3 Ways Congress Can Expand Social Security Benefits
Each and every month, more than 63 million people receives a benefit from the most storied social program in our nation's history, Social Security. According to an analysis from the Center on Budget and Policy Priorities, the elderly poverty rate with Social Security is a mere 9%. Comparatively, it's estimated that without this vital program in existence, the retired worker poverty rate would soar to more than 40%.
Given the program's importance, it's not surprising to learn that a number of Americans would support an expansion of Social Security benefits from current levels. For added context, the average retired worker is netting a monthly payout of $1,470.83, or $17,650 a year, which, by itself, is only a few thousand dollars higher than the annual federal poverty level. About a third of workers rely on Social Security for virtually all of their monthly income (90%-plus).
How could lawmakers go about expanding Social Security benefits? Here are three of the most logical plans that have been put on the table, as well as the reasoning why each pathway could face opposition on Capitol Hill.
Source Fool.com
