Housing and healthcare are the biggest expenses facing the typical retiree. This is a huge problem because they don’t weigh heavily in the formula Social Security uses to calculate the annual cost-of-living adjustment (COLA). This means seniors are being shortchanged, explains an article by 24/7 Wall St.
Simply stated, Social Security uses the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, to measure inflation and calculate its annual COLA. But that index doesn’t put enough weight on typical senior expenses, such as healthcare and housing. The article points out that Medicare Part B premiums went up 10% this year and housing costs are up about 4% annually.
A better COLA calculator would use the Consumer Price Index for the Elderly, known as CPI-E. That could help going forward, but what about monetary losses from the past?
Council of Seniors Wants to Give Retirees More Money
All of us here at the Council of Seniors are working hard to get Congress to passThe SAVE Benefits Act. This crucial bill will put $581 back in seniors’ pockets to make up for Social Security cost-of-living adjustments (COLA) that were far too low for years.
Greedy Washington politicians are using retirees’ hard-earned money in other ways, but we’re dedicated to giving it back to those who are rightfully entitled to it.
Please take a moment and sign our petition today to show your support.