The increase, to be announced Thursday, is likely to be the largest in 40 years.
Presidenthas pledged to protect both Social Security and Medicare. “I’ll make them stronger,” he said last month. “And I’ll lower your cost to be able to keep them.”
Willie Clark, 65, of Waukegan, Illinois, says his budget is “real tight” and the increase in his Social Security disability benefits could give him some breathing room to cover the cost of the household expenses he’s been holding off on. Social Security is financed by payroll taxes collected from workers and their employers. Each pays 6.2% on wages up to a cap, which is adjusted each year for inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $155,100.The financing setup dates to the 1930s, the brainchild of President Franklin D. Roosevelt, who believed a payroll tax would foster among average Americans a sense of ownership that would protect the program from political interference.
In January, a Pew Research Center poll showed 57% of U.S. adults saying that “taking steps to make the Social Security system financially sound” was a top priority for the president and Congress to address this year. Securing Social Security got bipartisan support, with 56% of Democrats and 58% of Republicans calling it a top priority.Some solutions for reforming Social Security have been proposed — but none has moved forward in a sharply partisan Congress.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Social Security recipients expected to get big benefit boostMillions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year
Leer más »
Social Security Recipients Expected to Get Biggest Boost in 40 Years Next YearMillions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year.
Leer más »
Social security recipients will likely get the biggest payment boost in more than 40 yearsPrices have risen at a blistering pace — a huge blow for social security recipients facing rising costs for food, medical care and other expenses.
Leer más »
Social Security boost will help millions of kids, tooSocial Security’s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning.
Leer más »
Social Security boost will help millions of kids, tooSocial Security’s cost-of-living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning.
Leer más »