A new proposal is gaining attention as Americans Want to Increase Social Security Benefits for 2 Groups that often face financial hardship: caregivers and older workers with physically demanding jobs. This growing demand reflects widespread concern about the future of Social Security and the need to support those who rely on it most.
Broad Public Support for Social Security Reforms
According to NASI’s survey, conducted with AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce, bipartisan support exists for targeted reforms and also learn more about Immigrants Getting Social Security Benefits Like SSDI, to stay updated and increase benefits.
Caregiving Credit for Parents
Many Americans believe Social Security should recognize the financial impact of caregiving. Under current policies, individuals who leave the workforce to care for children under six often receive reduced Social Security benefits due to lower lifetime earnings. This disproportionately affects women, who are more likely to assume caregiving responsibilities. The proposed caregiving credit would help offset this income loss, ensuring these individuals receive fair retirement benefits.
Americans Want to Increase Social Security Benefits for 2 Groups – Survey Insights
Social Security provides essential income for millions of retirees, yet its financial stability is in question. The Social Security Administration warns that the Old-Age and Survivors Insurance (OASI) Trust Fund may only be able to pay full benefits until 2033. After that, recipients could see their payments reduced to 77% of their scheduled benefits.
A recent survey by the National Academy of Social Insurance (NASI), in partnership with several advocacy organizations, found that 85% of Americans Want to Increase Social Security Benefits for 2 Groups. This overwhelming support suggests that the public is eager for reforms that both secure the program and expand benefits for those most in need.
Bridge Benefit for Older Workers
| Policy Proposal | Purpose | Funding Mechanism | Public Support |
| Bridge Benefit for Older Workers | Provides financial support to older workers in physically demanding jobs who retire early due to health issues | Eliminates payroll tax cap on earnings above $400,000 | 82% of survey respondents support this measure |
| Caregiver Benefit | Offers additional Social Security benefits to caregivers who take time off work to care for family members | Gradual payroll tax increase from 6.2% to 7.2% for employers and employees | Congressional interest is growing as more Baby Boomers retire |
What People Are Saying
Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek: “Over the last year, we’ve seen a flurry of promises made by legislators on altering and enhancing Social Security benefits. The idea of extending benefits to caregivers and physically burdened workers is certainly welcome news for those who would qualify.
Also, Check out how Millions of Retirees are Set to Receive Higher Social Security Benefits.
FAQs
How would a caregiving credit impact Social Security benefits?
A caregiving credit would help individuals who take time off to care for young children receive fair Social Security benefits by compensating for their lower earnings history.
Who qualifies for the bridge benefit for older workers?
The bridge benefit would be available to workers in physically demanding jobs who face health-related challenges, preventing them from working until full retirement age.
How would the proposed payroll tax changes affect Social Security funding?
The plan would eliminate the payroll tax cap on high earners and slightly raise the payroll tax rate, helping to fund benefit expansions while ensuring Social Security remains solvent for future generations.