The 2024 election is approaching and the future of Social Security hangs in the balance, with proposed legislation and political agendas offering drastically different paths forward. On one hand, two major bills—H.R. 4583, the Social Security 2100 Act, and S. 393, the Social Security Expansion Act—seek to strengthen Social Security benefits, securing economic stability for older adults and future generations. On the other, Project 2025, proposed by JD Vance and other potential policymakers of a second Trump administration, suggests raising the full retirement age to 69. Experts like Glenn Springstead warn that increasing the retirement age to 70 could reduce benefits seen by a retiree by 20%.(1)
For millions of Americans who rely on Social Security, these decisions represent more than just policy changes; they are lifelines to dignity, stability, and security in old age. The choice is clear: voters and lawmakers alike must act decisively to pass these critical bills and protect Social Security from cuts that could harm families across generations. The time to safeguard Social Security is now—before these bills expire and before election outcomes set new directions for this essential program.
There are currently two major bills proposed that would safeguard social security from those that wish to cut benefits for older persons: H.R. 4583 and S. 393. However, both bills are currently stalled in committee, and lack the necessary momentum to become laws.
H.R. 4583, Social Security 2100 Act, was referred to the subcommittee on health on July 14, 2023, and has made no progress since.
Benefits of the bill:
Raises the primary insurance amount from 90% to 93%, increasing monthly payments
Higher Social Security benefits for individuals who also receive government pensions by temporarily eliminating the government pension offset
Expands funding through Payroll Tax changes, making social security more sustainable
Streamlines the Social Security Trust Fund
Protects Social Security Field Offices
S. 393, Social Security Expansion Act, was referred to the Committee on Finance on February 13, 2023, and has made no progress since.
Benefits of the bill:
Increases the primary insurance amount for specific beneficiaries.
Adjusts cost-of-living calculations for inflation.
Establishes a minimum benefit for low earners.
Extends benefits for children of retired, deceased, or disabled workers until age 22 if full-time students.
Expands payroll taxes to income above $250,000
Both bills are at risk of expiring at the end of the current session of the 118th session of Congress, which will end on January 3, 2025. Urgent action is needed if either of these bills are to become law.
Social Security is a vital safeguard not only for older persons but also for families and future retirees. Cuts in benefits could impact not only older adults but also their families and younger generations who will eventually rely on these programs. With continued backsliding on the rights of older persons, social security benefits are a vital safeguard for older individuals.
As we approach a pivotal election, the future of Social Security—and the well-being of millions—rests on the decisions we make now. Take a moment to take action by:
Knowing where candidates stand on Social Security before voting.
Calling your local representative to urge them to support H.R. 4583 and S. 393.
For more information about the effects of Project 2025 on Social Security read Raising the Retirement Age for Social Security Would Cut Benefits by Thousands of Dollars Each Year by Kyle Ross.
1) Glenn R. Springstead, “Distributional Effects of Accelerating and Extending the Increase in the Full Retirement Age,” Social Security Administration (SSA), January 2011, https://www.ssa.gov/policy/docs/policybriefs/pb2011-01.html. Springstead worked at the Social Security Administration’s Office of Retirement Policy, Office of Policy Analysis.
Mackenzie Jensen is an advocate with a Master’s in Global Policy, with experience in policy development and public engagement on issues affecting various age groups, from children to older adults. She has worked in policy analysis and negotiation at the United Nations and other forums, focusing on intergenerational equity and social policy.
Comments