Millions of seniors nationwide rely on the financial support they receive each month via their Social Security benefits checks. These payouts have failed to keep up with inflation and the escalating prices of basic goods and services over time.
The Cost-of-Living Adjustment (COLA)At the end of each year, the Social Security Administration (SSA) informs Social Security recipients about how much they can expect to see in their payouts for the forthcoming year. Benefits typically undergo some level of change based on the SSA’s annual cost-of-living adjustment (COLA).
Boosting Benefits and COLAs for Seniors ActIn late March 2024, U.S. Senator Bob Casey introduced the Boosting Benefits and COLAs for Seniors Act. The Act changes the formula that the SSA uses to calculate Social Security benefits for older adults. Specifically, it proposes using the Consumer Price Index for the Elderly (CPI-E), which would better reflect the specific types of costs seniors face.
Senator Gillibrand, a cosponsor of the legislation, explains that this change would “factor the high cost of health care into Social Security benefits calculations.” In turn, this would mean bigger payouts for seniors and, she adds, would “help make sure recipients aren’t forced to choose between paying for their medication and buying other necessities.”
0 Comments
|
Archives
May 2024
|
Services |
Company |
|