Senator Brian Schatz Introduces Legislation to Expand Social Security
Yesterday, U.S. Senator Brian Schatz (D-HI) introduced S. 1940, the Safeguarding American Families and Expanding Social Security Act, which would change the cost of living adjustment formula (COLA) to better reflect the needs of older Americans. Current beneficiaries would be expected to see their Social Security benefits increase by an average of $65 per month. This legislation is fully paid for by lifting the cap on income subject to the Social Security tax (currently at $118,500) which would also extend the life of the trust fund for decades into the future.
“Sixty-two percent of households aged 55-64 have saved less than one times their annual salary, not nearly enough to sustain a family,” said Alliance executive directorRichard Fiesta. “The Safeguarding American Families and Expanding Social Security Act will increase monthly payments for current retirees, base payments on the real costs seniors face when calculating benefits and make the Social Security system solvent for decades to come. It is one of several bills that the Alliance supports that would expand Social Security benefits.”
From Alliance for Retired Americans