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Millions of people may get expanded Social Security benefits. Who are they and how would it happen?

^{Published on 2024-12-19 12:21:14 - FOX31 Denver}
 

• Nearly 3 million people could receive a boost in Social Security payments under legislation set for a final Senate vote in the coming days. The Social Security Fairness Act would

The article discusses a potential expansion of Social Security benefits that could affect millions of Americans. This expansion is part of a broader legislative effort to address the program's funding issues and ensure its sustainability. Key points include:

Supplemental Security Income (SSI): There's a proposal to increase the asset limits for SSI, which haven't been updated since 1989. Currently, individuals can have no more than $2,000 in assets, and couples $3,000. Raising these limits would allow beneficiaries to save more without losing eligibility.

Cost-of-Living Adjustments (COLA): There's a push to change how COLA is calculated to better reflect the actual costs seniors face, particularly in healthcare, which could lead to higher annual increases in benefits.

Minimum Benefit: Proposals include establishing a minimum benefit level to ensure that low-income workers receive a more adequate retirement income.

Taxation: Discussions involve increasing the income cap on which Social Security taxes are applied, potentially from $142,800 to a higher amount or even removing the cap entirely, which would increase revenue for the program.

Beneficiaries: The changes would primarily benefit low-income seniors, disabled individuals, and those who have worked in low-wage jobs throughout their careers.

These changes aim to make Social Security more equitable and financially secure for future generations, although they require Congressional approval and face various political and economic challenges.

Read the Full FOX31 Denver Article at:
[ https://kdvr.com/news/politics/ap-politics/ap-millions-of-people-may-get-expanded-social-security-benefits-who-are-they-and-how-would-it-happen/ ]

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