WASHINGTON – On May 11, Congresswoman Linda T. Sánchez (D-CA), a member of the Ways and Means Social Security Subcommittee, and Representative Mark Pocan (D-WI) introduced the Strengthening Social Security Act.
“For over 80 years, Social Security has helped provide our seniors with a safe, secure retirement after a lifetime of hard work,” said Congresswoman Linda Sánchez. “It also acts as one of the strongest anti-poverty programs in the country. Yet these modest earned benefits have not kept up with rising costs. This bill ensures Social Security will continue to exist for future generations and gives our seniors a much deserved, long overdue raise.”
“No American should have to retire into poverty after working their entire life. Unfortunately, the rising cost of living in America means that too many of our seniors who rely on Social Security are denied the dignity and security they deserve exiting the workforce,” said Congressman Mark Pocan. “The Strengthening Social Security Act expands benefits to meet the needs of those who rely on this vital program and ensures Social Security will exist for future generations.”
The Strengthening Social Security Act will increase benefits, ensure the Cost-of-Living Adjustment (COLA) adequately reflects the real cost of living today, and improve the financial condition of the Trust Fund.
Specifically, this legislation will:
- Increases monthly benefits for current and future retirees
- Replaces CPI-W with CPI-E for the purpose of calculating COLA’s.
- Phases out the taxable cap of $160,200.
- Increases widow/ers benefits to the greater of 75% of combined benefits, or the Primary Insurance Amount.
Through these changes, the nearly 66 million Americans who rely on Social Security can expect to see an increase in benefits, and COLAs that more accurately reflect their expenses. While much work remains to preserve and protect Social Security, these changes are an important first step and provide some financial peace of mind.
In addition to Reps. Sánchez and Pocan, the Strengthening Social Security Act is cosponsored by Reps. Jan Schakowsky (D-IL), Barbara Lee (D-CA), Matt Cartwright (D-PA), Zoe Lofgren (D-CA), Stephen F. Lynch (D-MA), Chellie Pingree (D-ME), Eleanor Holmes Norton (D-DC), and Steve Cohen (D-TN).
The legislation is also endorsed by the National Education Association (NEA) and the Alliance for Retired Americans (ARA).
You can read the full text of the bill here.
###
Issues: Seniors Working Families
Original source can be found here.
