What is the Social Security Expansion Act that could mean an additional $2,400 a year in benefits?

A bill introduced back in February has had a new injection of life. The Social Security Expansion Act, first brought up by Sen. Bernie Sanders, seeks to alleviate pressure on America’s oldest by providing Social Security with extra

If the bill is passed and signed then people receiving Social Security payments, or turn 62 this year, will get an additional $200 a month, or $2,400 a year.

“At a time when nearly half of older Americans have no retirement savings and almost 50% of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security,” Sanders said in the statement.

It is unlikely the bill will be passed as the Republicans control the House of Representatives. Without their support, the bill will not be able to be passed to the president. They have said they will not cut Social Security, though not everyone believes it. The support offered by the programme is crucial for millions of Americans to live.

According to the press release from Senator Sanders’ office, “Nearly 40 percent of seniors rely on Social Security for a majority of their income; one in seven rely on it for more than 90 percent of their income; and nearly half of Americans aged 55 and older have no retirement savings at all.”

How will the bill be costed?

Worries persist that without further funding that by 2035 recipients of Social Security will no longer be able to claim their full benefit.

Back in March, the Social Security Board of Trustees released their annual report on the financial status of the Social Security Trust Funds, which includes the

According to the report, cash for the Social Security program will run out in 2035, just 13-years time. If more funds are not directed to the support then 66 million recipients will have their benefits cut by a quarter.