Receive Up To $4,555 From Direct Payments

Bernie Sanders has reintroduced the Social Security Expansion Act (SSEA), which would give Social Security beneficiaries an annual boost of $2,400. This proposal would offer anyone who is currently a Social Security recipient or will turn 62 in 2023 an extra $200 in each monthly check. It also provides a solution to increase funding for Social Security that would ensure future generations can receive benefits through 2096.

Through Sanders’s plan it would achieve this goal by taxing the highest earners in the country, all without raising taxes by one penny on over 93 percent of American households that make $250,000 or less.

The current income cap is $147,000 it means that  any income over that isn’t subject to Social Security tax. Under the new proposal, all income over $250,000 would be taxed for Social Security.

Sanders has found support from a host of Democrats, including Senator Elizabeth Warren and Representatives Jan Schakowsky and Val Hoyle. Sanders has found support from a host of fellow Democrats, including Senator Elizabeth Warren and Representatives Jan Schakowsky and Val Hoyle. The Social Security’s maximum monthly payment has risen to $4,555 for this year.

Retirees received a boost to their benefits due to the COLA, but it still leaves many low-earners struggling to make ends meet. A poll revealed that 55% of Americans believe the COLA rise wasn’t enough. Beneficiaries should also be aware of the calendar change coming up this year (Fuller, 2023).