Social Security Snafu: No, You Won’t Be Receiving Extra $200 Each Month

Vance Cariaga
·2 min read
svetikd / Getty Images
svetikd / Getty Images

Social Security recipients will be getting much bigger payments in 2023 thanks to an 8.7% cost-of-living adjustment that will boost the average check by more than $140 a month. But if you heard that an extra $200 will be tacked on top of that this year, you heard wrong.

Find: Can I Draw Social Security at 62 and Still Work Full Time?
See: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track

Rumors of the additional $200 got started because of a congressional bill introduced in 2022. The bill, called the Social Security Expansion Act, was co-sponsored by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), The Motley Fool reported. But it never passed.

The centerpiece of the legislation was a proposal to apply the 12.4% Social Security payroll tax to all earnings above $250,000 — much higher than the $147,000 maximum in 2022 and the $160,200 maximum that kicked in this year.

The bill also included a $200 monthly increase in Social Security benefits for new and existing recipients that would be paid above and beyond the COLA, according to the Social Security Expansion Act Fact Sheet.

The legislation was referred to various House and Senate committees for discussion, Virginia’s WVEC reported. However, the bill didn’t pass or even make it to a vote during the Democrat-controlled 117th Congress, which ended this year.

The bill would need to be reintroduced in 2023 to have another shot at passing. That’s unlikely with the House being controlled by Republicans who aim to cut federal spending and reform rather than expand Social Security.

Take Our Poll: Are You Concerned the US Debt Ceiling Issue Will Endanger Social Security?

Sanders has not made an announcement about trying to reintroduce the bill, and DeFazio, the bill’s other co-sponsor, retired following the 2022 session.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Social Security Snafu: No, You Won’t Be Receiving Extra $200 Each Month

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Court records allege 25-year-old accused of causing deadly wrong-way crash on I-80 was drunk

    Court documents provide new details in the deadly car crash on Interstate 80 on Apr. 13 that killed two people and injured two others.

  • T-wolves take NBA's best defense into series vs. Suns, but can it stop Durant-Booker-Beal trio?

    MINNEAPOLIS (AP) — Defense has been far more of an afterthought than an asset over the checkered history of the Minnesota Timberwolves, who have the second-fewest wins in the NBA since their entry 35 years ago and have advanced out of the first round of the playoffs only once. This has been quite the season of transformation for the Timberwolves, an improvement that started over the summer with Rudy Gobert. The success of their defense is rooted in his 7-foot-2 presence, too. “There’s a differen

  • World leaders call on Iran and Israel to avoid allowing conflict to worsen

    A senior army commander confirmed Friday that Iran’s air defense systems fired at "a suspicious object" over the Iranian city of Isfahan in response to an apparent Israeli drone attack. World leaders are calling on Iran and Israel to try to avoid escalating tensions.

  • Iowa woman sentenced to prison for hitting, killing 74-year-old man on Christmas Eve

    An Iowa woman will spend decades in prison for crash that killed a 74-year-old man on Christmas Eve.

  • S&P 500 losing streak, Big Tech, earnings: Top Takeaways

    April has been a funky month for the major market indices (^DJI, ^IXIC, ^GSPC). Entering into 2024's second quarter, the S&P 500 has had a hard time acclimating as it extends its losing streak to its sixth consecutive day of losses. The S&P 500 closed below 5,000 at Friday's close. Yahoo Finance Markets Reporter Josh Schafer highlights what investors should gleam from the market as Big Tech stocks appear weighed down heading into their earnings season. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.

  • Finally, someone used Pareto’s economic theories to find the best Mario Kart 8 racer

    Who hasn’t spent sleepless nights pondering what would happen if we applied the theories of Vilfredo Pareto, the early 20th-century Italian economist, to Mario, the Mushroom Kingdom’s Italian high-jump champion and part-time elephant cosplayer? Data scientist Antoine Mayerowitz, PhD, tackled that age-old question.

  • Tories were told Mark Menzies claims ‘constituted fraud’, says whistleblower

    Lancashire police have said they are ‘reviewing the available information’ after receiving a complaint about the Fylde MP.

  • Police contact ex-footballer Joey Barton over social media posts

    Cheshire Constabulary confirmed they had received ‘reports of offences under the Communications Act’.

  • Coyotes' move to Salt Lake City elicits opposing responses in 2 cities

    PHOENIX (AP) — NHL Commissioner Gary Bettman sat next to the former Arizona Coyotes owner in a downtown Phoenix hotel meeting room, trying to put a positive spin on the funeral for a franchise. Late Friday afternoon, Bettman will sit next to the new Coyotes owner in Salt Lake City to bask in the excitement of the league's newest city and a fan base that had been itching for another team to join the NBA's Utah Jazz. One day, two drastically different news conferences for the same hockey team. "If

  • Juventus rescues late point in draw with Cagliari in Serie A

    GENOA, Italy (AP) — Cagliari scored two first-half penalties but gave up a late own goal for Juventus to draw 2-2 in a thrilling Serie A game on Friday. Gianluca Gaetano opened the scoring for the home side after half an hour and Yerry Mina got a second with an almost identical spot kick six minutes later. Juventus had a first-half goal from Dušan Vlahović disallowed after a video review but the Serbian forward got one back in the 61st minute with a swerving free kick. Just when it looked like C

  • S&P/TSX composite closes up nearly 100 points, U.S. stock markets mixed

    TORONTO — Canada's main stock index closed up nearly 100 points Friday, helped by strength in energy and financial stocks, while U.S. markets were mixed. Markets diverged as investors pulled away from risk-on bets like tech stocks and favoured dividend and low-volatility stocks, said Ian Chong, portfolio manager at First Avenue Investment Counsel. "That risk-off is largely driven by geopolitical risks flaring up again." Israel's strike on Iran overnight raised tensions, which eased Friday but st

  • Warren 8-year-old in critical after shooting himself with unsecured weapon

    Warren police say an 8-year-old child is in critical condition after shooting himself in the face with what may have been an unsecured gun.

  • Earnings Calendar, Analyst Estimates And Stocks To Watch

    When searching for the best stocks to buy and watch, look for companies with strong earnings growth – and check the earnings calendar to see when they report. Be sure to also see our latest list of stocks  just added to — or removed from — IBD's top screens.

  • Haiti's death toll rises as international support lags, UN report says

    More than 2,500 people were killed or injured in gang violence in Haiti from January through March, up 53% from the last three months of 2023, the United Nations Integrated Office in Haiti (BINUH) said on Friday. At least 590 were killed during police operations, BINUH said in a report. Several were apparently not involved in gang violence, some had impaired mobility, and at least 141 were killed by vigilante justice groups.

  • Iowa lawmakers approve bill just in time to increase compensation for Boy Scout abuse victims

    Iowa men who were victims of child sexual molestation while they were in the Boy Scouts of America could get higher legal compensation under a bill approved Friday by lawmakers and expected to be signed by the governor, just before the deadline to do so will expire. The retroactive measure, which would waive the statute of limitations for victims filing a civil claim as part of the Boy Scouts of America bankruptcy settlement, would take effect after Gov. Kim Reynolds signs it. The Boy Scouts filed for bankruptcy protection in 2020 as it faced hundreds of lawsuits filed by men alleging they had been sexually abused as children by their Scout leaders and volunteers.

  • Paris Hilton shares first photographs of five-month-old daughter

    The US star said becoming a mother inspired a new ‘deeply personal song’ with Sia, titled Fame Won’t Love You.

  • Man who set himself on fire outside Trump hush money trial is in critical condition, police say

    A man who set himself on fire across the street from the courthouse where Donald Trump's hush money trial is taking place is in critical condition.

  • Colerain student accused of assaulting teacher admits to charge in juvenile court

    Colerain student accused of assaulting teacher admits to charge in juvenile court

  • Beyond Paradise airs character’s lie in new episode

    Tonight's episode of Beyond Paradise saw DS Esther Williams reveal a heartbreaking lie she told daughter Zoe about her father.

  • The best restaurant stocks enduring through inflation

    Consumers are becoming increasingly cost-conscious amid inflation persisting through early 2024. Stephens Research Analyst Jim Salera joins Market Domination to discuss which restaurant stocks are best positioned to navigate the challenging environment. Salera finds that at the higher end of the consumer spectrum, spending patterns are "pushing forward" amid inflationary pressures, with little change in consumer behavior. However, for consumers at the lower end of the spectrum, he observes that they are being "much more deliberate" about their spending. For investors evaluating restaurant stocks, Salera emphasizes the importance of identifying "which restaurants are differentiated from the crowd." He highlights names like Chipotle (CMG) and Wingstop (WING), which have demonstrated "very strong traffic trends," as examples of differentiated offerings. With the risk of consumers potentially "trading out" for better value options, Salera stresses that "it's very important [for restaurants] to have a unique value proposition that the consumer can really identify with to retain that traffic." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith