Social Security Changes | Biden's Plan for Social Security | $200 Per Month Increase? | COLA Changes

Share this & earn $10
Steven Scott
Published at : 28 Jan 2021
912 views
145
2

#1 Increase Minimum SS for Anyone that Worked for 30 years or More

This proposal would increase the minimum benefit to 125% of the federal poverty line for anyone that worked for 30 years or more.

#2 Change how the COLA is calculated
Biden's proposal would tie the Cost of Living Adjustment to the CPI-E, which is the Consumer Price Index for the Elderly, which would more closely match the increased costs that seniors face year after year.

The COLA for 2021 was a measly 1.3%, which was swallowed up by increases to Medicare payments for many, but under Biden's plan it would have been 1.5% (which does not sound that much better).

#3 An Emergency $200 Per month increase to SS
One of the most popular items that Biden presented on the campaign trail was this $200 per month increase across the board for Social Security beneficiaries.

#4 Higher Benefit after 20 Years
A part of Biden's plan for Social Security overhaul would attempt to resolve this problem by increasing Social Security benefits by 5% after 20 years.

This plan would phase in after 16 years of Social Security benefits, with a 1% increase in benefits that year and each following year so that by year 20, it would be a total of 5% increase from the previous amounts.

#5 Start Taxing Income Over $400,000
Any income over $400,000 per year would be subject to Social Security taxes of 6.2% for individuals and 12.4% combined for the employee and the employer or 12.4% for those self-employed individuals.

Any income between $142,800 and $400,000 per year would continue to not be taxed.

This would extend the solvency of the Social Security program for an additional 6 years, but would raise Social Security taxes by billions of dollars on a few individuals.

#6 Higher Benefits for Surviving Spouses
As of now, surviving spouses are eligible for 100% of the deceased spouse's benefit if it is larger than their own.

However, many people face the reality that when their spouse passes away their total Social Security benefits will be cut in half.

This is a reality for those couple where both spouses made similar amounts from Social Security.

Biden's plan would give survivors the option of receiving 75% of the benefit from before their spouse passed away.

When a spouse dies, the expenses for the widow or widower are rarely reduced to 50% of the previous expenses, so this plan would help those survivors with housing, food, and medical costs.

#socialsecuritychanges #socialsecuritychanges2021 #socialsecuritycola

This description contains affiliate links, which if used, can pay me a small amount when you purchase products from these affiliates at no extra cost to you.
blind to billionaireblind billionairessi

What Discord Owners HATE the most

What Discord Owners HATE the most

The effect of trauma on the brain and how it affects behaviors | John Rigg | TEDxAugusta

The effect of trauma on the brain and how it affects behaviors | John Rigg | TEDxAugusta

Air Supply - "Chances" (Live at the PNE Summer Concert Vancouver BC August 2014)

Air Supply - "Chances" (Live at the PNE Summer Concert Vancouver BC August 2014)

100% Proof Quran Is Sent by God

100% Proof Quran Is Sent by God

Home Free!  The bushy Beard REACTS to Do you hear What I hear & Die a Happy Man!

Home Free! The bushy Beard REACTS to Do you hear What I hear & Die a Happy Man!

How to Make a Super Duper Pooper Scooper | DIY with Stonnie Dennis

How to Make a Super Duper Pooper Scooper | DIY with Stonnie Dennis

Feint ft. Laura Brehm - Words

Feint ft. Laura Brehm - Words

انشاء برنامج فواتير والعلاقات و تقرير فاتورة واضافة الاصناف والاسعار تلقائي

انشاء برنامج فواتير والعلاقات و تقرير فاتورة واضافة الاصناف والاسعار تلقائي

Procedure Turn - When Do You Have to Do It??

Procedure Turn - When Do You Have to Do It??

Category Theory: The Beginner’s Introduction (Lesson 1 Video 1)

Category Theory: The Beginner’s Introduction (Lesson 1 Video 1)

মাৰ - MAAR | Assamese Short Film | Buddies

মাৰ - MAAR | Assamese Short Film | Buddies

Testimonial Meaning

Testimonial Meaning

Personnel security - In Hindsight

Personnel security - In Hindsight

A Simpler Time

A Simpler Time

4 Different Handsfree Ways to Wear Shawl/ Stole with Western Outfits | Different Ways to Wear Shawl

4 Different Handsfree Ways to Wear Shawl/ Stole with Western Outfits | Different Ways to Wear Shawl

Introduction To Mutually Exclusive, Exhaustive And Equally Likely Events / Maths Probability

Introduction To Mutually Exclusive, Exhaustive And Equally Likely Events / Maths Probability

RW Schambach - You don't have any trouble! All you need is faith in God!

RW Schambach - You don't have any trouble! All you need is faith in God!

We Are Number One Remix but by The Living Tombstone (Lazytown)

We Are Number One Remix but by The Living Tombstone (Lazytown)

Start Mixing with Plugins Chapter 1: Setting Up Your Master Buss

Start Mixing with Plugins Chapter 1: Setting Up Your Master Buss

Marilyn Manson - User Friendly (Subtitulada al español)

Marilyn Manson - User Friendly (Subtitulada al español)

WEIGHT LOSS EMERGENCY LAST MINUTE HACKS | HOW TO LOSE BELLY FAT

WEIGHT LOSS EMERGENCY LAST MINUTE HACKS | HOW TO LOSE BELLY FAT

What is Holder in Due Course ? Holder Vs Holder In Due Course

What is Holder in Due Course ? Holder Vs Holder In Due Course

Time is memory and you control it | Lila Davachi

Time is memory and you control it | Lila Davachi

Early T4 Drops + Outpost Fights | Dungeon Realms #2

Early T4 Drops + Outpost Fights | Dungeon Realms #2

personal solo vs squad kill record in pubg

personal solo vs squad kill record in pubg

The Lessons | Bishop JB Masinde and Rev Julian Kyula - The Scoop Special Edition Pt 2

The Lessons | Bishop JB Masinde and Rev Julian Kyula - The Scoop Special Edition Pt 2

QUEEN CLUB RADIO • 24/7 Live | Best Relax House For Chilling Out, Studying, Running, Driving Car

QUEEN CLUB RADIO • 24/7 Live | Best Relax House For Chilling Out, Studying, Running, Driving Car

Madonna - 14. Has To Be

Madonna - 14. Has To Be

3 Minute Headlight Restoration

3 Minute Headlight Restoration

Learn the most effective dribbles | 5 simple football skills

Learn the most effective dribbles | 5 simple football skills

Romantic 😍 Husband & Wife love WhatsApp Status Video 💖| Couple Romance 💕| love Status

Romantic 😍 Husband & Wife love WhatsApp Status Video 💖| Couple Romance 💕| love Status

Bob Marley - Punky Reggae Party

Bob Marley - Punky Reggae Party

Reversing Plaque Build-Up is Possible

Reversing Plaque Build-Up is Possible

As father as son benghum family top quality benghum

As father as son benghum family top quality benghum

18 Types of Pikachu

18 Types of Pikachu

Afford NSW Client Christmas Zoo Party 2020

Afford NSW Client Christmas Zoo Party 2020

Neo Rivera - "Manalangin"  (a The Juans cover) Live at Stages Sessions

Neo Rivera - "Manalangin" (a The Juans cover) Live at Stages Sessions

Jackie Wilson - Higher & Higher Official Video

Jackie Wilson - Higher & Higher Official Video

Luana Ribeira   Become a widely known influencer

Luana Ribeira Become a widely known influencer

English Tutor Nick P Lesson (430) The Difference Between Continuously and Continually

English Tutor Nick P Lesson (430) The Difference Between Continuously and Continually

Billie Holiday - What A Little Moonlight Can Do (1935)

Billie Holiday - What A Little Moonlight Can Do (1935)

Restricting intentional uses of microplastics in the EU

Restricting intentional uses of microplastics in the EU

Cutting Edge: 17 November 2020

Cutting Edge: 17 November 2020

Alkyne Reactions & Tautomerization: Crash Course Organic Chemistry #18

Alkyne Reactions & Tautomerization: Crash Course Organic Chemistry #18

I Built A Giant House Using Only Legos

I Built A Giant House Using Only Legos

Dashi on a Decent

Dashi on a Decent

Rudimental - Baby ft. Joel Compass, MNEK & SInead Harnett (Live in Session)

Rudimental - Baby ft. Joel Compass, MNEK & SInead Harnett (Live in Session)

Fifth Harmony: X Factor Journey

Fifth Harmony: X Factor Journey

The Vanguard Project - The Unknown

The Vanguard Project - The Unknown