Higher monthly benefits for Social Security, including retirement disability, SSDI survivors, and SSI beneficiaries. I have all the details and what you need to know right here in the topic, so let’s get right into to it. All right, so as of recently, there have been multiple different lawmakers coming out with new pieces of legislation, new plans, and a bunch of great ideas to Reform all of these very important programs And ultimately raise benefits for tens of millions of beneficiaries.
So in this topic, I want to Break down where we currently stand on all this because there are so many different pieces of legislation out there right now. I want to let you know what is currently going on, what looks the most promising, and what are they currently working on Right here, right now, there are a lot Of moving parts around this, so I’m Going to break it all down for You right here in this topic. I’m here for you each and every day as your one and only daily advocate, and I am very much dedicated to you and this community to continue Doing all the research, finding anything that Is relevant to you, your monthly benefit, money checks, reform legislation, new bills, and anything else that may be coming up Right here, right now that is going to impact you and ultimately get more money in your pocket and in your bank account each and every month.
All right, thanks again. Let’s get into it and discuss all the details. All right, so on this topic, I do have multiple different pieces of information that I want to talk through with You in this topic, simply because there’s a lot of things that have come out here over the last few months here. And I want to break it all down for you, let you know where We currently stand and what is going on with all of this So I’m going to get into a little bit of detail on each of these. I’m not going to go into a ton of detail, but rather, I kind of want to brush the surface and let you know what looks the most promising right here, right now, and who This has been introduced by as far As all of these influential lawmakers. All right, so number one, a few months ago, this is a plan that was sent out by Representative Al Lawson. Now, this is not from John Lawson, but rather not to be confused with John Larson, but rather this is from Al Lawson. And this one is called the Social Security for Future Generations Act. Now, basically, what this one does, it takes a bunch of provisions out of the Social Security 2100, and breaks it all out. It’s not quite as many provisions, but ultimately this one does want to reform Social Security, raise benefits in a variety Of different ways, and ultimately make sure that the program remains solvent for many more years to come into the future. And again, these would be permanent changes to Social Security versus, on the other hand, the Social Security 2100 by John Larson.
And the difference here is that this one has the provisions in there as well to reform the program and ultimately raise benefits for millions of beneficiaries. But unfortunately, the Social Security 2100 actually Expires after five years So a lot of these things, the Provisions within the Social Security 2100 actually Sunset after five years, basically just kicking. The can down the road, allowing lawmakers A little bit more time to permanently reform this program. So you can kind of see between These two programs alone right here, al Lawson, the Social Security for Futures Generation Act, these would be provisions to change Social Security in a good way, again Raising benefits, all kinds of things like This permanently, versus the other one being Social Security 2100 from John Larson, which again, a lot of really good provisions Raising benefits, reforming the program. But ultimately these would basically expire and Just kind of disappear after about five years. So these are two programs, but there are plenty more here. So let’s keep rolling with this. Next, I want to quickly talk about one of the latest proposals as well And this one is out of Bernie Sanders, who is one of the very influential senators. He’s an independent, but a lot of times he does vote with and side with Democrats But anyway, he was recently out with a new one.
And again, this is great because we’ve been talking about this one for about two and a half years now. And finally we’re getting some more information On this as it was just reintroduced. So this one is the Social Security Expansion Act from Bernie Sanders and Elizabeth Warren, as well as a variety of other Democratic senators. And the idea behind this one is to raise benefits by $200 per month or $2,400 per year and extend out the solvency for Social Security out until 2096. So that’s a long time from right now, right Basically the end of the century is When they want to push this out until that is this new proposal out of Bernie Sanders. This one just came out a couple of weeks ago.
Some pretty good stuff here as well, and all kind of pretty promising All of these that were laying out here so far as well So let’s quickly get into it and Talk about another one that is also out there right now as well And this is the proposal and the plan out of the President. Have you heard about this one? Well, we’ve talked about it a long, long time ago. But believe it or not, the President also does have a plan to reform Social Security. And guess what? Raise benefits as well. Yes, this is the thing. So the President also has in his plan to reform Social Security and ultimately Raise benefits to 125% of the federal poverty line. Interesting, right? So this is also part of the plan from the President, as well as A variety of other provisions in there as well. But this is something that the President campaigned on as well as ultimately shoring up Social Security. And like the quote that I’ve said so many times here in previous topics, I always like to bring it back just because this is something that the President said and I feel like we Should probably hold it to him, right? But basically, the President said no older adults or people with disabilities should ever Need to live in poverty in America Well, the whole idea behind that is To raise these benefits up to 125% of the federal poverty lines. So that ultimately lifting all of these older adults and people with disabilities out Of poverty or on the brink of falling into poverty, especially with everything that is going on right here, with rapidly Rising prices, inflation getting away from everybody, and incomes basically staying the same, right? So anyway, this is another plan out there as well. Now, Bernie Sanders does have a secondary plan as well. This one has not really been advertised or been talked about a whole lot, but Bernie Sanders does also have another plan to reform Social Security.
And again, a lot of the provisions That Bernie Sanders has are actually very similar to the plan that President Biden has Now, considering Bernie Sanders is kind of moving on and talking about these other things like $200 per month raise and A $2,400 per year raise and all Of these different things, the plan out of Bernie Sanders. I’m going to say this much, although The plan is there, I wouldn’t really put a whole lot of weight behind this one simply because it looks like he’s working on other things right now, and just kind of something I want to throw out there. But there is another plan out of Bernie Sanders So these are some of the most I would say, like influential plans or pieces of legislation that are out there right now.
Now, when it comes down to it, you might be wondering, okay, what else is out there available? Let me throw this one out there Really quickly as well We’ve talked about this one, but let Me just brush on this one because This is, again, another plan to reform these benefits the SSI Restoration Act I know we’ve talked about it in separate topics, but I’m not going to get into all the details. But this one is specifically focused on SSI Supplemental Security Income, and ultimately, this one would reform the benefits, raise up To 100% of the federal poverty line Remove the marriage penalty, increase the asset levels, all kinds of really good stuff. So the SSI Restoration Act is a really good one. All right, so now let’s quickly break It down here and talk about out Of all of these different plans, Which Ones are the most promising? In fact, if any of these were to happen, which ones would I kind of place my money on and say Okay, I’m going to go ahead and say this one, and that one look the most promising. Here’s what it comes down to Based on my assessment of all of These pieces of legislation, which one looks the most promising for anything actually being done here? I’m going to throw this out there. The SSI Restoration Act To me, this one does look very promising simply because it has been almost 30 years since the last time SSI has been reformed. So you can see here, SSI, actually it’s been more than 30 years.
I apologize. It’s been almost 35 years. It was the last time that SSI Was reformed in a major way So the SSI Restoration Act, even though It’S been very slow going here, I Do think that this one is very promising And as soon as they finally start Working on this thing, it wouldn’t be that hard to get this thing done. So this one to me seems like a pretty promising thing as well. So the SSI Restoration Act for SSI? Beneficiaries, I would say certainly watch that one very closely. That one seems very promising to me. Next, I would say it is equally as promising between the Social Security 2100 and this new plan by Bernie Sanders and Elizabeth Warren, which is the Social Security Expansion Act. I would say between these two alone That are focused on Social Security beneficiaries. I would say these two by far are the most promising above and beyond The other ones, out of the President Bernie Sanders secondary plan, the L. Lawson Plan, the Social Security for Futures Generation Act, I would say the Social Security 2100, and this one out of Bernie Sanders, the Social Security Expansion Act. These two again, look the most promising to me. Now, if you want me to break It down between one or the other I’m going to be real with you I can’t really break it down because I don’t really know To me, it looks like an even Tie between both of them looking equally as promising to actually come forward and Possibly work their way through Congress. So that’s what I would bring it down to. These three plans, out of all the different pieces of legislation that are out there now, I’d say it’s between these three.
So that’s what we’re down to now. Now, one more quick hint about this. Bernie Sanders was out just a couple of weeks ago talking about the Social Security Expansion Act and that $200 per month raise. Now we did get some information from John Larson on the Social Security 2100 About maybe a month, maybe five weeks or so ago, saying that he was going to be coming out and they were going to be bringing this to The floor in the House Ways and Means. We’ll have to see what happens here But Bernie Sanders has already been there on the floor talking about it, whereas John Larson has said, yeah, I’m bringing This here relatively soon So I guess one has kind of already been introduced, and the other one is kind of well, I guess technically. The Social Security 2100 has already been introduced a number of months ago. But again, they were going to be bringing it back here And I haven’t seen anything as far As, yes, it’s coming this specific day. So anyway, this is what it all comes down to. As I mentioned, there’s a lot of moving parts right now. As you can see, there are many different pieces of legislation out there, and these are just a handful of them out there right now. But these ones, I would say if I had to break it down, between all of them that are out there, these are the most promising ones. And then within all of these, I broke it down to the three that I would say you got to watch Kind of closely here going forward because these probably have the highest probability of something actually happening. So anyway, I hope this one helps you out, but these are some of the ways that benefits could be raised going forward and the programs reformed. One more thing I want to throw out there as well, and again, this is always on the list is the annual cost of living adjustment. I simply didn’t talk about it because this is something that basically it’s always available. This is not something that needs legislative Approval, it does not need to go Through the voting process, nothing like that. It’s already been approved and it’s something that happens pretty much every year. Not every year, but it does happen most years. Anyway, we can talk about that on a separate topic. But again, I just want to throw that out there as well because that is kind of one of those things that’s written in where we pretty much get a raise almost every year from the Cola. Anyway, I hope this one helps you out just kind of better understand what is out there right now and all of these pieces of legislation as far as to raise the benefits and ultimately reform these programs. and share the topic with your friends, family, and on social media.
Enjoy and I’ll catch you later in the next.