Social Security benefits may increase soon for millions more: What to know
Despite previous policy limitations, millions of Americans may soon be eligible for increased Social Security benefits.
Earlier this week, U.S. Senate Majority Leader Chuck Schumer, D-N.Y., said he would begin the process for a final vote on the Social Security Fairness Act bill.
The Social Security Fairness Act would eliminate two federal policies that “broadly reduce payments to two groups of Social Security recipients,” The Associated Press reported.
The Windfall Elimination Provision and Government Pension Offset policies limit Social Security benefits for people receiving pensions from a job not covered by Social Security and surviving spouses of Social Security recipients receiving government pensions of their own.
The limitations currently affect about 2.8 million people, according to The Associated Press.
“The legislation passed the House on a bipartisan vote, and a Senate version of the bill introduced last year gained 62 cosponsors,” the AP reported. “But the bill still needs support from at least 60 senators to pass Congress. It would then head to President Biden.”
Support for the bill is still a mixed bag.
Officials such as U.S. Sen. Bill Cassidy, R-La., argue the limitations on benefits “penalize families across the country who worked a public service job for part of their careers.”
Those public employees include teachers, firefighters, and police officers.
Others have voiced concerns about its cost.
“Even for something that people consider to be a good cause, it shows a lack of concern for the future of the country, so I think it would be a big mistake,” U.S. Sen. Rand Paul, R-Ky., said, according to the AP.
If the bill passes, it would put more strain on the Social Security Trust funds, “which were already estimated to be unable to pay out full benefits beginning in 2035,” The Associated Press reported.
The Congressional Budget Office estimates that if the Social Security Fairness Act were to pass, it would add an estimated $195 billion to federal deficits over 10 years.