Fair COLA for Seniors Act of 2023

Fair COLA for Seniors Act of 2023

This bill bases cost-of-living adjustments for certain benefits available through federal and military retirement programs, Social Security, and specified programs for veterans on a price index that tracks the spending patterns of older consumers. The Bureau of Labor Statistics of the Department of Labor must publish that price index on a monthly basis.

Bill 118 hr 716, also known as the Fair COLA for Seniors Act of 2023, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide a fair Cost of Living Adjustment (COLA) for seniors receiving Social Security benefits.

The bill aims to address the issue of rising costs of living for seniors by adjusting Social Security benefits to better reflect the actual expenses faced by older Americans. This adjustment would be based on the Consumer Price Index for the Elderly (CPI-E), which takes into account the spending patterns of seniors.

If passed, the Fair COLA for Seniors Act of 2023 would ensure that seniors receive a more accurate and adequate COLA each year, helping to protect their financial security and well-being. This bill has garnered bipartisan support in Congress, with lawmakers from both parties recognizing the importance of providing fair and equitable benefits to older Americans. Overall, the Fair COLA for Seniors Act of 2023 seeks to address the financial challenges faced by seniors on fixed incomes and ensure that they are able to maintain a decent standard of living in their retirement years.