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Revamped Social Security Invoice To Enhance COLA for Seniors Seeks Widespread Assist

Share this…FacebookPinterestTwitterLinkedin Molly Riley / AP A Home Democrat proposal to reform Social Security is being reintroduced to Congress. The…

By Staff , in Social Security , at October 27, 2021



Molly Riley / AP

A Home Democrat proposal to reform Social Security is being reintroduced to Congress. The brand new model of the invoice, dubbed Social Security 2100: A Sacred Belief, is now aimed toward drawing extra assist from President Biden and Republicans, CNBC reported.

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This new invoice combines Biden’s proposals with Home Methods and Means initiatives to increase and improve Social Security advantages, mentioned Rep. John Larson, D-Conn., chairman of the Home Methods and Means subcommittee on Social Security, who introduced the invoice ahead.

The Social Security 2100 Act goals to tie annual cost-of-living changes to the Shopper Value Index for the Aged, or CPI-E. CNBC famous that this may increasingly higher mirror senior bills.

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The Social Security Administration additionally introduced this week that 2022 Social Security and Supplemental Security Earnings advantages might be boosted 5.9% to assist seniors with the rise in the price of residing, as beforehand reported by GOBankingRates. Costs are at present 5.4% greater in comparison with final 12 months. The 2022 COLA represents the most important leap in advantages in about 40 years.

The Nationwide Committee to Protect Social Security and Medicare mentioned that whereas the COLA enhance for 2022 is “welcome information for seniors,” the methods the annual changes are calculated should even be adjusted, based on a separate CNBC report.

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Nonetheless, some say that the CPI-E is an experimental index. “That index is just not an actual match to the Social Security beneficiary inhabitants, and it hasn’t been absolutely studied,” Chantel Boyens, principal coverage affiliate on the City Institute, mentioned throughout a webinar, based on CNBC. Boyens claims {that a} one-time profit enhance can be simpler at decreasing poverty.

Extra From GOBankingRates

Final up to date: October 26, 2021

This text initially appeared on GOBankingRates.com: Revamped Social Security Invoice To Enhance COLA for Seniors Seeks Widespread Assist



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