What Congress is Doing to Help Struggling Seniors
A new bill introduced in Congress could help financially strapped seniors. According to an article in AL.com, Rep. Ruben Gallego (D-Arizona) has introduced the Boosting Benefits and COLAs for Seniors Act in the U.S. House.
If passed, this bill would require using the Consumer Price Index for Americans 62 years of age and older (CPI-E) to set the yearly Social Security cost-of-living adjustment (COLA) rate. Currently, COLA benefits are adjusted using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The belief is that the CPI-E inflation gauge more accurately reflects the costs incurred by older adults, especially related to healthcare and housing.
A Better Bill
The Boosting Benefits and COLAs for Seniors Act is not the only bill before Congress that calls for changing the COLA calculator.
The Social Security Expansion Act would also adopt the CPI-E. The Seniors Trust believes this is a much better option.
In addition to using the CPI-E, which would provide seniors with a COLA that reflects how inflation actually impacts their unique spending habits, the Social Security Expansion Act provides additional financial benefits. Retirees would also gain from its across-the-board benefits boost of about $2,400 per year.
You can show your support for this landmark piece of legislation by joining The Seniors Trust in calling on Congress to enact this bill and signing our petition.
