Lawmakers Propose New Social Security Bill
Jan 19, 2022
Tampa, FL (Law Firm Newswire) January 19, 2022 – Congressman John B. Larson, D-Conn. to introduce Social Security 2100: A Sacred Trust in hopes of increasing Social Security benefits
In October of this year, the Social Security Administration announced a 5.9 percent cost of living adjustment (COLA), the highest in more than 40 years. A cost of living adjustment is an adjustment to the rate at which the federal government pays Social Security benefits to keep up with the inflation rate. During inflationary times, the cost of goods increases. To prevent recipients from having less purchasing power, the Social Security Administration increases benefits to combat this effect. Thus, while the 5.9 percent COLA is undoubtedly welcome news, it is hard to get too excited about the increase in benefits, as it only reflects an increase in the overall cost of living.
However, some lawmakers are seizing this as an opportunity to implement sweeping changes to how Social Security benefits are paid. Congressman John B. Larson, D-Conn. explains, “It has been more than 50 years since Congress has improved Social Security benefits. Seniors are suffering—five million are living below the poverty line—current Social Security benefits are not enough!”
To address the inadequacies of the current Social Security system, Larson proposed a new bill he calls Social Security 2100: A Sacred Trust. The bill calls for sweeping changes that could benefit many Social Security recipients.
Increase in Benefits
Social Security 2100: A Sacred Trust calls for an increase for all beneficiaries, equivalent to about 2 percent of the average benefit.
Changes to the COLA Formula
If passed, Social Security 2100: A Sacred Trust would change how the Social Security Administration would calculate the COLA each year. Currently, COLA adjustments are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, according to Larsen, this is not reflective of most Social Security recipients’ typical spending patterns. Instead, he suggests tying the COLA adjustments to the CPI-E, the Consumer Price Index for Americans 62 years of age and older.
Protections for Lower-Income Workers
Under the newly proposed bill, the new minimum Social Security benefit would be set at 25 percent above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind.
Eliminates the Disability Waiting Period
Currently, applicants for Social Security benefits must wait at least five months before receiving benefits. However, under the new bill, this waiting period would be eliminated.
Florida Social Security benefits attorney David W. Magann explains, “Intuitively, it doesn’t seem fair that someone can work their entire life and retire into a life of poverty. While the Social Security system goes some way towards preventing that from occurring, there are still many problems with the existing system. The Social Security 2100: A Sacred Trust seems to be a good start to revamp the Social Security system such that hardworking families can live well beyond the age of retirement.”
Attorney David W. Magann is a Florida social security and disability attorney with extensive experience handling the legal issues that many aging individuals face. His offices are located in Tampa and Brandon, Florida. Magann is a compassionate advocate who unceasingly pursues the interests of his clients and provides practical advice on a variety of other pertinent legal issues, including estate planning, veterans’ law and personal injury law. Magann can be reached at http://www.floridasocialsecurity.com/.
David W. Magann, P.A.
Main Office:
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
Tampa Office:
4012 Gunn Highway #165
Tampa, Florida 33618
View Larger Map
-
Be Aware of How You Could Lose Your Social Security Benefits
1.Cessation of Disability: Usually a “cessation of benefits” occurs when you are not seeking regular and continuing treatment for the medical problems in the original determination for the grant of benefits. Also, if you are able to make enough money to pass above a certain threshold earnings amount, then you’ll stop getting disability benefits. For […] -
NEW IMPAIRMENT LISTING IN FULL EFFECT & APPLICABLE TO ALL ADMINISTRATIVE PROCEEDINGS IMMEDIATELY
NEW MENTAL LISTINGS Effective: January 17, 2017 After a revision of the Diagnostic and Statistical Manual (DSM), and thousands of public comments later, the Social Security Administration (SSA) has published significant revisions to its mental impairment listings. SSA had issued a Notice of Proposed Rule Making in August 2010, proposing what at the time appeared to be […] -
SSA is Heading For Delays Again After Recent Cutbacks & Years of Improvement
Service Cuts, Computer Problems Cloud Social Security’s 79th Birthday: The Social Security Administration should have reason to celebrate. After all, August 14, 2014, marked the 79th anniversary of the day when President Franklin Roosevelt signed the Social Security Act, which ushered in the landmark entitlement program. However, the agency’s birthday was a less than cheerful […] -
SSA is Ramping Up Disability Reviews in 2014
The Social Security Disability Benefits Reform Act of 1984 (“DBRA 1984”) was passed by a unanimous, bipartisan vote in the House and Senate (99-0) in September 1984. President Reagan signed the law on October 9, 1984, when it became Pub. L. No. 98-460. One of the main provisions required “medical improvement” before benefits could be terminated where […] -
Never Allow A Non-Attorney to Represent You At Your Social Security Hearing!
You should NOT have a non-attorney clerk at your hearing? This seems obvious, but several Florida law firms and any company identifying themselves as “Experts”, some who are advertising on TV, are sending non-attorney clerks to Social Security Hearings simply because its cheaper for them to do so rather than have an actual attorney appear. How in […]
The post Legal News first appeared on Law Firm Newswire.
