April Social Security Update Newsletter
Dear Friend,
Since 1935, the Social Security program has supported our nation's seniors and disabled Americans. But many Americans fear the future of the program is at risk and will not support the growing number of Social Security recipients. That is why I'm working in Congress on short- and long-term solutions to protect this program for decades to come.
Social Security Telephone Town Hall
This week, I held a Social Security Telephone Town Hall to hear from our Valley seniors about their concerns with social security. I wanted to share my efforts to support this critical program by co-sponsoring the Social Security 2100: A Sacred Trust Act. I enjoyed answering questions and listening to the suggestions of my constituents.
My district, which includes Fresno, Madera, and Merced, is home to more than 100,124 Social Security recipients who receive $116 million in monthly benefits. The average beneficiary receives $1,160 a month from Social Security. This program is critical to Valley seniors because it's more than just a retirement program, it provides life insurance and disability insurance protection, its America's safety net.
As your Representative in Congress, I am committed to working with my colleagues to protect Social Security from privatization, ensure access to benefits, and uphold our promise to serve all Americans.
Social Security 2100: A Sacred Trust Act
82 years ago, the first Social Security check went out, beginning a promise for generations of Americans. A lot has changed in our country since then, and now it's Congress responsibility to uphold that promise to protect Social Security. That is why I am an original co-sponsor of the Social Security 2100: A Sacred Trust Act, transformative legislation that would enhance and expand benefits to our most vulnerable and ensure all seniors can retire with dignity.
Increase of Benefits
- An increase for all beneficiaries that is equivalent to about 2% of the average benefit.
- Improves the annual cost-of-living adjustment (COLA) formula to reflect the costs incurred by seniors by adopting a CPI-E formula to help seniors who spend a greater portion of their income on health care and other necessities.
- Set a new minimum benefit at 25% above the poverty line
- End the five-month waiting period to receive disability benefits.
- Improves benefits for widows and widowers from two-income households
- Repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)Increases access to benefits for children who live with grandparents or other relatives.
This legislation would strengthen the trust fund by requiring multi-millionaires and billionaires to pay their fair share, extending the solvency of social security, and establishing a new trust fund to ensure all benefits will be paid.
Cost of Living Adjustment
The fourth round of Social Security checks will be going out soon. This year, nearly 64 million Social Security beneficiaries received a cost-of-living adjustment (COLA) of nearly 6%, the largest increase in forty years. Rising inflation triggered this increase to ensure seniors can access their full benefits and keep up with rising costs. Read more about the Social Security Cost-of-Living adjustment for 2022.
Social Security Fairness Act
The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two provisions of the Social Security Act, have unfairly reduced and prevented social security benefits from millions of Americans who have dedicated their lives to public service. I joined over 200 of my colleagues as a co-sponsor of the Social Security Fairness Act, which would eliminate these provisions and ensure Americans get the benefits they earned and deserve.
Help with the Social Security Administration
If you are experiencing an issue with receiving your social security benefits, my team can help answer questions, get information, and cut through the red tape. Seniors of the 16th Congressional District of California can call or email my office for assistance in dealing with federal agencies. Learn more about seeking help with a federal agency.
As we move forward, remember that my staff and I are here to help. I want to hear from you about your concerns with Social Security.
Sincerely,
Jim Costa
Member of Congress