India, Nov. 11 -- A bill introduced by Democratic Senators could lead to Social Security payments rising by $200 per month, Newsweek reported. The proposed bill comes at a time when Americans are expressing increasing concerns over inflation and affordability. The Social Security Administration (SSA) announced in October that benefits are going to increase by 2.8 percent next year because of the annual cost-of-living adjustment (COLA).

The Social Security Emergency Inflation Relief Act and the Boosting Benefits and COLAs for Seniors Act were in Congress last week.

The first legislation is going to provide a $200 monthly boost to Social Security benefits until July 2026. Should the bill be enacted, Social Security and veterans benefits w...