Boosting Benefits and COLAs for Seniors Act, S. 3974
On March 21, 2024, Sen. Bob Casey, D-PA, Chairman of the U.S. Senate Special Committee on Aging, introduced the Boosting Benefits and Cost-of-Living Adjustments (COLAs) for Seniors Act, S. 3974. The legislation aims to aid seniors with rising living costs by proposing a significant adjustment in the calculation of COLAs to better reflect the expenses faced by older adults.
The current COLA formula which is based on the Consumer Price Index for Urban Wage Earners (CPI-W), often fails to keep pace with the financial realities of seniors/retirees, particularly in areas like healthcare, which are underrepresented in CPI-W calculations. In contrast, the bill advocates for using the Consumer Price Index for Americans aged 62 or older (CPI-E), which more accurately accounts for seniors’ spending patterns.
Utilize our sample letter below and urge your Senators to co-sponsor S. 3974, and protect the financial security of federal retirees!