Boosting Benefits and COLAs for Seniors Act

Key Points

• This bill changes how Social Security cost-of-living adjustments (COLAs) are calculated by allowing the use of a new price index that tracks what seniors actually spend money on, like healthcare and housing. The government would compare two inflation measures each year and use whichever one gives seniors a bigger raise.
• The change applies to Social Security retirement benefits (Title II), Supplemental Security Income or SSI (Title XVI), and benefits for certain World War II veterans (Title VIII). These three programs together cover tens of millions of Americans.
• The Labor Department would be required to officially create and publish a Consumer Price Index for Elderly Consumers every month, tracking spending patterns of Americans age 62 and older.
• Until the new official index is ready, the government would use an existing research index already tracked by the Bureau of Labor Statistics to make sure higher raises happen on time.
• The new calculation method would take effect for cost-of-living computation quarters ending on or after September 30, 2026, meaning seniors could see the impact in their benefit checks starting in early 2027.

Votes

No votes have been recorded for this legislation yet.