Social Security: A new bill may provide seniors with an additional $2,400 year

If a new bill recently introduced to Congress is passed, Social Security recipients could receive an extra $2,400 in benefits each year. 

Seniors would undoubtedly appreciate this since rising inflation has eliminated their annual cost-of-living increases.

According to CBS News, U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.) introduced the Social Security Expansion Act on June 9. 

The bill would add $200 to each monthly check for anyone receiving Social Security benefits now or who will turn 62 in 2023.

By increasing each recipient's monthly check, the new legislation seeks to reduce the burden on their finances. 

Given that the typical monthly Social Security benefit is $1,658, a $200 increase would represent a 12 percent increase.

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