Yes, Congress is actively considering several bills, such as the Social Security Expansion Act (S.770 / H.R.1700) and the Social Security 2100 Act, that propose larger benefit bumps than the standard annual COLA.
While the standard adjustment for recipients is a 2.8% increase, these proposed measures aim to address ongoing concerns that standard COLAs do not adequately cover real-world expenses like healthcare and housing for retirees.
Key ways Congress is considering boosting checks include:
- Across-the-Board Increases: Directly raising monthly benefits for all recipients to offset years of compounded inflation.
- New Inflation Formula: Changing how the COLA is calculated by adopting the Consumer Price Index for the Elderly (CPI-E). This formula specifically tracks the costs older Americans face (e.g., medical care).
- Increased Minimum Benefits: Setting a new minimum benefit specifically tied to the poverty line to protect lifetime low-earners.
How they plan to pay for it:
These expansion proposals generally suggest lifting the cap on payroll taxes. Currently, there is a limit on how much of an individual’s wage is taxed for Social Security. These bills propose applying the payroll tax to higher earners making over ($250,000) or ($400,000), ensuring the system remains solvent to support the benefit increases.
While these proposals are frequently debated, they currently remain in the legislative committee stages. Congress also continues to review overarching reforms to address the system’s long-term funding. You can track the current status and detailed text of these bills directly on Congress.gov.
