Will Social Security recipients get an extra $200 a month in 2023?

finance.yahoo.com - Social Security: New Bill Could Give Seniors an Extra $2,400 a Year

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Social Security recipients could get an additional $2,400 a year in benefits if a new bill recently introduced to Congress wins approval — something seniors would no doubt welcome as surging inflation wipes out their annual cost-of-living increases. Social Security: Women Get $354 Per Month Less Than Men – Here’s Why

Related: 5 Things You Must Do When Your Savings Reach $50,000

The Social Security Expansion Act was introduced on June 9 by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), CBS News reported. Under terms of the bill, anyone who is a current Social Security recipient or who will turn 62 in 2023 would receive an extra $200 in each monthly check. The bill is timely for a couple of reasons. First, it follows a Social Security Administration announcement earlier this month that Americans will stop receiving their full Social Security benefits in about 13 years without actions to bolster the program.

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It also comes during a period of historically high inflation that has a particularly big impact on seniors living on fixed incomes, many of whom rely solely on Social Security payments. This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021. But since then, inflation has pushed well above 8%, meaning Social Security recipients today are actually losing money. The new bill aims to ease the financial strain by boosting each recipient’s monthly check. The average monthly Social Security check is about $1,658, meaning a $200 increase would represent a 12% boost. “Many, many seniors rely on Social Security for the majority, if not all, of their income,” said Martha Shedden, president of the National Association of Registered Social Security Analysts. “$200 a month can make a significant difference for many people.” In addition to boosting the monthly payment, the bill also would make several changes to the program itself. One would be to base the annual COLA on the Consumer Price Index for the Elderly (CPI-E) instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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Another change would be adding more funding by applying the Social Security payroll tax on all income above $250,000. Currently, earnings above $147,000 aren’t subject to the Social Security tax. Even if the bill in its current form doesn’t pass Congress, observers expect some kind of change to Social Security to ensure it serves the needs of recipients well into the future. “I’m confident changes will be made,” Shedden said. “I don’t know if this is the bill that will pass, but there is more and more movement on it.”

How do you apologize for breaking boundaries?

Acknowledge Make it clear that you know what you did was wrong. It's worth explaining the reasons why what you did was wrong, to show that you understand what you've done. Then it's important to talk about what you could have done differently, so it's super obvious you've put a lot of thought into it.

theline.org.au - How To Apologise For When You Crossed The Line

There are plenty of ways to cross the line .

Controlling someone’s behaviour, insulting or degrading them, harassing or scaring them, intimidating or pressuring them, threatening or hurting them – all behaviours that definitely cross the line. And if you suspect (or know!) that you’ve stepped over that line, it’s time to make amends. If you’re not sure how serious your actions were, talk to 1800RESPECT. They’re an excellent advice service that’s free from most phones and completely confidential. They’ll advise you on whether you should sit down with the other person and talk it through, or seek legal advice. But assuming your actions have crossed the line without being illegal, let’s look at the best next-steps… First thing, it’s great that you’re able to recognise your actions are not acceptable, and it takes insight to figure that out.

It then takes bravery to admit it to yourself and others.

A crucial part of admitting what you’ve done is apologising, which can be a difficult thing to do, partly because it’s sometimes hard to know how to apologise. So, to make it a little easier, here’s a step-by-step guide to apologising properly.

1. Identify

Begin by describing, to the person you’re apologising to, the action that crossed the line and when it occurred so there’s no confusion about what exactly you’re apologising for.

2. Acknowledge

Make it clear that you know what you did was wrong.

It’s worth explaining the reasons why what you did was wrong, to show that you understand what you’ve done. Then it’s important to talk about what you could have done differently, so it’s super obvious you’ve put a lot of thought into it.

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