Leada Gore
Social Security recipients could see an increase in monthly benefits under a new proposal that would change how the yearly Cost-of-Living-Adjustment, or COLA, is calculated.
Rep. Ruben Gallego, D-Arizona, has introduced the Boosting Benefits and COLAs for Seniors Act in the U.S. House. The bill requires the use of the Consumer Price Index for Americans 62 years of age and older to set the yearly COLA change. Currently, COLA benefits are adjusted using the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W.