Schatz Introduces Legislation To Protect And Expand Social Security, Meets With Social Security Commissioner

WASHINGTON - Today, U.S. Senator Brian Schatz (D-Hawai'i) reintroduced the Safeguarding American Families and Expanding Social Security (SAFE Social Security) Act, legislation to expand Social Security for seniors and families in Hawai'i and across the country. The bill will increase benefits on average by more than $125 per month, ensure the cost of living adjustments adequately reflect the living expenses of retirees, extend the life of the trust fund, remove the wage cap to make sure all Americans contribute equally, and provide additional benefits to older seniors, caregivers, and low-income Americans. Following the bill introduction today, Schatz met with Social Security Commissioner Martin O'Malley to discuss the urgent need to protect the program and continue helping seniors retire with the dignity and benefits they have earned.

"Social Security is the most successful safety net program in American history," said Senator Schatz. "My bill will expand Social Security, put more money in the hands of seniors who rely on it, strengthen the program for the next generation of retirees, and make sure everyone pays into the system equally."

In Hawai'i, more than 280,000 people, or over 1 in 6 residents, rely on Social Security benefits. In 2040, the number of Hawai'i seniors is expected to grow and make up more than 20 percent of the population, making the need to expand the program even more critical.

Specifically, the SAFE Social Security Act will:

• Phase out the payroll tax cap so that payroll taxes apply fairly to every dollar of wages earned;
• Adjust current benefits calculations to increase average monthly benefits by over $125;
• Provide an additional 5 percent increase in benefits for older seniors to ensure they can make ends meet as their retirement savings are exhausted;
• Guarantee a new minimum benefit so that lower income seniors receive enough to survive;
• Provide a credit for caregivers that would be added to an individual's earnings to calculate their future Social Security benefits;
• Ensure that any increase in benefits under this legislation would not harm an individual's eligibility or cause a reduction in their SSI, Medicaid, or CHIP benefits;
• Eliminate the waiting period for disability insurance and surviving spousal benefits;
• Include an increase of 5.7 percent in the Net Investment Income Tax (NIIT) to extend the solvency of the Trust Fund to 2050; and
• Update the annual cost of living adjustment to better reflect the real costs that seniors face through the use of the Consumer Price Index for the Elderly.

"Enactment of the SAFE Social Security Act would give all Americans confidence that Social Security will be there for them when they need it. It would extend the solvency of the Trust Funds for decades to come by asking the wealthiest Americans to pay their fair share. It also provides much needed improvements to Social Security benefits, which have not been boosted in half a century. These include, among other provisions, a minimum benefit that truly keeps those who worked hard all of their lives out of poverty, a more accurate measure of inflation to be used in calculating Cost of Living Adjustments (COLAs) known as the CPI-E, and Social Security credits for caregivers who take time out of the workforce to care for children or elderly family members. This bill would strengthen and enhance Social Security for current beneficiaries and future generations," said Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare.

"Social Security Works enthusiastically endorses Senator Schatz's Safeguarding American Families and Expanding Social Security Act of 2024. This essential legislation substantially increases benefits for all current and future beneficiaries, both across the board by an average of $1500 a year and in important targeted ways. It also ensures that all benefits can be paid in full and on time for the foreseeable future," said Nancy Altman, President of Social Security Works. "Through this visionary legislation, Senator Schatz demonstrates his deep understanding of how important Social Security is for all of us, as well as the need to expand these vital benefits. All of us should thank him for his tireless efforts to increase our economic security."

The SAFE Social Security is supported by the Strengthening Social Security Coalition, National Committee to Preserve Social Security and Medicare, Social Security Works, the Alliance for Retired Americans, and the American Federation of Teachers.

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