Raises Social Security benefits and changes how annual cost-of-living adjustments are calculated by using the CPI‑E (an index focused on older consumers). Sets a higher minimum benefit for long‑time low earners and restores student benefits in some cases up to age 22.

To help pay for the improvements and strengthen finances, it applies Social Security payroll taxes to wages between the current cap and $250,000, updates the self‑employment tax formula, adds a 16.2% tax on certain investment gains, and merges the two existing trust funds into one Social Security Trust Fund. Most tax and trust fund changes start the first January after enactment; the main benefit increases start January 1, 2026.