Wednesday, July 24, 2024
HomeSocial Security$2400 Social Security boost which would reach Millions of Beneficiaries

$2400 Social Security boost which would reach Millions of Beneficiaries

$2400 Social Security boost which would reach Millions of Beneficiaries

$2400 Social Security boost is back in the headlines. I have all the details and what they’re now saying right here in the topic, I do want to discuss with you the details of some new headlines that are circling around out there right now in regards to a $2400 Social Security boost that would impact millions upon millions of beneficiaries. Now this is one of those topics that’s been around for quite a while now and it’s getting a lot more traction out there. So let’s get into it and talk about what they’re now saying.

And we know that lawmakers are talking about changing Social Security in a major way, which is what we need to watch very closely because it is going to impact millions and millions of people. Therefore, we probably want to know what those changes are and what they’re currently talking about as what they’re also proposing. So again, I’m here for you.

We’re getting a lot of new information literally every single day. And again, I’m breaking it all down into these topics to help you out, to also point out how may impact you, your money, your benefits, your lifestyle, your bank account, and of course, anything popping up we can possibly grab and or take advantage of.

That’s my promise to you and I’m sticking to it. All right, let’s get into it and talk talk about the new headlines coming out right now in regards to the $2,400 Social Security boost, what this would mean for millions of beneficiaries. And most importantly, what are they actually saying about this? Because we know, especially if you’ve been reading the topic here on the site for any length of time now, you know, it seems like every single day there’s some kind of new report, new announcement, new bill, new package, something coming out of Congress where they are now talking about reforming Social Security in a major, major way. And we know this will be happening.

Okay, this is not a matter of, well, is it going to happen or not? We know there will be reform to Social Security? What is that going to include? Good question. Nobody really knows the answers to that right now.

However, this is the $2,400 Social Security boost. Now, again, this is something we’ve seen around for quite a few years now. In fact, back in early in fact, it was March of 2020, we saw the first proposal of this out of a small handful of Democratic senators who came out talking about a temporary $200 per month raise to benefits. Now, back at that time, many of us were watching that very closely, thinking this would be great. However, there was a major downfall about that.

That was a very temporary $200 raise. Now, obviously, as we all know, it never happened, but that would have been a tough situation because they would have given the 200 for a few months and then they would have taken it away a short time later. Okay? That would have been a really tough situation. However, just as of recently, it was about a year ago, in fact, not even quite a year ago, Bernie Sanders, Elizabeth Warren, and some other Democratic senators came out and reintroduced the new $200 per month raise or the $2,400 boost on an annualized basis for about 75 years.

Okay? So this would not be a short-term thing for just a few months or even just a year alone. This would be many decades. In fact, about 75 years out until the end of this century. It’s a long time from now, right?

Yeah. Okay, so a very, very long time. So Bernie Sanders and friends came out and they reintroduced this as the Social Security Expansion Act last year. Okay? So what we need to watch closely now is what is in the headlines.

Because here’s what’s interesting about it. Even though we’ve been seeing all these new bills, packages and proposals coming out of Congress where they want to reform Social Security, it is mostly all about the insolvency issue. Now, you might be wondering, okay, but wait, if we boost benefits, isn’t this going to cause insolvency faster? True, it would. But let’s talk through the details of the rest of the provisions out of the Social Security Expansion Act, which is this one that I’m talking about here, because within that there’s also a lot of tax increases.

Okay? So not only does it increase taxes, but it also boosts benefits as well. Okay, so that’s kind of the whole premise behind it. So they’re thinking, hey, why don’t we increase taxes on higher income individuals? And as a result of that, well, then now we can boost up benefits as well.

Here’s what they’re now saying, and this is kind of interesting. We know Social Security reform is coming. Okay, we know reform is coming. What is it going to include? Again, that’s the big question mark.

Nobody knows quite yet. However, here’s a few things that we know that they are on board with as of right now. Okay, many lawmakers are already on board with this and these are a few of the things that are likely happening. Number one, they’re raising taxes. We know that.

Okay, we know that they’re going to raise taxes. How much? Again, that is still up in the air. There’s a few different ranges as far as how much they want to increase taxes. But again, we’ll have to see how this whole thing shakes out.

But that is number one, raising taxes, as in more tax revenues going into the Social Security Trust fund simply means more money to go out to Beneficiaries, right, depending on how much they actually increase those taxes and where they actually stop as far as the threshold goes. But again, that is still up for negotiation right now. But again, that is something they are working their way through, raising taxes. Next, we also understand they will be raising the full retirement age. In fact, this is something that we know will for sure be happening.

Well, okay, I have to take that back. I can’t say for sure. However, there is a very, very, very high likelihood that raising the full retirement age will also be happening. As of right now, it is capped out at 67 years old, as in the full retirement age, depending on your year of birth, basically 1960 or later, it’s 67 years old. However, they want to raise that up to the age of 70.

But again, this is something that they’re working their way through and this is within the negotiations of them saying, hey, with everything else going on right now, it’s a little bit of a give and take with the negotiations on reforming Social Security. And that is one of the things that they want to do is increase the full retirement age. Now, why am I mentioning all this? Because in the headlines here’s, what they’re suggesting. They’re now saying as well.

Well, hey, if we’re going to be doing all these other things raising taxes, which is also in the Social Security Expansion Act now, we’re going to raise taxes on higher income individuals, we’re going to be bringing in more tax revenues. Why don’t we just boost up benefits for those individuals who are receiving a smaller fixed income benefit administered by the Social Security Administration? Good question. They’re also suggesting, but wait, if we’re going to have concessions on this and if we’re going to agree to raising the full retirement age, again, why don’t we boost up benefits for lower income beneficiaries? Because guess what?

If they raise the full retirement age, what’s that going to do? It’s going to push out the goalposts for a lot of people, therefore less people out there that can draw on benefits and therefore less money going out of the Social Security trust fund. Can you get what I’m saying? Again, more money to be distributed. Okay?

So they’re all kind of coming together suggesting, hey, we know that we’re going to reform Social Security. We know that this is a negotiation. We know that this is going to be a long term fix. Now, here’s the thing. They think it’s going to be a long term fix.

Will it really be a long term fix? Here’s one thing that we know about Congress. They are notorious for using Band AIDS. They love using Band AIDS. In other words, they like to make short term fixes on little pieces of legislation.

And then they say, oh, don’t worry, we’ll come back and have the next Congress work on this. We’ll come back and work on this with the next administration or whatever. They say, we’ve seen this before with all kinds of things. They like to kick the can down the road, right? Well, this would not necessarily be a good time to come in with a short term fix and to put a little Band Aid on this situation.

This is something we need to come in all hands on deck, and we need to fix this situation for millions of beneficiaries who rely on these monthly benefits and finally do something that is a long term solution rather than just these little tiny fixes they continue to do. So that is something we need to continue watching closely as well. Is what they’re suggesting is, hey, if we’re going to be going in there, if we’re doing surgery on Social Security, why don’t we just do it right the first time and boost benefits for lower income beneficiaries? The $2,400 Social Security boost or $200 a month is what they’re suggesting. And at the same time, oh, as long as we’re in there, we’re doing surgery on Social Security, why don’t we just raise the full retirement age?

Let’s raise some taxes. Let’s adjust some of the other benefits within Social Security. Let’s just get it all done right at the same time, right? So that’s kind of the analogy that they’re using is if we’re opening up the patient as in Social Security, why don’t we just do all the necessary fixes all at the same time, right? So it’s kind of interesting because this Social Security $2,400 boost, this whole concept, and the Social Security Expansion Act is actually, believe it or not, getting some traction in Congress. That’s why we got to watch this thing closely. Now, I mentioned this before, and I want to say it again one more time. Bernie Sanders.

Bernie Sanders is the architect behind the Social Security Expansion Act. Whether you like Bernie or you don’t like Bernie, that’s beside the point. You got to watch Bernie Sanders. He’s one of these people. He makes a ton of noise. He makes a big scene. But is that a bad thing? Depends how you look at it. If it’s something that you believe in and something that you want changed, then no, it’s not a bad thing. If it’s something that you don’t agree with or something that you think, Oh, that shouldn’t be changed, well, then you probably don’t want Bernie rattling in the cage, right? But this is just how Bernie is. He does this virtually all the time with things that he’s very passionate about and things that he believes are very important. He comes in and makes a huge scene about stuff. And again, it can be a good thing. This is what he’s doing about the Social Security Expansion Act right here. And he has also had private meetings with the President talking about this and getting the President on board. Well, guess what? The President’s on board. Why? Because it’s going to raise taxes.

And Biden loves raising taxes. That’s like his MO, right? Loves raising taxes. So he’s on board with this as well. And Bernie has had those meetings with the President. This is why we got to watch it closely. And again, like I said, whether you like Bernie or you don’t, we got to continue to watch Bernie Sanders. Okay? So this is what I want to bring to your attention because it’s getting some traction. Whether it passes or not, that is the real question. We don’t know that quite yet. Will some of the provisions within the Social Security Expansion Act be passed and be added into the Social Security Reform? They could be, which is why we got to continue watching it. However, I want to throw this out there too. Do I think the Social Security Expansion Act in its current state is going to pass through Congress? No, I do not think that. Okay? I want to be very clear with you. I want to be transparent. No, I do not believe the Social Security Expansion Act in its current state right now will pass through Congress. I don’t think that. In fact, I don’t believe that any of the current proposals in Congress right now will pass as they stand right here, right now.

What I do believe is going to happen is they’re going to go into all of these different provisions that are out there, all of the different bills, packages, and proposals that are currently in Congress floating around right now to reform Social Security. And they’re going to cherry pick. They’re going to look at this one and say, Hey, that’s a good one. Let’s take that. Oh, look at this bill over here. Here’s a good one. Let’s take that one. And then look at another bill. Oh, look, there’s a nugget over here. Let’s take this one. And then look at another one and say, Oh, look at that. Look at that one. We found a gem over here. Let’s grab that one. Okay? They’re going to come together and they’re going to cherry pick out all the different pieces of the different provisions out of these pieces of legislation that they believe will have the best opportunity to pass. And it’ll be in the best interest of Social Security, at least we hope in the best interest of the program. And of course, the beneficiaries, they will package them all together because they know, and they know just as well as we do that any of the bills packages and proposals in Congress right here, right now do not have that good of a chance of passing in their current state.

But they also recognize that if they cherry pick some of these, the best of the best of the proposals and those that have the best, highest likelihood and the most support across Congress from all the benefit… Sorry, all the lawmakers, then they know if we package all of the best together, then, hey, it’s got to pass. It’s like making a sandwich, or I don’t know if that’s the best analogy, but if you take all of the really good ingredients and you just so happen to put them together in a sandwich, tastes pretty good. Let’s just be real right now. If you take a lot of really good things that taste really good together or individually and you package them all up into one thing like a cookie, it’s pretty good. You know what I mean? So like a cookie, like a cake, like a pie. I don’t know. If you take five ingredients that are really good individually, you throw them all together and you call it a pie. I mean, it’s pretty tasty, right? So hope that analogy makes sense. But it’s exactly the same situation here with Social Security and what these lawmakers also recognize.

Okay? So when it comes down to it, long story short, the $2,400 Social Security boost is still getting traction. And again, we got to continue watching this closely alongside Bernie. Always keep an eye on Bernie. You never know what he’s got up his sleeve next, right? So anyway, I’m watching all this stuff closely. As I do get more details, of course, I’ll be right here for you, breaking it all down, bringing you the latest updates and how it may impact you, your money, your benefits, your lifestyle, your bank account, and of course, anything else popping up we can possibly grab right now. Share the topic with your friends, family, and social media. Take care and I’ll catch you again later.



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