Protecting and Improving Social Security: Changes to Benefits and Contributions
This act aims to enhance the Social Security program, including old-age, survivors, and disability insurance. It introduces a new method for calculating benefit increases, considering the needs of older individuals, and modifies rules for contributions and benefits from higher earnings. Additionally, it ensures benefits are paid through the entire month of a beneficiary's death.
Key points
Introduction of a new Consumer Price Index for Elderly Consumers (CPI-E) for annual cost-of-living adjustments, potentially leading to higher benefits for retirees and beneficiaries.
Changes to how contributions and benefits are calculated for earnings above the current limit, which may affect future retirement benefits for high-income earners.
Ensuring Social Security benefits (old-age, survivor, disability) are paid for the full month in which a beneficiary dies, providing financial relief to families.
Preventing unintended drops in benefits by modifying the application of the National Average Wage Index.
Expired
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