Are Social Security recipients going to get an extra $200 a month next year?

Under a recently introduced bill in Congress, Social Security recipients could see an additional $2,400 in benefits.

U.S. Senators Bill McCain, R-Arizona, and Sen. Vermont Sen. Bernie Sanders introduced 

the Social Security Expansion Act in June. Current Social Security recipients or

those who will turn 62 in 2023 will receive an extra $200 per month under the bill.

Despite receiving the largest Cost-of-Living-Adjustment in 2023, 

Social Security recipients will likely see their benefits eaten away by soaring inflation

and higher healthcare costs. According to estimates, next year's 

increase will be 10.5%, adding $175.10 to the average $1542.22 monthly benefit.

As part of the bill, the annual COLA would be based on the Consumer Price Index for 

Other Social Security proposals

the Elderly instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, 

factoring in increased healthcare and drug costs. The bill would also increase 

the $147,000 a year income cap and subject all income over $250,000 to Social Security payroll taxes.

Additionally, the bill restores student benefits up to the age of 22 for 

Children of disabled or deceased workers who are full-time students in college

Or a vocational school. In 1983, these benefits were eliminated.

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