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Higher Social Security Raises Using New Inflation Index for Seniors.

This Act aims to increase annual Social Security cost-of-living adjustments (COLA) by using a new inflation index (CPI-E) that better reflects the typical expenses of individuals aged 62 and older. It also temporarily adjusts contributions: a portion of earnings above the current wage cap will be subject to Social Security taxes between 2025 and 2030, slightly increasing future benefits for these high earners.
Key points
Annual Social Security raises (COLA) will be calculated using the Consumer Price Index for Elderly Consumers (CPI-E), likely resulting in larger benefit increases for retirees.
Benefit increases due to the new CPI-E will not count against eligibility for assistance programs like SSI or Medicaid.
From 2025 to 2030, a percentage of income exceeding the current Social Security contribution limit will be taxed, and a small fraction of these surplus earnings will be included in future benefit calculations.
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Additional Information
Print number: 118_S_4877
Sponsor: Sen. Hirono, Mazie K. [D-HI]
Process start date: 2024-07-31
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting and Preserving Social Security Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4877.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-31.

What are the main provisions?

Key points include:

  • Annual Social Security raises (COLA) will be calculated using the Consumer Price Index for Elderly Consumers (CPI-E), likely resulting in larger benefit increases for retirees.
  • Benefit increases due to the new CPI-E will not count against eligibility for assistance programs like SSI or Medicaid.
  • From 2025 to 2030, a percentage of income exceeding the current Social Security contribution limit will be taxed, and a small fraction of these surplus earnings will be included in future benefit calculations.
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. Hirono, Mazie K. [D-HI].

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 Taxes