Will Social Security recipients get an extra $200 a month next year? (2024)

Social Security recipients could see an additional $2,400 in benefits under a new bill recently introduced in Congress.

U.S. Rep. Peter DeFazio, D-Oregon, and U.S. Sen. Bernie Sanders, I-Vermont, introduced the Social Security Expansion Act in June. Under the terms of the bill, current Social Security recipients or those who will turn 62 in 2023 would receive an extra $200 in each monthly check.

The bill comes as Social Security recipients look to receive the largest Cost-of-Living-Adjustment in 2023 only to have it likely eaten away by soaring inflation and higher healthcare costs. Estimates put next year’s increase at 10.5%, adding $175.10 a month to the average monthly benefit of $1542.22.

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Other Social Security proposals

In addition to boosting monthly benefits, the bill would make other changes, including basing the annual COLA on the Consumer Price Index for the Elderly instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, a move that would factor in more healthcare and drug cost increases. It would also lift the current $147,000 a year cap and subject all income above $250,000 to Social Security payroll taxes, an explainer on the bill notes.

The bill would also restore student benefits up to age 22 for children of disabled or deceased workers if the child is a full-time student in college or a vocational school. These benefits were eliminated in 1983.

More than 50 advocacy groups, including the AFL-CIO, Alliance for Retired Americans, American Federation of Government Employees and the National Education Association are backing the bill.