New Bill May Eliminate Waiting Period and Increase SS Benefits
A new bill was proposed in congress at the end of 2021 that, if passed, would affect social security recipients like you in a number of ways. The “Social Security 2100: A Sacred Trust” bill was created to increase benefits to those who need social security and their dependents. It also promises to provide better funding for the trusts that support social security payments.
The Promised Benefits to Recipients
One of the first things the bill promises is to increase benefits across the board for anyone receiving SSI or SSDI. It also promises to make more accurate cost-of-living adjustments, as even the current adjustments for 2022 may not be enough.
Under the new bill, current and new Social Security recipients will receive an overall increase of 2%. The bill also proposes an adjustment to the Cost-of-Living-Adjustment (COLA) to prevent retirees from having to spend so much on medical care. These new policies should help mitigate the problems inflation poses, especially for the retiring population.
Under the bill, long-term social security recipients will see increased benefits after fifteen years of eligibility.
The bill also proposes raising the minimum benefits to help the five million retirees living in poverty. It also protects those who have lost their spouse, improving benefits for widows.
Another benefit the bill aims to deliver is eliminating the 5-month waiting period for those applying for disability benefits. This would mean that those with a disability would get their applications processed faster to receive their check sooner.
For those who are receiving disability and start working, the bill will eliminate any immediate termination of benefits due to employment. It will extend the time when the person on disability gets acquainted with their work situation and make it so that there will be no benefit reduction during a period of trial work.
The bill also allows those receiving social security to receive continued coverage for their dependent students under 26 on break. For grandparents and relatives who are the primary caregiver for children, there will be an increase in benefits, too.
Strengthening the Trust Fund
The money for social security recipients comes from a trust fund, which will run out in the next decade. Depleted funds would decrease future benefits, prompting a need in the present to secure more funds.
One of the ways they will do this is by raising the limit for income that can be taxed for social security to wages over $400,000. The bill also aims to extend the ability for the SSA to accrue funds before they are needed.
Additionally, the bill establishes a new Social Security Trust Fund that combines the Old-Age and Survivors (OASI) fund and the Disability Insurance (DI) to make the funds accessible to recipients in either category.
What This Bill Means for You
The bill requires the SSA to mail statements to all workers to show their projected benefits for the future and help them plan for retirement. It also decreases the likelihood of office closures in the future so that the problems encountered during the pandemic from closing the offices will not happen again.
Lastly, the bill improves access for those who need long-term disability aid to get legal representation. The good news for you is that you already have access to us!
As an SSI or SSDI recipient, you could see an increase in future benefits if this bill is passed. In the meantime, if you need help getting the benefits you deserve or getting processed in a timely manner, contact us!
Contact Lowery Law Group at email@example.com or call (843) 991-0733. There is no fee for a free consultation regarding your claim. Lowery Law Group is experienced in handling cases in South Carolina as well as Georgia.