President-elect Joe Biden has plans to expand Social Security — and in some cases, the benefit retirees receive. Whether this proposal would be passed, or how soon, is yet to be seen.
How much money could come out of your checks?
Biden may have a hard time with passing Secrity if the Republicans keep control of the Senate. Americans who worked low-paying jobs their whole lives would see the greatest benefits to a provision like this, said Nancy Altman, president of Social Security Works, which advocates for expanding the program.
Social Security is in need of fixing, experts say. The pandemic will likely speed up that timeline, said Jagadeesh Gokhale, director of special projects for the Penn Wharton Budget Model, a nonpartisan research-based initiative that analyzes public policy.
See: Social Security lets you change your mind. The minimum benefit FFor not a new concept. But the current law is outdated, Altman said. The standard Social Security benefit is indexed to wages, whereas the special minimum benefit is indexed to the average price of goods. Because average wages tend to outgrow average prices, each year the number of eligible beneficiaries for the special minimum benefit gets smaller.
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Also see: This is what your Social Security check will look like next year — and why. The cost of this proposal should be minimal, considering the number of people affected by this provision is limited because of the restrictions for who qualifies. Now the only thing I feel comfortable predicting with confidence is that my future will end up differently than I would have predicted, writes Chris Mamula. Alessandra Malito is a retirement reporter based in New York. Economic Calendar. Retirement Planner. Sign Up Log In. https://amazonia.fiocruz.br/scdp/blog/work-experience-programme/the-communist-manifesto-by-karl-marx.php
The proposal would benefit retirees with low lifetime earnings
Home Retirement. ET First Published: Nov. ET By Alessandra Malito. Here are the average retirement savings by age: Is it enough? Alessandra Malito. First coronavirus immunizations could come Dec.]
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