COLA
New COLA calculation bill in Congress
Erin Bendig of Kiplinger explains a new bill in Congress that could result in a change to Social Security cost of living adjustments (COLAs) that could benefit retirees. The Boosting Benefits and COLAs for Seniors Act, proposed by Rep. Ruben Gallego (D-AZ) and Sen. Bob Casey (D-PA),…
Social Security & Inflation: Keeping Up or Losing Ground?
Tami Luhby of CNN writes here that Social Security is not keeping up with inflation and that many seniors may exact their ire over the issue at President Joe Biden. Two recent cost of living increases (5.9% in 2021 and…
CPI-E Advanced in New Congressional Bill
U.S. Rep. Ruben Gallego (D-AZ) recently introduced legislation that could increase the monthly benefits paid to seniors by requiring the Social Security Administration to use a different inflation-calculation formula. His bill, titled the “Boosting Benefits and COLAs for Seniors Act,” calls…
Early Estimate of 2025 Cost of Living Adjustment (COLA)
While it is still way too early in the year to say with certainty what next year’s COLA increase will be, one senior’s group is suggesting that continued high inflation will likely mean another 3% (or so) increase to everyone’s…
Ask Rusty – Older Husband and Working Wife Seek Guidance
Dear Rusty: I am 74 years old, retired and receiving Social Security. My wife will be 65 in January of 2025. Our hope was to start paying off some credit card expense by her receiving SS when she turns 65,…
Changing how COLA is calculated
U.S. Senator Kirsten Gillibrand has introduced the bill “Under the Boosting Benefits and COLAs for Seniors Act (S. 3974), which would change the calculation of the yearly Social Security cost-of-living-adjustment (COLA) by switching from the Consumer Price Index Urban Wage…
The newest COLA estimate
The Bureau of Labor Statistics reported the March 2024 Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12 months. Based on this announcement, the Senior Citizens League has estimated the cost-of-living…
New bill endorses CPI-E as a means to avoid steady loss of seniors’ purchasing power
At last week’s Aging Committee hearing on preserving and protecting Social Security, Sen. Bob Casey (D-PA) summarized the newly-introduced Boosting Benefits and COLAs for Seniors Act as intending to “help seniors contend with rising costs by changing the way that Social…
Speculation about COLA for 2025
Admittedly, it’s way too early to say with certainty what next year’s Cost of Living Adjustment (COLA) for Social Security will be. COLA is, after all, based on inflation as measured in the 3rd quarter (July – September) of each…
The latest 2025 COLA estimates
The latest 2025 Social Security COLA predictions are out, and it seems to be on track to be less than this year’s 3.2 percent; however, the official announcement is not until mid-October. Analysis by the Senior Citizens League estimates the…