New Bill Could Increase Social Security Benefits by $2,400 a Year

Social Security provides monthly benefits to millions of retired seniors, many of whom don't have any other income sources at their disposal. But even so, those benefits often fall short in allowing seniors to cover their essential living costs in full.

Now to be fair, Social Security was never supposed to sustain seniors in the absence of other income. But the reality is that many of today's retirees didn't manage to save for their later years on their own, and don't have generous company pensions to fall back on. And many future retirees are likely to end up in a similar boat.

Compounding the problem is that Social Security is looking at an impending financial shortfall that could result in significant benefit cuts. And that's something that has current and future recipients worried.

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Source Fool.com