Rep. Ruben Gallego introduced a bill that could change the way the annual cost-of-living adjustment to Social Security benefits is calculated.
A newly proposed bill introduced by Arizona Representative Ruben Gallego, a Democrat, could change how the yearly cost-of-living adjustment to Social Security benefits is calculated, potentially boosting checks for retirees and other recipients.Read more: Where to Park Your Cash: CD vs.
But Gallego argues that this formula doesn't consider the specific costs that retirees have to face, which are different from the rest of the American population. For example, medical expenses weigh more heavily on elders than younger people—a number which is reflected in the CPI-E, but not necessarily in the CPI-W.
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