Retirees are used to waiting for the annual COLA to get a bigger Social Security check, but Bernie Sanders wants to add another kind of raise. His Social Security Expansion Act would increase benefits for seniors by up to $2,400 a year while asking higher earners and some investors to pay more into the program.
That works out to as much as $200 more a month, although the exact increase could vary from one beneficiary to another. Here’s who could get more and what the proposal could mean for your retirement if it ever becomes law.
How the proposed $200 monthly increase would really work
The proposal wouldn’t simply tack $200 onto every Social Security check. Instead, it would change the benefit formula so more of your career earnings count toward your monthly payment.
Under current law, Social Security replaces 90% of the first portion of your average earnings. Sanders’ bill would raise that rate to 95% and apply it to a larger slice of income. For many middle earners, those changes could add roughly $200 a month, or about $2,400 a year.
Because the increase comes through the formula, your own boost would depend on your earnings record. Some beneficiaries could get close to the full $200 a month, while others could receive less.
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Which retirees could get the biggest boost
An SSA analysis of an earlier version of the proposal estimated that very low earners could see benefits rise by about 15%, compared with roughly 5% for maximum earners.
Workers with long careers at low wages could get even more help from a new minimum benefit. With 30 or more qualifying years, the minimum would be set at 125% of the federal poverty guideline, which would work out to about $1,663 a month in 2026.
The proposal would also change how annual COLAs are calculated to better account for expenses common among older Americans. Over a long retirement, those yearly increases could add up and help benefits keep pace with retirees’ costs.
Why some beneficiaries could get much less than $200
A very low earner may not get the full $200 monthly boost from the main formula change because there’s less income running through the part of the formula the bill would adjust. For some people, the increase could be closer to $40 a month, although the new minimum benefit could raise that amount if they have enough qualifying years.
Spousal and survivor benefits would rise through the worker’s record rather than getting a separate $200 added on top. A surviving spouse, for example, could receive more because the worker’s benefit increased, with the final amount still based on the existing survivor formula.
A higher Social Security check could also reduce SSI for people who receive both benefits. Because SSI counts Social Security as income, some of the increase could be offset by a smaller SSI payment, leaving a smaller increase in their monthly budget.
Who would pay more to fund the benefit increase
Under the proposal, wages above $250,000 would once again be subject to Social Security payroll tax. That would leave a gap between the regular taxable maximum and $250,000, with the gap getting smaller as the regular cap rises over time.
The bill would also collect more from investment income by raising the Net Investment Income Tax from 3.8% to 16.2% for affected taxpayers and expanding the income it covers.
Where the bill stands and what’s still missing
The Social Security Expansion Act has been sitting in the Senate Finance Committee since it was introduced in February 2025, with no vote so far. Sanders tried to pass the bill by unanimous consent when he introduced it, but a Republican senator objected and called for a bipartisan approach instead.
Sanders has pointed to an earlier SSA analysis that found a previous version of the bill could keep Social Security fully funded for 75 years. That analysis dates to 2023, though, and looked at a somewhat different version of the proposal using older financial assumptions.
Until the current bill gets a new analysis, there isn’t an up-to-date estimate showing exactly how much of Social Security’s funding gap it would close.
What the increase could look like at different benefit levels
If the formula change adds about $200 a month for a middle earner, a $2,000 benefit could rise to roughly $2,200. Over a full year, that would take Social Security income from about $24,000 to $26,400.
The same dollar increase would feel much bigger on a smaller check:
- A $1,000 monthly benefit gaining $200 would rise by about 20%.
- A $4,000 monthly benefit gaining $200 would rise by about 5%.
For someone who relies heavily on Social Security, another $200 a month could make it easier to cover rising bills or leave a little more room in the budget. The exact boost would still depend on the benefit formula and your own earnings record.
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Bottom line
The $2,400 increase sounds appealing, but your own boost could look different depending on your benefit and earnings history.
The proposal still has a long way to go before it could become law, so there’s no reason to change your retirement plan around it today. For now, you could plan around the benefits available to you and keep an eye on whether Sanders’ proposal ever gains momentum. If it does, a bigger monthly check could eventually become part of the conversation for millions of retirees.
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Author Details
David Maina, CPA
David Maina, CPA, is a writer for FinanceBuzz with eight years of experience covering personal finance, with a focus on Social Security and retirement-related benefits. He helps readers understand how policy changes and personal decisions can impact their Social Security income, from avoiding common mistakes to navigating issues like benefit reductions and garnishments due to debt. He also breaks down complex topics like Medicare interactions and payment projections so readers can better plan for retirement.
