Millions could soon be getting more Social Security benefits

Politics and GovernmentPolitics and Government

Sat, December 28, 2024

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Millions could soon be getting more Social Security benefits

^{Published on 2024-12-28 02:40:39 - MSN}

A larger Social Security check could soon be coming to millions of Americans; the change is thanks to a bi-partisan act awaiting President Biden's signature.

The article from MSN discusses a potential increase in Social Security benefits for millions of Americans. It highlights that the Social Security Administration (SSA) is considering adjustments to the cost-of-living adjustment (COLA) formula, which could lead to higher benefits starting in 2025. This change aims to better reflect the inflation rates affecting seniors, particularly in healthcare and housing costs. The article mentions that the current COLA calculation might not adequately account for these expenses, leading to calls for reform. Additionally, there's mention of a proposed bill in Congress, the "Boosting Benefits and COLAs for Seniors Act," which seeks to modify how COLA is calculated to ensure benefits keep pace with the actual cost increases faced by retirees. However, the implementation of these changes would require legislative approval and could face opposition due to concerns over the long-term solvency of the Social Security trust fund.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/millions-could-soon-be-getting-more-social-security-benefits/ar-AA1wB2v8 ]

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