Some new information was just released on a $2400 boost for Social Security benefits. I have all the details.
All right, now this is pretty exciting as Bernie Sanders and Elizabeth Warren were just out a short time ago introducing a new piece of legislation to raise Social Security benefits by $2,400 each and every year, which also translates into $200 each. And every month they just came out with this new piece of legislation. I want to talk you through all the details because this is actually pretty exciting. And I do know that a lot of you right here in the community do receive Social Security benefits. As I am your one and only daily advocate, I’m doing all the research each and every day. I’m watching everything very closely. So that one very important piece of information hit the wire, just like what we’re going to talk about, like in this topic. I can be right back here for you right by your side, breaking it all down and letting you know how this is going to impact you and your monthly benefits going forward.
So I’m also watching everything closely as it pertains to money, benefits, raises, programs, checks, as well as reform and anything else that may be popping up right here, right now.
All right, So first things first. If you’ve been reading the topics here on the site for any length of time, I’ve always said keep an eye on Bernie Sanders. Why? Because he’s always up to something. And here he is once again back at it. So Bernie Sanders and Elizabeth Warren were just out a short time ago today introducing this new piece of legislation that would raise Social Security benefits by $2,400 each and every year, which again, like I said, which would annualize out to $200 on a monthly basis, which is also kind of interesting about this because I was just out a few days ago talking about that original proposal over two years ago to raise benefits by $200 a month. And I said unless they come back with a new piece of legislation that is probably gone for now However, here they are How weird is that? Seriously, let’s be real right now. Right? I was literally just talking about this like four days ago, and I said unless they come back with a new piece of legislation, it’s probably not happening. Well, here they are, They got the new piece of legislation right here, right now. And it is called the Social Security Expansion Act. This literally just happened a short time ago today. Anyway, let me talk you through the details about this. So here’s how they want to do this. They want to raise Social Security or payroll taxes on higher income individuals to take all that money and spread it out to Social Security beneficiaries going forward. Now, will this just be for one year? No. Would it be for two years? No, it would actually be for about 70 plus years. Yes, that’s the plan. Seriously to take it all the way out until the end of the century. So we’re talking like a lot of time right now Right.
So this is actually pretty exciting stuff. And let me talk you through some more of the details on this. So this piece of legislation, again, the Social Security Expansion Act, introduced by Bernie Sanders and Elizabeth Warren, wants to raise Social Security or payroll taxes because as of right now in 2022, those individuals who are out there working, paying taxes, things like this, only the first $147,000 is taxable by Social Security. Any income over $147,000 is not taxed by Social Security. So what they’re doing here is they’re saying, okay, it’s 147 is the cap. But let’s reimplement that any income over $250,000 will once again then be taxed by Social Security. So for those high income individuals, any income over 250 would also be subject to Social Security taxes. Now, this would impact a smaller percentage of people. But the fact of the matter is it’d still be enough money to send out a lot of extra money on an ongoing basis, basically $200 a month for Social Security beneficiaries or $2,400 or throughout the course of the entire year going forward. So basically, they tax the higher income people, they take that money and they flow it right on back to Social Security beneficiaries.
Now, a couple of things that’s interesting about this. Generally, the more that you typically pay into Social Security. Right. So the longer period of time that somebody is working and maxing out their work credits and paying in through Social Security taxes over long periods of time throughout their working career, generally, they bump up their Social Security benefits. However, this according to what I was reading about this, it does not look like it’s going to necessarily raise benefits for the beneficiaries or what I should say is for the workers that are working and paying in more through Social Security taxes, but rather it’s just taking that money from the higher-income people and then just funneling it right on back to the Social Security beneficiaries. Pretty cool, right? Yeah, exactly. So I’m going to say this once again, keep an eye on Bernie Sanders. But like I said, don’t worry about it. That’s why I’m here for you. I’m doing all the research and I’m breaking it down into these short topics. As this information is hitting the wire so that you don’t need to spend hours and hours every single day. That’s what I can do. I’m already doing it anyway. So I might as well just continue to watch everything as I always do and bring it to you in these short topics. However, this is actually pretty encouraging. Now, there are some other pieces of legislation, or I should say ideas that are floating out there right now, as well as to reform Social Security and again, raise benefits and make sure that this program is solvent for many more years to come, including raising the full retirement age from 67 all the way up to possibly 68 or even 70. This is another idea that’s been floated, and they’re kind of playing around with these ideas. Now, we do have some key Democrats like Joe Manchin. We also have a couple of Republicans who have also shown their support for raising the cap on Social Security taxes.
Now, it does increase a little bit each and every year from that $147,000 of taxable income for Social Security taxes. That does typically go up by a few thousand dollars each and every year. But it’s not nearly as aggressive as what Bernie Sanders and Elizabeth Warren are introducing in this new piece of legislation, again, the Social Security Expansion Act that just came out today. So this, again, wants to reimplement those taxes on any income over 250 and go up from there. Right?
So this could be actually a major, major windfall for Social Security, as those individuals with that higher income would be really paying in that Social Security taxes on that. And that would really help out the program basically regain solvency for many more years to come. As I’ve talked about in that report that was released maybe a week or so ago out of the Social Security board of trustees and the Insolvency and all that business. We’ve talked about it in previous topics. I don’t need to talk about it again here, but basically, that’s kind of a major issue here. So anyway, pretty exciting stuff going on out there. Like I said, I’m watching this stuff closely. I’m always keeping an eye on everything going on. And I wanted to do all the necessary research on this before I brought this topic to you. But this just hit the wire just a short time ago today. So pretty exciting. Now, as I do get more information on this, of course, I’ll be right back here for you breaking it down, letting you know what they’re currently saying about this. If it’s getting any traction if they’re actually implementing this, who is it actually going to encompass?
That’s another thing that I want to know as well. Is this just going to be for Social Security retirement benefits or is it going to be across the board for all Social Security beneficiaries? I did not see that clarification in any of the information that I was reading about this, I did not see does it include SSDI or survivors? Would this also possibly extend out to SSI? Again, there’s a lot of unanswered questions here about this, but I’m going to dig into it further, see what else I can find, and see what else Bernie Sanders is saying about this. Anyway, I told you, you got to keep an eye on this guy. He’s always up to something. Seriously. He’s always got something up his sleeve. So leave it up to Bernie to do something like this, right? So anyway, we’ll have to see if this gets any traction in Congress, if they start moving forward with this, or if they just throw it into the burn pile. I mean, seriously, let’s be real right now. There’s a lot of things that are going on in Congress right now and some things seem promising. Some things seem like they’ve got a big Hill to climb in order to get any traction on this stuff.
So I don’t really know the prognosis of this quite yet. But as I do get more details, of course I’ll bring those to you, but I want to bring this to you literally hot off the wire. It’s hot potato, so it’s all on. You know, I’m passing it on to you. So choose to enjoy it, pass it on to somebody else, or you could digest it, right? In other words, eat the hot potato, but let it cool down a little bit. I know I’m not funny at all. So anyway, my point is, it’s literally hot. This just happened. So anyway, some pretty cool stuff. And seriously, this is so weird. I was literally just talking about this $200 per month raise, like probably four days ago. I mean, maybe not even four days ago. Maybe three days ago. I don’t remember when it was. It was just a few days ago. I was talking about that one because it was circling around in the headlines again and I was seeing it and I was thinking, what is this all about again? And here enough. Maybe somebody knew about it, that Bernie and Elizabeth Warren were going to come out with this. Obviously, somebody knew something. I’m going to be real with you. I didn’t know about it until this was kind of floated yesterday that they’re going to be out talking today about Social Security. But I didn’t know it was going to be a $2,400 raise. So a few days ago when I was coming across those headlines, somebody must have known something and leaked a little bit of information because I saw it around and thought this seems a little bit weird. Why is this floating around again? Because this was something about two and a half years ago. But it’s a new piece of legislation, brand new, just like I talked about the other day. I said the other one is gone. But unless they come back, well, guess what? They came back.
I don’t know weird right it’s almost like I have like special abilities where I can see the future I don’t just letting you know it’d be sweet it’d be super cool if I did but I don’t I’m just simply saying I just do a lot of research and I always have my ear on the ground and I’m watching everything closely anyway thanks again for reading this I’m here for you in any way that I can be do me a huge favor share this topic with your friends family social media I’ll catch you again later bye