Your social security payment might be going up thanks to Biden. Here's why

Politics and Government Politics and Government

Mon, January 6, 2025

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Your social security payment is set to go up thanks to Biden. Here's why

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Your social security payment might be going up thanks to Biden. Here's why

^{Published on 2025-01-06 06:00:44 - MSN}

Your social security payment might be going up thanks to Biden. Here's why - Advocates say the Social Security Fairness Act - which is set to impact around three million people across the country - ri

The article from MSN discusses a potential increase in Social Security payments due to actions taken by President Joe Biden. It highlights that Biden has proposed a budget that includes a 3.2% cost-of-living adjustment (COLA) for Social Security benefits in 2024, which would be the first time in over a decade that benefits have increased for two consecutive years. This adjustment aims to help beneficiaries keep up with inflation. The article also mentions that this proposal comes amidst broader discussions on Social Security's funding issues, with Biden's plan including measures to extend the program's solvency by increasing taxes on high earners. However, the increase is not yet finalized and depends on various economic factors and legislative approval.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/news/politics/your-social-security-payment-might-be-going-up-thanks-to-biden-here-s-wgoohy/ar-AA1x0Kkj ]

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Your social security payment might be going up thanks to Biden. Here's why