Social Security recipients could get an additional $2,400 a year in benefits if a new bill recently introduced wins approval
Under terms of the bill, who will turn 62 in 2023 would receive an extra $200 in each monthly check.
The new bill aims to ease the financial strain by boosting each recipient’s monthly check.
The average monthly Social Security check is about $1,658
another change would be adding more funding by applying the Social Security payroll tax on all income above $250,000.
Even if the bill in its current form doesn’t pass Congress, observers expect some kind of change to boost future of seniors.
This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021.