Will adopting CPI-E make a big difference in your Social Security check?
One of the key issues in this election is Social Security. Many retirees feel the program hasn’t kept up with inflation as Social Security benefits have lost about one third of their buying power since 2000. Why? Well, one suggestion has to do with the annual cost of living adjustments (COLAs) that Social Security recipients get in their monthly checks. Some Senior Advocacy groups have called for a use of a different measure than the current CPI-W to determine the boosts to Social Security. In Dan Caplinger’s article appearing on The Motley Fool website. www.fool.com, he looks at Joe Biden’s proposed Social Security fix by adopting CPI-E as the inflation index for the yearly Social Security increase. Read Mr. Caplinger’s article here…
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.