The bill on the expansion of social security should gain ground in Congress

A recent survey conducted by the Senior Citizens League among its members explored the areas on which the new Congress should focus. The increase in social security benefits was cited at 42%, followed by a 31% reduction in their taxation (the reduction in the price of prescription drugs was the third, at 18%).

"I think there's a growing feeling that something needs to be done," said Mary Johnson, League Policy Analyst for Social Security and Medicare. "It can take time to get legislation with many moving parts in place, so you need to have time to gradually introduce the changes."

However, congressional Republicans are generally reluctant to expand the program because of the higher taxes it would entail, and previous GOP proposals have advocated cutting benefits to alleviate the program's financial difficulties.

And, not everyone supports the expansion of the program.

More advisor tips:
Is your broker or advisor listed on FINRA's "bad guys" list?
You probably do not take these 2 key savings measures
It's time to have the death talk with your advisor

Subscribe to CNBC on YouTube

"The extension of benefits could help low-income retirees, but middle- and high-income workers would likely reduce their personal savings in response to the higher expected benefits of Social Security," said Andrew Biggs, a researcher at the University of Toronto. American Enterprise Institute, according to written testimony presented at the recent congressional hearing on retirement security. Biggs was a Deputy Commissioner of Social Security under President George W. Bush.

Biggs also said that even if tax increases would eliminate deficits, higher taxes could increase borrowing and debts of low-income workers, reduce labor and encourage high-income tax evasion, according to his written testimony.

While it is not certain that Larson's bill will be able to clear the House in its current form anyway, a Democrat-controlled House bodes well for it to progress. .

However, as with most important legislation, the bill could go through various stages before being approved or rejected by the entire House. And even if it succeeds, the measure would also need the approval of the Republican majority Senate, where the priorities could be very different.

"If the bill is pbaded by the House and then returned to the Senate without debate or vote, it will be an election campaign problem for 2020," Altman said.