Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill changes how Social Security cost-of-living adjustments (COLAs) are calculated to better reflect the actual expenses of older Americans. Currently, Social Security uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks spending patterns for working-age people. The bill requires the government to also calculate adjustments using the Consumer Price Index for Elderly Consumers (CPI-E), which reflects what seniors actually spend money on, and directs the Social Security Administration to use whichever index produces the higher benefit increase. The changes apply to Social Security retirement, survivor, and disability benefits, as well as supplemental security income. The bill requires the Department of Labor to publish the CPI-E monthly based on spending patterns of people age 62 and older, with the new calculation method taking effect for benefit adjustments on or after September 30, 2026.
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