New Social Security bill aims to increase benefits by $2,400. Here's the potential impact on your retirement

Christy Bieber

Mon, Mar 10, 2025, 4:45 AM 5 min read

Since President Trump returned to office, there’s been plentifulness of uncertainty revolving astir Social Security.

While helium campaigned connected the committedness that helium wouldn’t marque cuts to Social Security benefits, Trump and Elon Musk — the person of the newly-created Department of Government Efficiency (DOGE) — are investigating what they’ve described arsenic “shocking levels of incompetence and probable fraud” wrong the Social Security system.

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We don’t truly cognize what Trump is readying with Social Security, but 1 happening we bash cognize is that, without a caller program successful place, the programme is expected to tally retired of backing successful 2035.

“Any imaginable payment simplification lawsuit has been pushed disconnected from 2034 to 2035,” said Social Security Commissioner Martin O’Malley successful a statement. And portion there’s a measurement of bully quality successful O’Malley’s statement, cuts to Social Security benefits look to beryllium conscionable a decennary away.

That’s wherefore respective members of legislature person enactment guardant a caller instrumentality that aims to support the programme funded for the adjacent 75 years.

“Our occupation is not to chopped Social Security, arsenic galore of our Republican colleagues successful Congress privation to do,” said autarkic Senator Bernie Sanders successful a connection connected the caller bill. “Our occupation is to grow Social Security and widen its solvency truthful that everyone successful America tin discontinue with the respect that they person earned and merit aft a beingness of hard work."

“That’s what the Social Security Expansion Act is each about.”

The Social Security Expansion Act was introduced by Sanders and Democratic Senator Elizabeth Warren, arsenic good arsenic Democratic Representatives Jan Schakowsky and Val Hoyle. Nine different Democratic senators and 17 location members person besides co-sponsored the bill.

The caller measure aims to guarantee that Social Security is replete with backing done a taxation connected American households that gain $250,000 oregon much per year.

“Today, due to the fact that of the net headdress connected Social Security taxes, a CEO making $20 cardinal a twelvemonth pays the aforesaid magnitude of wealth into Social Security arsenic idiosyncratic who makes $160,200 a year,” said Sanders successful his statement.

“This authorities would assistance this headdress and taxable each income supra $250,000 to the Social Security payroll tax. Under this bill, implicit 93 percent of households would not spot their taxes spell up by 1 penny.”