This bill, named the "Safeguarding American Families and Expanding Social Security Act of 2026," seeks to enhance retirement security by increasing Social Security benefits and strengthening the program for future generations. One key provision temporarily expands the Social Security tax base. From 2026 to 2029, a declining percentage (starting at 80% in 2026 and phasing down to 20% in 2029) of wages and self-employment income exceeding the current contribution and benefit base will be subject to Social Security taxes. By 2030 and thereafter, no income above the base will be taxed, reverting to the current system. The bill significantly adjusts the primary insurance amount (PIA) formula to increase benefits. It raises the percentage factor for the lowest portion of earnings from 90% to 95% , boosting benefits for lower-income individuals. Furthermore, it introduces "surplus average indexed monthly earnings" (Surplus AIME), derived from earnings above the contribution and benefit base, and includes 5% of this Surplus AIME in the PIA calculation for individuals becoming eligible after 2030. For current beneficiaries, the bill mandates a recomputation of primary insurance amounts effective January 2026, potentially increasing their benefits based on adjusted bend points. If the recomputed amount is lower, the original higher benefit will be maintained. Finally, the legislation changes how cost-of-living adjustments (COLAs) are calculated. It requires the use of the " Consumer Price Index for Elderly Consumers " (CPI-E) for all Social Security benefit adjustments, starting with determinations for quarters ending on or after September 30, 2026. The Bureau of Labor Statistics is directed to develop and publish this new index, which reflects the consumption patterns of older Americans.