Social Security COLA 2027: How much payments are projected to increase
Social Security COLA 2027
By the numbers:
According to TSCL, if the increase took effect today, average monthly benefits would rise by $73.62, from $1,937.53 to $2,011.15.
The backstory:
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Funding Social Security
Social Security’s retirement trust fund will face a funding shortfall in 2032, a year earlier than last year’s projections.
What they’re saying:
“The reality is that poverty is increasing rapidly among American seniors, who make up the fastest-growing portion of the homeless population,” TSCL Executive Director Shannon Benton said.
“Americans have worked hard and paid into Social Security their entire lives, and they deserve to count on it when they retire,” Minter-Jordan said in a statement. “No family should see any cuts to what they’ve earned in Social Security. ”
Rep. John Larson, a Connecticut Democrat, introduced a bill that would raise benefits by 2%, set the new minimum benefit to 125 percent of the federal poverty line and change the COLA calculation to the CPI for the Elderly (CPI-E), according to TSCL. It would be funded by an increase in the Social Security payroll tax, and expanding the tax to cover income over $400,000. Govtrack gives it a 0% chance of passing.
Original source: https://www.livenowfox.com/money
