{"id":14818,"date":"2023-08-07T17:32:28","date_gmt":"2023-08-07T17:32:28","guid":{"rendered":"https:\/\/www.boomershub.com\/blog\/?p=14818"},"modified":"2024-08-07T13:30:15","modified_gmt":"2024-08-07T13:30:15","slug":"social-security-expansion-act-2023-what-to-expect","status":"publish","type":"post","link":"https:\/\/www.boomershub.com\/blog\/social-security-expansion-act-2023-what-to-expect","title":{"rendered":"Social security expansion act 2023: What to expect?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14818\" class=\"elementor elementor-14818\">\n\t\t\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-0610d11 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0610d11\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct    elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5122532\" data-id=\"5122532\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ac4a73 elementor-widget elementor-widget-text-editor\" data-id=\"7ac4a73\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">Social Security is a federal program in the United States that provides retirement, disability, and survivor benefits to eligible individuals. The program was first established in 1935 and has since become a critical source of income for millions of Americans. According to reports, almost 40% of older adults rely on Social Security for most of their income.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"none\">As the population ages and the cost of living continues to rise, many policymakers and advocates have called for expanding the Social Security program. In this blog, we will be exploring the key provisions of the Social Security Expansion Act 2023, the possible time of going into effect, and the potential impact of the act on beneficiaries.<\/span><\/p><h2><b><span data-contrast=\"none\">What is the social security expansion act 2023?<\/span><\/b><\/h2><p><span data-contrast=\"none\">The Social Security Expansion Act 2023 includes a provision that would give people turning 62 in 2023 an extra $200 in each monthly ($2400 extra per year) check. The details of the bill may vary depending on the specific version that is introduced and any amendments that are made. However, the act does aim to increase benefits for current beneficiaries and increase the minimum benefit for low-income workers, as well as improve the cost-of-living adjustment formula.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1943cdf elementor-align-center elementor-widget elementor-widget-button\" data-id=\"1943cdf\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.boomershub.com\/assisted-living#why-should-you-choose-boomershub-for-assisted-living\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find assisted living facilities near you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-9ab771c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9ab771c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct    elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2ea3896\" data-id=\"2ea3896\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e6061a elementor-widget elementor-widget-text-editor\" data-id=\"8e6061a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><span data-contrast=\"none\">Key facts about Social Security Expansion Act 2023<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><p><span data-contrast=\"none\">Here are <\/span><span data-contrast=\"auto\">some <\/span><span data-contrast=\"none\">key<\/span> <span data-contrast=\"none\">facts<\/span><span data-contrast=\"auto\"> about the Social Security Expansion Act 2023<\/span><span data-contrast=\"none\">:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Currently, Social Security has a $2.85 trillion surplus fund.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">The legislation would lift the earnings cap on Social Security taxes for all income exceeding $250,000.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">All current and existing beneficiaries will receive $2400 extra benefits every year.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">The net investment income tax will go up by 12.4 percent for certain businesses.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Will increase the Special Minimum Benefit level, equaling 125% of the poverty line.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Restoring student benefits (up to age 22) for the children of disabled or deceased workers.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">The Disability Insurance Trust Fund and Old Age and Survivors Trust Fund will be merged.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul><h2><b><span data-contrast=\"none\">When will the Social Security Expansion Act go into effect?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><p><span data-contrast=\"none\">From January 1, 2024, the <\/span><span data-contrast=\"none\">Social Security Expansion Act 2023 will become effective<\/span><span data-contrast=\"none\"> and will apply to the monthly insurance benefits that are paid under Title II of the Social Security Act (42 U.S.C. 401 et seq.) for months in calendar years that start on or after that date.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b164ad elementor-align-center elementor-widget elementor-widget-button\" data-id=\"0b164ad\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.boomershub.com\/independent-living#independent-living-options-in-your-area\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find independent living facilities near you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-575e961 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"575e961\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct    elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c1dc17\" data-id=\"3c1dc17\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-76c46a5 elementor-widget elementor-widget-text-editor\" data-id=\"76c46a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><span data-contrast=\"none\">Potential impact of the act on beneficiaries<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><p><span data-contrast=\"none\">The impact of the Social Security Expansion Act would depend on the details of the legislation, its implementation, and the broader economic and political context.\u00a0 However, here are some of the potential effects of the act:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h3><b><span data-contrast=\"none\">1. Increased benefits<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><p><span data-contrast=\"none\">One potential impact of a Social Security Expansion Act is an increase in benefits for beneficiaries. This could involve raising the monthly benefit payments received by retirees, disabled individuals, or surviving spouses and dependents. Higher benefit levels can help improve the financial security and well-being of beneficiaries.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h3><b><span data-contrast=\"none\">2. Adjustments for inflation<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><p><span data-contrast=\"none\">Cost-of-living adjustments (COLAs) are designed to ensure that Social Security benefits keep pace with inflation. An expansion act might include provisions for <\/span><a href=\"https:\/\/www.cbsnews.com\/news\/social-security-cola-2024-forecasts-smaller-inflation\/#:~:text=Forecasts%20say%20it%20may%20be%20stingier%20in%202024.,-By%20Aimee%20Picchi&amp;text=This%20year%2C%20the%20nation's%2066,highest%20inflation%20in%20four%20decades.\" target=\"_blank\" rel=\"nofollow noopener\"><span data-contrast=\"none\">more generous (8.7%), COLAs<\/span><\/a><span data-contrast=\"none\">, which would help protect beneficiaries&#8217; purchasing power over time.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h3><b><span data-contrast=\"none\">3. Expanded eligibility<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><p><span data-contrast=\"none\">Some expansion acts may broaden the eligibility criteria for Social Security benefits. This could involve lowering the age at which individuals can start receiving retirement benefits or extending coverage to additional groups, such as workers in certain occupations or students.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h3><b><span data-contrast=\"none\">4. Financial sustainability<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><p><span data-contrast=\"none\">It&#8217;s important to consider the financial insinuations of any expansion act. Social Security is funded through payroll taxes, and expanding the program could require adjustments to funding mechanisms or overall financial sustainability.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4527fe elementor-align-center elementor-widget elementor-widget-button\" data-id=\"f4527fe\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.boomershub.com\/memory-care#why-should-you-choose-boomershub-for-memory-care\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find memory care facilities near you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-29b76d0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29b76d0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct    elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0112f40\" data-id=\"0112f40\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a0ddca6 elementor-widget elementor-widget-text-editor\" data-id=\"a0ddca6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><strong>Social Security and 2024 US presidential election<\/strong><\/h2><p>Few recent surveys have revealed that a staggering 79% of Americans believe the Social Security system needs to be overhauled. With many older Americans relying on Social Security as a necessity, it&#8217;s no surprise that 72% of adults are worried that the system will run out of funding in their lifetime. In fact, 23% believe they won&#8217;t see any benefits from Social Security at all.<\/p><p>The surveys also found that the candidate&#8217;s stance on Social Security will be a major factor in the 2024 presidential election, with many Americans supporting changes such as increasing the minimum eligibility age, increasing the payroll tax rate, and removing the cap on Social Security taxes for high-income earners.<\/p><p>Moreover, <a href=\"https:\/\/www.cnbc.com\/2024\/08\/01\/how-biden-harris-and-trump-would-change-social-security-and-medicare.html\" target=\"_blank\" rel=\"noopener\">87% of Americans want action to address the Social Security trust fund shortfall<\/a>, and 69% say a candidate&#8217;s stance on Social Security will influence their vote. The Social Security trust fund is projected to run out in 2035, and Medicare&#8217;s hospital insurance fund is projected to be depleted in 2036.<\/p><p>Presidential candidates have different approaches to addressing the issue, with some proposing tax increases, benefit cuts, or a combination of both. Former presidential candidate Biden had vowed to protect Social Security and Medicare, while former President Trump wants to eliminate some Social Security taxes. New Democratic presidential candidate Kamala Harris opposes benefit cuts and has proposed raising taxes on the wealthy to fund Social Security and Medicare.<\/p><h3><strong>The key points from recent reports related to Social Security 2024 and the upcoming US election:<\/strong><\/h3><ul><li>79% of Americans believe the Social Security system needs to be overhauled<\/li><li>72% of adults are worried that Social Security will run out of funding in their lifetime<\/li><li>23% believe they won&#8217;t see any benefits from Social Security at all<\/li><li>87% of Americans want action to address the Social Security trust fund shortfall<\/li><li>69% say a candidate&#8217;s stance on Social Security will influence their vote<\/li><li>The Social Security trust fund is projected to run out in 2035<\/li><li>Medicare&#8217;s hospital insurance fund is projected to be depleted in 2036<\/li><li>Presidential candidates have different approaches to addressing the issue, including tax increases, benefit cuts, or a combination of both<\/li><\/ul><p>It&#8217;s evident that Social Security and Medicare reform will be a critical issue in the 2024 presidential election. With so many Americans relying on these programs, it&#8217;s essential that candidates take a thoughtful and comprehensive approach to addressing the shortfalls.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62841d3 elementor-widget elementor-widget-text-editor\" data-id=\"62841d3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><span data-contrast=\"none\">3-points summary<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><ol><li><span data-contrast=\"none\">The Social Security Expansion Act 2023 is expected to go into effect from January 1<\/span><span data-contrast=\"none\">st<\/span><span data-contrast=\"none\">, 2024.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li><span data-contrast=\"none\">It is expected to result in $2400 extra benefits per year for beneficiaries and an increase in taxes for incomes exceeding $250K<\/span><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li>Social security is expected to take center stage at the US elections in November 2024.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-fbad433 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fbad433\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct    elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-db4025f\" data-id=\"db4025f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8adbd29 elementor-widget elementor-widget-text-editor\" data-id=\"8adbd29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><span data-contrast=\"none\">Final thoughts<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><p><span data-contrast=\"none\">In conclusion, the Social Security Expansion Act of 2023 represents a pivotal moment in our nation&#8217;s commitment to supporting older Americans and ensuring their financial security. By expanding benefits, adjusting the cost-of-living adjustments, and increasing the minimum benefit, the Social Security Expansion Act seeks to provide a more dignified and secure retirement for our seniors.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"none\">We hope this blog has shed light on the significance of the Social Security Expansion Act of 2023 and the positive impact it can have on the lives of older Americans. By exploring its provisions and recognizing the importance of a strong social safety net, we can strive toward a more equitable and secure future for all.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-daa5692 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"daa5692\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.boomershub.com\/home-care#why-should-you-choose-boomershub-for-home-care\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find home care facilities near you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-781a34b elementor-widget elementor-widget-text-editor\" data-id=\"781a34b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><span data-contrast=\"none\">FAQs<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h2><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><h3><b><span data-contrast=\"none\">What is Cost-of-living adjustments (COLAs)?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><\/li><\/ul><p><span data-contrast=\"none\">Cost-of-living adjustments (COLAs) are increases in payment amounts given to people who receive certain benefits, like Social Security or federal pensions. The purpose of COLAs is to help people keep up with the rising cost of living and inflation such as increased food, housing, and healthcare costs. COLAs are meant to ensure that the purchasing power of these benefits remains relatively stable over time.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><h3><b><span data-contrast=\"none\">How much is Social Security?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3><\/li><\/ul><p><span data-contrast=\"none\">The Social Security retirement benefit averaged around <\/span><span data-contrast=\"none\">$1,782 per month<\/span><span data-contrast=\"none\"> till February 2023, totaling approximately $21,384 per year.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-940af69 elementor-widget elementor-widget-html\" data-id=\"940af69\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What is the social security expansion act 2023?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The Social Security Expansion Act 2023 includes a provision that would give people turning 62 in 2023 an extra $200 in each monthly ($2400 extra per year) check. The details of the bill may vary depending on the specific version that is introduced and any amendments that are made. However, the act does aim to increase benefits for current beneficiaries and increase the minimum benefit for low-income workers, as well as improve the cost-of-living adjustment formula.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"When will the Social Security Expansion Act go into effect?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"From January 1, 2024, the Social Security Expansion Act 2023 will become effective and will apply to the monthly insurance benefits that are paid under Title II of the Social Security Act (42 U.S.C. 401 et seq.) for months in calendar years that start on or after that date. \"\n      }\n    }\n  ]\n}\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e0be98 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6e0be98\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.boomershub.com\/nursing-home#nursing-home-options-in-your-area\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find nursing homes near you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Social Security is a federal program in the United States that provides retirement, disability, and survivor benefits to eligible individuals. The program was first established in 1935 and has since&hellip;<\/p>\n","protected":false},"author":42,"featured_media":17678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_lmt_disableupdate":"","_lmt_disable":"yes","footnotes":""},"categories":[18],"tags":[],"class_list":["post-14818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-and-regulations"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/posts\/14818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/comments?post=14818"}],"version-history":[{"count":38,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/posts\/14818\/revisions"}],"predecessor-version":[{"id":19844,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/posts\/14818\/revisions\/19844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/media\/17678"}],"wp:attachment":[{"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/media?parent=14818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/categories?post=14818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.boomershub.com\/blog\/wp-json\/wp\/v2\/tags?post=14818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}