The Protecting and Preserving Social Security Act aims to strengthen Social Security’s financial state and ensure that seniors continue to benefit from the programs they have paid into throughout their lives.
Introduced by U.S. Senator Mazie K. Hirono and Representative Jill Tokudo, the bill will make significant progress toward extending the Social Security lifeline.
“Social Security provides crucial support to millions of kupuna, people with disabilities, and other vulnerable communities in Hawaii and across the country,” said Senator Hirono.
“By lifting the cap on Social Security contributions, the Protecting and Preserving Social Security Act will help ensure Social Security remains solvent for decades to come. I’m proud to introduce this legislation to strengthen the program and help ensure the millions of Americans who rely on it will continue to receive the benefits they deserve.”
As per its press release, the bill aims to do the following:
– Ensures the appropriate weight is given to the real costs in seniors’ budgets by using the Consumer Price Index for the Elderly (CPI-E) to calculate the relevant cost-of-living adjustment (COLA), rather than the more generic Consumer Price Index for Urban Wage Earners (CPI-W); and
– Requires the wealthiest Americans to pay their fair share by phasing out the cap on Social Security contributions over the next seven years and encouraging contributions above the cap in exchange for additional benefits.
Moreover, according to the Social Security Administration’s Office of the Chief Actuary, the Protecting and Preserving Social Security Act is expected to extend the payment of the Old Age, Survivors, and Disability Insurance program scheduled benefits in full and on time for an additional 19 years.
“Americans across the country depend on Social Security. It is a commitment we make to the working men and women who keep America moving forward and they are relying on us to keep Social Security solvent so they can retire with dignity. In Hawaiʻi, where the cost of living is so high, we must ensure these hard-earned benefits keep pace with rising costs of food, housing, and everyday necessities,” said Representative Tokuda.
“Our bill will provide a necessary increase to Social Security payments while reducing the national debt by trillions of dollars and strengthening the Trust Funds to support our kupuna and retirees for decades to come.”
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