President Joe Biden always stand with Social Security. Here is the ways Biden Could Impact Social Security and can make retirees happy
Benefit Increase Biden Administration wants to actually increase Social Security liabilities. he wants to increase benefit amounts to a minimum of 125% of the federal poverty level for those who worked 30 years.
Taxes on Earning $400,000 and Up Biden wants to apply Social Security taxes to those making $400,000 or more.
Rise Wage Base There is a Biden proposal to increase the wage base, to the $400,000 level, or to eliminate it altogether.
Republicans and Democrats both agree that something must be done to make more strong to Social Security.
Experts also says that some combination of reduced benefits or higher taxes will be required for to reach on any resolution.
average of 66 million Americans per month will receive a Social Security benefit in 2022
Social Security benefit COLA is taking a big jump with 8.7% for 2023. Highest jump in 41 years