Retirement Social Security

Republican Proposes Bill to Consider Major Social Security Changes

A bill proposes creating a commission to support Social Security solvency.

By Paige Cerulli , Edited by Andrea Basse

Updated June 5, 2026

Add Us On Google

Social Security benefits are a key component of millions of Americans' retirement plans, but the Social Security program's future is uncertain. A newly reintroduced bill seeks to change that. Representative Gus Bilirakis reintroduced the Commission on Sustaining Medicare and Social Security Act in an effort to ensure the safety net programs that support so many citizens are around for years to come.

Here's what to know about the bill, the current issues facing the Social Security program, and how your retirement plan might be impacted.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

A home warranty from Choice Home Warranty could pick up the slack where insurance falls short.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

Why the bill matters right now

According to Social Security Administration estimates from August, the trust fund of Social Security retirement benefits may run out as early as 2032. At that point, the benefits would need to be reduced by 24%.

The Committee for a Responsible Federal Budget found in a new report that the 24% benefit cut would reduce monthly benefits by an average of $500 for retirees. That count would affect approximately 63 million current Social Security beneficiaries, including 54 million retired workers. Approximately 17.7% of the United States population would be affected by the cuts.

If Congress doesn't take action, these cuts could be implemented in just a few years, affecting a significant portion of the population, including retirees living on fixed incomes.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

The Commission on Sustaining Medicare and Social Security Act

Bilirakis reintroduced the Commission on Sustaining Medicare and Social Security Act on June 2 to help protect and strengthen these programs.

"Medicare and Social Security represent a sacred promise to America's seniors, disabled individuals, and working families who have paid into these programs throughout their lives," Bilirakis said. "We have a moral responsibility to preserve and strengthen these vital programs, not only for today's beneficiaries but for future generations as well. The longer we wait to address these challenges, the fewer options we will have and the more difficult the solutions will become."

What the bill proposes

The bill proposes establishing an independent, bipartisan commission of experts who could work to identify solutions to ensure that Medicare and Social Security remain financially stable long-term. The commission could provide recommendations to Congress on actions that could be taken to prevent these programs from becoming insolvent.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.

What the commission might do

If the bill passes and a commission is created, that commission could conduct a review of the financial outlook for Medicare and Social Security. From there, the commission could evaluate policy options and offer recommendations to Congress on actions that could help keep the programs strong and sustainable.

Addressing the question of COLA

The commission could also evaluate whether the current formula used to calculate annual Cost of Living Adjustments (COLA) accurately reflects the financial challenges that seniors face. Since the COLA is calculated using data from the Consumer Price Index for Urban Wage Earners and Clerical Workers, which measures the spending patterns of workers, it doesn't reflect factors like how seniors spend a large portion of their income on health care expenses. As health care costs have increased faster than inflation over the past few years, there's been lots of discussion about whether the COLA accurately reflects the increasing costs that seniors face.

Past efforts to improve Social Security solvency

Bilirakis pointed at the previous use of a commission to improve Social Security solvency as a model for his proposal.

"By bringing together experts from across the political spectrum, we can remove partisan politics from the conversation and focus on practical, responsible solutions," Bilirakis said. "We have done this before. In the early 1980s, President Ronald Reagan and Speaker Tip O'Neill worked across party lines to preserve Social Security through a similar commission process. Their efforts succeeded because they put the American people ahead of politics. I believe we can do so again."

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Proposed solutions to Social Security fund depletion

Knowing that Social Security's funds could be depleted in a few years, many ideas have been put up for debate. A few of those ideas include raising the full retirement age, changing the COLA inflation index, increasing taxes for higher earners, adjusting benefit amounts, and raising or eliminating the payroll tax cap.

These ideas might help increase the program's funds, but no one idea has emerged as a clear favorite, and at this point, these ideas are all hypothetical.

Bottom line

Critics question whether Bilirakis' proposed commission could work, noting that the legislative and political landscape makes it unlikely that the bill could pass. Some financial experts have noted that the general proposed solutions for addressing Social Security's funding are already well-understood, so the creation of a commission might actually delay the process of finding a fix. At this point, the bill is a proposal, not an enacted law, and its future is uncertain.

Since Social Security benefits might be reduced in the future, this is a good time to meet with a financial advisor to review your retirement plan and see how your retirement savings stack up.

More from FinanceBuzz: