Strengthening Social Security: Increased Benefits and New Rules
This act aims to increase Social Security benefits for current and future beneficiaries, while also strengthening the system for future generations. It introduces changes in benefit calculation, includes caregivers in the system, and eliminates waiting periods for certain benefits, potentially improving financial security for many families.
Key points
Increased retirement and disability benefits for low-income earners and long-term beneficiaries.
Introduction of 'deemed wages' for caregivers of dependent relatives, allowing them to build Social Security credits.
Elimination of waiting periods for disability insurance benefits and surviving spouse benefits, speeding up access to support.
Changes to how cost-of-living increases for Social Security benefits are calculated, using a consumer price index for elderly consumers.
Introduction of a new tax on investment gains to fund Social Security.
Expired
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