Proposed Change in Social Security Could Mean More Money for Retirees

A proposed bill could change how the Social Security COLA is calculated, resulting in higher benefits for retirees.

A Social Security card is partially obscured and surrounded by cash.
(Image credit: Getty Images)

A new bill could result in an important change in Social Security cost of living adjustments (COLAs) that could benefit retirees. The Boosting Benefits and COLAs for Seniors Act, proposed by Rep. Ruben Gallego (D-Ariz.) and Sen. Bob Casey (D-Pa.), aims to “protect and expand benefits for older adults who rely on them” by making significant changes to the COLA calculation. 

The bill claims that many older adults struggle to afford necessities, like food, medication and clothing, because current Social Security benefits have not kept up with rising costs. 

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.