Massachusetts Sen. Elizabeth Warren today released her plan to provide the biggest and most progressive increase in Social Security benefits in nearly 50 years.
Her plan will mean an immediate Social Security benefit increase of $200 a month — $2,400 a year — for every current and future Social Security beneficiary in America. That will immediately help nearly 64 million current Social Security beneficiaries, including 10 million Americans with disabilities and their families.
The plan also updates outdated rules to further increase benefits for lower-income families, women, people with disabilities, public-sector workers, and people of color. The plan finances these benefit increases and extends the solvency of Social Security by nearly two decades by asking the top 2% of earners to contribute their fair share to the program.
According to an independent analysis, the Warren plan will immediately lift an estimated 4.9 million seniors out of poverty — cutting the senior poverty rate by 68%. It will also produce a “much more progressive Social Security system” by delivering much larger benefit increases to lower and middle-income seniors on a percentage basis, increase economic growth in the long term, and reduce the deficit by more than $1 trillion over the next 10 years.
Read more about her plan here.
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