A House Democrat proposal to reform Social Security is being reintroduced to Congress. The new version of the bill, dubbed Social Security 2100: A Sacred Trust, is now aimed at drawing more support from President Biden and Republicans, CNBC reported.
By Josephine Nesbit
Senior Stimulus: Advocacy Group Proposes One-Time, $1,400 Payment for Social Security Recipients Find Out: 6 Reasons You Won’t Get Social Security
This new bill combines Biden’s proposals with House Ways and Means initiatives to expand and enhance Social Security benefits, said Rep. John Larson, D-Conn., chairman of the House Ways and Means subcommittee on Social Security, who brought the bill forward.
The Social Security 2100 Act aims to tie annual cost-of-living adjustments to the Consumer Price Index for the Elderly, or CPI-E. CNBC noted that this may better reflect senior expenses.
The National Committee to Preserve Social Security and Medicare said that while the COLA increase for 2022 is “welcome news for seniors,” the ways the annual adjustments are calculated must also be adjusted, according to a separate CNBC report.
Retirement Deficit: AARP Campaign Seeks to Keep Senior Women Out of Poverty Latest Job Perk: Firms Adopt Automatic Retirement Savings Plans to Attract More Workers
However, some say that the CPI-E is an experimental index. “That index is not an exact match to the Social Security beneficiary population, and it hasn’t been fully studied,” Chantel Boyens, principal policy associate at the Urban Institute, said during a webinar, according to CNBC. Boyens claims that a one-time benefit boost would be more effective at reducing poverty.
- 5 Things Most Americans Don’t Know About Social Security
- 10 Reasons You Should Claim Social Security Early
- How To Use a Credit Card Like a Pro This Holiday Season
- Should You Refinance Now With the Low Mortgage Rates?
Last updated: October 26, 2021
