This bill would change how Social Security cost-of-living adjustments, or COLAs, are calculated for seniors. Currently, the government uses the Consumer Price Index for Urban Wage Earners and Clerical Workers to determine annual benefit increases. Under this legislation, the government would instead use whichever index is higher between that current measure and a new Consumer Price Index for Elderly Consumers that tracks prices seniors actually pay for goods and services. The bill would apply these changes to Social Security benefits as well as related programs like Supplemental Security Income. The changes would take effect beginning with adjustments calculated for the quarter ending September 30, 2024, and would require the Department of Labor to develop and publish the elderly-specific price index if it is not already available.
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