A bill recently introduced in the U.S. House of Representatives would change the way Social Security benefits are calculated, potentially giving seniors more money. Here's what you need to know
Critics of the CPI say the current system undercuts common expenses senior citizens have, such as housing costs and healthcare.
What Larson is proposing instead is changing the calculations to the Consumer Price Index for the elderly. This places a greater emphasis on costs that seniors face on a daily basis, such as food, housing, clothing, medical care and other services.The bill would also provide a benefit increase to current and new Social Security beneficiaries. Those that are on disability, receiving retirement or dependent benefits would also benefit from this increase.
It would also set a new 25% minimum benefit above the poverty line, which would be tied to income levels. The bill would also eliminate the 5-month waiting period to get payments and give credits to caregivers, who leave the workforce to care for dependents. According to Larson’s proposal, the way payroll taxes are collected would also change. Currently, payroll taxes are not collected on individual wages over $142,800.Related stories to Social Security increases:
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