A new bill called Social Security 2100: A Sacred Trust could help improve the social security system for retired recipients.
Social security usually replaces about 40% of a person’s income before the begin collecting.
This bill could bolster the system to make it even better for Americans to enjoy their retirement.
Four ways social security would change with new bill
One way is that anyone who earned lower wages while working would have their minimum benefits protected.
Unfortunately, it’s only dropped in recent years.
In 2014 it was announced that the minimum benefit would likely be obsolete for anyone retired that becomes eligible for benefits between 2017 and 2023.
This bill would make the minimum stay at 125% of the national poverty line.
This way, minimum benefits can’t drop further.
Another way is that all beneficiaries would see a rise in benefits.
The rise would be around 2%.
A more accurate measurement for COLA would be used to determine COLA in future years.
Instead of relying on inflation and the cost of goods and services, it would switch to an index used for goods and services that seniors are most likely to use.
Caregivers will also get credits under this new bill.
Many people miss out because they took time to raise children or care for a family member. That isn’t considered work so they can’t use that as a credit.