The new Social Security bill could give seniors an extra $2,400 per year

A new bill recently introduced to Congress could increase Social Security benefits by $2,400 a year 

Something seniors would no doubt welcome as inflation wipes out their annual cost-of-living increases.

Social Security Expansion Act was introduced on June 9 by U.S. Rep. Peter DeFazio (D-Ore.) 

And U.S. Sen. Bernie Sanders (I-Vt.), according to CBS News. Social Security recipients who are

Currently receiving benefits or who will turn 62 in 2023 would receive an extra $200 in each check. 

There are a couple of reasons why the bill is timely. In the first place, it follows an announcement earlier 

This month from the Social Security Administration that Americans will no longer 

Receive their full Social Security benefits in about 13 years if no action is taken.

Moreover, it occurs during a period of historically high inflation that has a particularly adverse effect 

On seniors on fixed incomes, many of whom rely solely on Social Security benefits. 

Based on inflation figures from 2021, Social Security's Cost-of-Living Adjustment (COLA) for

this year is 5.9%. Since then, inflation has risen above 8%, so Social Security recipients today are losing money.

The new bill aims to ease the financial strain by boosting recipients' monthly checks. 

Social Security checks average $1,658, so a $200 increase would represent a 12% increase.

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