Boosting Benefits and COLAs for Seniors Act

This legislation seeks to modify how cost-of-living adjustments (COLAs) are determined for benefits under Titles II, VIII, and XVI of the Social Security Act. It requires the Commissioner of Social Security to calculate COLAs using either the existing Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) or a new Consumer Price Index for Elderly Consumers (CPI-E) , selecting whichever index yields the higher percentage increase for beneficiaries. A key provision mandates the Bureau of Labor Statistics (BLS) to prepare and publish the CPI-E, which will specifically measure expenditure changes for individuals aged 62 and older, better reflecting their typical spending patterns. Until the official CPI-E is available, a research version (R-CPI-E) will be used for these calculations. This change aims to provide more accurate and potentially larger benefit increases for seniors, applying to COLA determinations made on or after September 30, 2026, and explicitly not affecting adjustments under other laws.