eligibility until the age of 22. It suggests combining the Old Age and Survivors Trust Fund with the Disability Insurance Trust Fund (DITF) to provide comprehensive assistance for the elderly and disabled populations. The Department of CPI monitors the increase in prices, and adjustments for cost of living can affect federal benefit rates. According to the Social Security Expansion Act of 2024, an additional $200 USD monthly benefit has been made available.
What is the Social Security Expansion Act?
Nevertheless, despite the additional payment made this week, there are still millions of elderly citizens in the United States who face ongoing challenges in meeting their essential living expenses.
It’s possible that the upcoming Social Security payment in May could benefit all eligible recipients of the Supplemental Security Income (SSI) program. Here, you can discover if you meet the new eligibility requirements for the $2,800 per month checks in 2024, along with the specific dates when you will receive your payment.
If you’re working and earning less than $1,971 per month, you may be eligible for SSI direct payments. However, couples and parents filing for child support may have to meet stricter income requirements.
Residents who wish to participate must meet specific income and resource criteria set by Social Security. Typical items such as bank accounts and automobiles are safeguarded by these limits, which amount to $2,000 for individuals and $3,000 for couples. If a parent applies on behalf of their child, the minimum requirement may increase to $2,000.
Concerns about funding for the Social Security Expansion Act in 2024
There are concerns about the long-term viability of the Social Security program, as it is anticipated that its trust fund may run out by 2035. If additional funding is not secured, a significant number of recipients could potentially experience a 25% decrease in their monthly payments. Currently, though, the Social Security Administration can fulfill all promised payments until 2035 due to its substantial $2.85 trillion trust fund. After that, it is anticipated that there will still be enough funds to cover 80% of the promised benefits.
Addressing Financial crisis via this Act
- For individuals who are already receiving Social Security or who will turn 62 in 2024, the Social Security Expansion Act suggests a monthly benefit increase of $200. Given the projected fiscal deficit in 2035 and the current high rates of inflation, the Social Security Expansion Act is a pertinent and timely proposal. The Act seeks to address the financial difficulties experienced by disabled and elderly individuals who depend on fixed incomes and Social Security. The main goal of the Social Security Expansion Act of 2024 is to enhance benefits for senior adults who receive VA, SSI, and SSDI.
- The bill recognizes the importance of providing additional funds and assistance to individuals who rely on Social Security for their financial stability. It is crucial to address this issue, especially considering projections that indicate the program’s trust fund may be depleted by 2035. There are valid concerns about how Social Security will be funded in the future. Given this situation, a significant number of recipients could experience a 25% decrease in their monthly payments. The act primarily benefits seniors and disabled individuals who rely on Social Security benefits and fixed incomes.
Huge Increase to Annual Social Security COLA
The annual Social Security COLA calculation is set to be changed, as reported by U.S. Representative Ruben Gallego, D-Ariz., and U.S. Senator Bob Casey, D-Penn. There have been bills introduced in the US Senate and House of Representatives to potentially replace the CPI-W with the CPI-E, if it proves to be a more accurate measure of inflation. While it is true that the majority of Social Security claimants are currently without employment, it is important to note that the CPI-W specifically tracks changes in prices for individuals who are part of the workforce. In addition, the CPI-E places greater emphasis on healthcare costs, which tend to be higher for older Americans.
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