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Higher Social Security Benefits: New COLA Calculation Method for Seniors.

This bill changes how annual Social Security benefit increases (Cost-of-Living Adjustments) are calculated. It mandates using the higher of two inflation indices: the current index (CPI-W) or a new index specifically tracking costs for consumers aged 62 and older (CPI-E). This aims to ensure that retirement and disability benefits keep pace more accurately with the actual expenses faced by seniors, particularly healthcare and housing.
Key points
Change in COLA calculation: Social Security benefits will be adjusted based on whichever inflation index yields a higher increase: the current Urban Wage Earners index (CPI-W) or the new Elderly Consumers index (CPI-E).
Potential for larger annual increases: Since the CPI-E better reflects senior expenses like healthcare, this change is likely to result in higher annual benefit increases for recipients of Social Security, SSI, and related programs.
New Index Creation: The Bureau of Labor Statistics is required to develop and publish the Consumer Price Index for Elderly Consumers (CPI-E).
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Additional Information
Print number: 118_S_3974
Sponsor: Sen. Casey, Robert P., Jr. [D-PA]
Process start date: 2024-03-19
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Boosting Benefits and COLAs for Seniors Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3974.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-19.

What are the main provisions?

Key points include:

  • Change in COLA calculation: Social Security benefits will be adjusted based on whichever inflation index yields a higher increase: the current Urban Wage Earners index (CPI-W) or the new Elderly Consumers index (CPI-E).
  • Potential for larger annual increases: Since the CPI-E better reflects senior expenses like healthcare, this change is likely to result in higher annual benefit increases for recipients of Social Security, SSI, and related programs.
  • New Index Creation: The Bureau of Labor Statistics is required to develop and publish the Consumer Price Index for Elderly Consumers (CPI-E).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Casey, Robert P., Jr. [D-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Benefits Economy