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Will Social Security recipients get an extra $200 a month in 2023?

Under terms of the bill, anyone who is a current Social Security recipient or who will turn 62 in 2023 would receive an extra $200 in each monthly check. The bill is timely for a couple of reasons.

finance.yahoo.com - Social Security: New Bill Could Give Seniors an Extra $2,400 a Year

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Social Security recipients could get an additional $2,400 a year in benefits if a new bill recently introduced to Congress wins approval — something seniors would no doubt welcome as surging inflation wipes out their annual cost-of-living increases. Social Security: Women Get $354 Per Month Less Than Men – Here’s Why

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The Social Security Expansion Act was introduced on June 9 by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), CBS News reported. Under terms of the bill, anyone who is a current Social Security recipient or who will turn 62 in 2023 would receive an extra $200 in each monthly check. The bill is timely for a couple of reasons. First, it follows a Social Security Administration announcement earlier this month that Americans will stop receiving their full Social Security benefits in about 13 years without actions to bolster the program.

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It also comes during a period of historically high inflation that has a particularly big impact on seniors living on fixed incomes, many of whom rely solely on Social Security payments. This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021. But since then, inflation has pushed well above 8%, meaning Social Security recipients today are actually losing money. The new bill aims to ease the financial strain by boosting each recipient’s monthly check. The average monthly Social Security check is about $1,658, meaning a $200 increase would represent a 12% boost. “Many, many seniors rely on Social Security for the majority, if not all, of their income,” said Martha Shedden, president of the National Association of Registered Social Security Analysts. “$200 a month can make a significant difference for many people.” In addition to boosting the monthly payment, the bill also would make several changes to the program itself. One would be to base the annual COLA on the Consumer Price Index for the Elderly (CPI-E) instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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Another change would be adding more funding by applying the Social Security payroll tax on all income above $250,000. Currently, earnings above $147,000 aren’t subject to the Social Security tax. Even if the bill in its current form doesn’t pass Congress, observers expect some kind of change to Social Security to ensure it serves the needs of recipients well into the future. “I’m confident changes will be made,” Shedden said. “I don’t know if this is the bill that will pass, but there is more and more movement on it.”

How long is Section 8 waiting list Oregon?

two to five years The waiting lists are often long (from two to five years), especially in metro areas. For those in need of assisted care, HUD offers limited options.

oregon.gov - Find Affordable Rental Housing - Oregon.gov

Some apartment buildings offer low-income individuals to rent at cheaper-than-normal rates. This is sometimes known as subsidized housing or affordable housing. Subsidized housing usually targets households earning about 50% of the area’s medium income. This can vary significantly from location to location. Qualifying for income-restricted housing depends on the area and federal, state, and local programs. Tenants must meet limited-income requirements to rent such apartments. Always check the building’s website to figure out what the requirements are. Qualifying requirements often vary among apartment buildings and areas of the state. It depends on specific federal or local programs. Some rentals might have a maximum $20,000 annual salary, while others might be $40,000 or higher. Rental buildings also have a minimum income requirement. Potential tenants with extremely low income can use other sources of income. Students, for instance, might have income from parents or college grants and scholarships. Finding income-restricted units can be tricky since they are not listed in a group in any one place. They are frequently embedded in mixed-income housing with market rate units. Some income-restricted apartment buildings are located near or next to no-restriction buildings. They often appear just as attractive. You can also find low-income units online through apartment search guides. Use terms like “income-restricted,” “affordable,” and “subsidized” to filter through. If you see nice-looking apartments with various amenities at lower rates than normal for the area, they might be income restricted.