When a Social Security beneficiary dies, their loved ones may qualify for a one-time $255 lump-sum death payment.
Yet that amount has not changed in 70 years — since 1954 — while inflation has pushed the costs for funerals higher.
On Wednesday, Sen. Peter Welch, D-Vt., introduced a new bill, the Social Security Survivor Benefits Equity Act, to raise the lump-sum death benefit to $2,900 to reflect today's cost of living.
Under the terms of the bill, the higher $2,900 death benefit would go into effect in 2025.
The proposal has been endorsed by advocacy organizations Social Security Works and the Strengthen Social Security Coalition.
Persons:
Sen, Peter Welch, Bernie Sanders, Elizabeth Warren, Welch, haven't
Organizations:
Social, Social Security Survivor, Equity, Finance, Social Security, National, Consumer, Urban, Clerical Workers, Social Security Coalition
Locations:
Sens