WASHINGTON, DC – Legislation has been introduced by PA U.S. Sen. John Fetterman called the Boosting Benefits and COLAs for Seniors Act, which would protect and expand Social Security benefits for older adults. Each year, Social Security benefits are adjusted by the Cost-of-Living Adjustments or COLA’s, but in recent years, benefits have failed to keep up with rising costs and inflation. This year’s COLA was 2.8%. The measure directs the Social Security Administration to adjust benefits based on the Consumer Price Index for Americans aged 62 or older or CPI-E, whereas current benefits are based on the Consumer Price Index for Urban Wage Earners or CPI-W. The CPI-E takes into account more of the costs incurred by older Americans, such as medical expenses – making it a more accurate index to use when calculating benefits.
SEN. JOHN FETTERMAN