New Bill Benefits Social Security

Here's what you need to know.

Social security is getting a big boost after a recent bill seems to bring many benefits for those who are living off of it. The bill was made by Rep. John B. Larson to help with senior living costs.

If the bill passes, the average benefit for each retiree would go up by about 2%. This bill would also change COLA by adding in healthcare expenses into the flow. Larson stated that healthcare is one of the main things retiree's spend money on.

He added that improved inflation protection will help old and new retiree's in the long run. This comes after many seniors wanted more coverage due to the cost of living raising every year by a large amount.