Schatz introduces legislation to protect, expand Social Security

U.S. Sen. Brian Schatz, a Hawai‘i Democrat, has introduced legislation to expand Social Security for seniors and families in Hawai‘i and throughout the United States.

The Safeguarding American Families and Expanding Social Security — or SAFE Social Security — Act will increase benefits on average by more than $150 per month, ensure the cost of living adjustments adequately reflect the living expenses of retirees, extend the life of the Social Security trust fund and remove the wage cap to make sure all Americans contribute to the fund.

“Social Security is the most successful safety net program in American history,” said Schatz in a release. “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.”

More than 280,000 people in Hawai‘i, or more than 1 in 6 residents, rely on Social Security benefits.

The number of Hawai‘i seniors is expected to grow by 2040 to more than 20% 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 payroll taxes apply fairly to every dollar of wages earned.
• Adjust current benefits calculations to increase average monthly benefits by more than $150.
• Update the annual cost of living adjustment to better reflect the real costs seniors face through the use of the Consumer Price Index for the Elderly.

“Social Security is the cornerstone of a secure retirement for working families,” said AFL-CIO Government Affairs Director Jody Calemine in the release. “The SAFE Social Security Act, which lifts the tax cap for high earners, is the fairest and most equitable way to extend the solvency of the program while also improving benefits for everyone who has spent years contributing to the economy.”

Calemine added that the bill is critical legislation that safeguards the future of a crucial program while also addressing the economic concerns of everyday voters.

“The SAFE Social Security Act will ensure that all Americans, including the wealthy, pay their fair share into the system, and that workers who leave the workforce to care for loved ones are not penalized when they reach retirement,” said Alliance for Retired Americans Executive Director Richard Fiesta in the release.

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