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Call for Change in How COLA is Calculated
The current system of COLA and Social Security benefit’s yearly increase is being put under the microscope. Many are calling the current system of the CPI-W out on being inaccurate as far as how the elderly spend their money because it is based on an entirely different demographic with different needs and different spending habits. This year Social Security missed out on a yearly increase because of a major decrease in the cost of gas which is factored in to the formula, something the elderly spend much less on compared to the rest of the population. To read more on this problem visit NYSEPost.com with this article.
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