This bill changes how Social Security and related benefits calculate annual cost-of-living adjustments (COLAs) for seniors. Currently, the government uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to determine COLA increases. The bill requires the Social Security Administration to instead use whichever is higher between the current CPI-W or a new Consumer Price Index for Elderly Consumers (CPI-E) that tracks price changes in goods and services typically purchased by people age 62 and older. The change affects Social Security benefits, supplemental security income, and Medicare-related payments. The bill requires the Department of Labor to create and publish the CPI-E index and makes the new calculation method effective starting with benefit adjustments made in September 2026. The legislation aims to better reflect actual inflation costs faced by seniors, potentially increasing their annual benefit increases.
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