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Senior Citizens League pushes for More Effective COLA Process
It hasn’t really changed since cost-of-living adjustments (COLA) became a reality nearly 50 years ago, and the projected 2024 announcement was again based on use of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a statistic that measures changes in the pricing of consumer goods and services purchased by households. In the eyes of many, that statistic does not do a satisfactory job of keeping beneficiaries from losing ground to the inflationary pressures faced by seniors.
With all that in mind, 401kspecialistmag.com’s Editor-in-Chief Brian Anderson offers a piece (check it out here) that develops the Senior Citizens League thought that “Eight in 10 retirees think Congress should beef up inflation protection by providing a Social Security COLA that more closely reflects inflation experienced by older adults.” The thought summarizes comments gathered from a study conducted earlier this month, and can be explored further here.
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