The Social Security Expansion Act was formally reintroduced to Congress by Democratic Sen. Bernie Sanders (Vt.) on February 13. This time around, he received a lot more backing from his congressional colleagues.
Sanders and US Rep. Peter DeFazio first proposed the Social Security Expansion Act on June 9. (D-Ore.). The plan would add $200 to each monthly check for Social Security recipients who are now receiving benefits or who will reach 62 in 2023.
Social Security Expansion
Sen. Bernie Sanders (D-VT), a member of the Democratic Party, formally reintroduced the Social Security Expansion Act to Congress on February 13. He had much greater support from his congressional colleagues this time.
The Social Security Expansion Act was first submitted on June 9 by Sanders and US Representative Peter DeFazio (D-Ore.). For Social Security recipients who are currently receiving benefits or who will turn 62 in 2023, the idea would add $200 to each monthly check.
Sanders and a new group of backers, which includes cosigners Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.), have revived interest in the legislation since its initial June 9 introduction. This is in response to proposed Social Security cuts as the US faces its most recent debt ceiling crisis.
By taxing the nation’s richest incomes, the most recent version of the law ensures that future generations will continue to receive benefits through 2096 despite the program’s chronic lack of funding. Almost 93% of American households making $250,000 or less will not see a tax increase of any kind, according to a press statement from Sanders’ office.
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Maximum Social Security Payment
The maximum Social Security benefit at age 62 is $2,572 in 2023. Yet, this is not the highest benefit that a retiree can get. The absolute maximum payment from Social Security is $4,555, or $1,983 more per month.
Not everyone will be able to use this straightforward technique to receive the full benefits and gain over $2,000 more in their pocket to enjoy their retirement. But, almost anyone can increase their employment perks significantly.
Between the ages of 62 and 70, you are eligible to begin receiving retirement benefits. Nevertheless, if you begin Social Security earlier rather than later, you won’t receive the same amount in your monthly check.
The system is set up to equalize lifetime benefits regardless of the age at which you make a claim. Early filers receive more compensation overall, but they are all significantly less. Also, late filers earn sizable payouts but fewer checks overall.
Waiting until you are 70 is necessary if your main objective is to receive the highest monthly check possible because filing earlier would result in fines that will lower your standard benefit. You will also accrue delayed retirement credits if you do it.
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