Social Security increase: New bill could give seniors more money [Video]

Social Security benefit recipients could see a Social Security increase, if a new bill proposed in Congress gets passed and signed into law.

The “Boosting Benefits and COLAs for Seniors Act,” proposed by Rep. Ruben Gallego, D-Ariz., and Sen. Bob Casey, D-Pa., requires the use of the Consumer Price Index for Americans 62 years or older to set the change in cost-of-living adjustments (COLAs).

The COLA is currently calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers, otherwise known as the CPI-W.

“The Consumer Price Index for Americans aged 62 or older (CPI-E) is another price index that is more reflective of the actual costs incurred by older adults; for example, within CPI-E, medical expenses are weighted more heavily than they are in CPI-W,” Sen. Casey said in a statement.

This is compared to the CPI-W, which reflects Americans’ everyday spending, including expenses on food, consumer goods and housing.

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