Many if not all hard-working Americans look forward to retiring one day.
Well as you know, it has gotten quite scary that it may not exactly happen like most think it will in the future. We fear because the government keeps taking more and more that there will be no social security for us when we retire. But, the good news is, this new bill is going to help make retirement a reality. Right now it is projected that social security will only last till 2035 but the new bill will lengthen that to 40 years past that.
Larson says in his proposal, “The United States faces a retirement crisis, and a modest boost in Social Security benefits strengthens the one leg of the retirement system that is universal and the most reliable.”
More from Fox Business:
By increasing the average benefit by about 2 percent, Larson said the changes will bolster women and minorities financially. The bill would also set a new minimum benefit at 25 percent above the poverty line and would be tied to wages to ensure that the minimum benefit does not fall behind.
Other key features of the bill include an increase that will amount to a 2 percent boost to the average recipient, a new minimum benefit threshold that’s at 25 percent above the poverty line and cutting taxes on non-Social Security income. Under current law, individuals receiving benefits are taxed if they have a separate income exceeding $25,000 (or $32,000 for couples); however, that would be changed to $50,000 and $100,000, respectively, under the bill.
The Social Security Act of 1935 was created as,
“An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; to raise revenue; and for other purposes.”
This is great news for future retirees as long as the government stays out of it and this bill passes.