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September 26, 2024 at 03:59 PM
What You Need to Know
- The bill would adjust benefits for the first time in 70 years.
- Survivor benefits would increase from $255 to $2,900 beginning in 2025.
- The boost would help surviving family members cover costs associated with cremation or burials.
New legislation, the Social Security Survivor Benefits Equity Act, would increase the Social Security lump-sum death benefit from $255 to $2,900, indexing it for inflation annually thereafter.
The bill, S.5178, was introduced by Sen. Peter Welch, D-Vt., and is co-sponsored by Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt.
Welch said Thursday in a statement that the bill ”would adjust benefits for the first time in 70 years to cover costs associated with cremation or burials for surviving family members by increasing the Social Security Administration’s (SSA) lump-sum death benefit to account for inflation.”
Beginning in 2025, survivor benefits would increase from $255 to $2,900 and subsequently ensures that the benefit is indexed to keep up with inflation, Welch said.
