Social Security increase: Heres how seniors could get more money under new proposed plan [Video]

A proposed change in the calculation method for the yearly Cost-of-Living-Adjustment (COLA) could result in higher monthly benefits for Social Security recipients. The adjustment aims to better align benefits with the actual expenses experienced by seniors.

The Boosting Benefits and COLAs for Seniors Act, introduced by Rep. Ruben Gallego, D-Arizona, proposes changes to the calculation of the COLA for social security recipients.

If enacted, this bill would require the use of the Consumer Price Index for Americans aged 62 and older to determine the COLA, replacing the current use of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

READ MORE: Social Security 2025 COLA increase: New projection released

Currently, COLA adjustments are based on CPI-W data from the third quarter of each year. The proposed change aims to provide a more accurate reflection of inflation experienced by seniors, particularly in areas such as healthcare, food and …