The President’s Little Talked About Plan for Social Security

All retirees will see bigger Social Security benefits next year thanks to the biggest cost-of-living adjustment (COLA) in 40 years. But if it were up to President Biden, one group of seniors would see an even bigger benefits boost.

According to The Motley Fool, President Biden would like to increase the monthly checks for the oldest Americans. His plan calls for increasing benefits for retirees who have received Social Security benefits for at least 20 years, with a phased in one percent each year starting with year 16. 

As of now this is just an idea. There has been no talk on Capitol Hill of turning it into a reality. However, there is bipartisan support for the President’s plan to reinstate payroll tax for income above $400,000 in order to bolster the Social Security solvency.

The Seniors Trust is on board with that idea. We want Congress to enact the Social Security Expansion Act which calls for subjecting all income above $250,000 to additional Social Security Payroll tax, extending the solvency of the Social Security trust fund through 2096. Under this bill, more than 93 percent of households would not see their taxes go up by one penny.