Bill to Expand Social Security

Some U.S. lawmakers — among them Sens. Kirsten Gillibrand (D-N.Y.) and Bernie Sanders (I-Vt.), and U.S. Rep. Peter DeFazio (D-Ore.) — are backing legislation to expand Social Security benefits and bolster the retirement program so that it would be sustainable for decades, reports the Forum Newsgroup . The bill's congressional sponsors said the measure would raise yearly benefits for nearly all recipients by about $800 and increase the current cap to incomes topping $250,000, ensuring those with such incomes pay the same rate into the retirement system as everyone else. In addition, the bill would apply the Consumer Price Index for the Elderly to more accurately mirror benefits that keep pace with inflation, update the Special Minimum Benefit to make it easier for low earners to qualify for the program, and reinstate student benefits up to age 22 so children of deceased or disabled parents have educational support. "We have to make sure that Social Security is actually giving retirees and their families the support they need — and the support they spent their entire lives earning," said Gillibrand. "For so many retirees and their families ... Social Security is truly a matter of survival."