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The Fair COLA for Seniors Act of 2021
Social Security currently adjusts payments annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, since CPI-W has wage earners in mind, most people receiving Social Security are no longer in the workforce, and it does not account for the actual costs for many retirees. The Fair COLA for Seniors Act of 2021 bill has been introduced in the House of Representatives; it would be used instead of CPI-W to calculate future Social Security COLA adjustments with the Consumer Price Index of Elderly Consumers (CPI-E). Ben Geier, writing for Yahoo!Finance explains how this could affect your Social Security Payment. Read Mr. Geier’s article here…