Photo Courtesy of Sen. Gillibrand’s Office
“We must not only protect our Social Security system, we must strengthen and expand it,” Sen. Gillibrand said.
By Forum Staff
Federal lawmakers are pushing a bill that would expand Social Security benefits and strengthen the retirement program so that it would be solvent for decades.
According to U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Bernie Sanders (I-Vt.), and U.S. Rep. Peter DeFazio (D-Ore.), the Social Security Expansion Act would do the following:
• Increase yearly benefits for nearly all recipients by around $800;
• Lift the current cap to incomes over $250,000, ensuring those with incomes of more than $250,000 pay the same rate into the retirement system everyone else already does;
• Apply the Consumer Price Index for the Elderly to more accurately reflect benefits that keep up with inflation;
• Update the Special Minimum Benefit to make it easier for low earners to qualify for the program; and
• Restore student benefits up to the age of 22 so that children of deceased or disabled parents have educational support.
“We must not only protect our Social Security system, we must strengthen and expand it,” Gillibrand said. “We have to make sure that it’s actually giving retirees and their families the support they need – and the support they spent their entire lives earning. For so many retirees and their families all over my state of New York, and all over the country, Social Security is truly a matter of survival. Social Security is essential, and it’s something that I will do everything in my power to protect and strengthen.”
According to Gillibrand, Sanders, and DeFazio, on average, Social Security beneficiaries receive just under $1,400 a month.
