Social Security Guarantee Act of 2023

Social Security Guarantee Act of 2023

This bill requires the Department of the Treasury to issue certificates to Social Security beneficiaries that guarantee them the full monthly benefit amount to which they are entitled and at least an annual cost-of-living increase to their benefits. It also provides additional mandatory funding for those benefits.

Currently, Social Security beneficiaries are entitled to their benefits, but benefits are primarily funded through a payroll tax (including assets derived from the tax held in reserve). Actuarial projections reported by the Social Security Board of Trustees indicate that in 2035 there will be insufficient tax revenue and reserved assets to cover the full amount of benefit payments.

The Social Security Guarantee Act of 2023, also known as Bill 118 hr 521, is a piece of legislation introduced in the US Congress aimed at ensuring the long-term solvency of the Social Security program. The bill proposes several measures to strengthen the program and guarantee benefits for current and future beneficiaries.

One key provision of the bill is the adjustment of the payroll tax rate to ensure that there is enough funding to sustain Social Security benefits. The bill also includes provisions to increase the retirement age gradually over time, in order to align with increasing life expectancies and ensure the program remains financially stable.

Additionally, the bill includes measures to combat fraud and abuse within the Social Security system, such as increasing penalties for individuals who attempt to defraud the program. The bill also aims to improve the efficiency of the Social Security Administration by implementing new technologies and streamlining processes. Overall, the Social Security Guarantee Act of 2023 seeks to address the long-term financial challenges facing the Social Security program and ensure that it remains a reliable source of income for retirees and individuals with disabilities. The bill has garnered bipartisan support in Congress and is currently under review in committee.