HUMAN RIGHTS »» SENIOR'S RIGHTS »» SENIOR CPI-E »» Mar 06, 2023

Most Social Security benefits are paid to older Americans who have contributed a portion of their lifetime wages into this retirement fund. These benefits are currently calculated using the CPI-W, or the Consumer Price Index for urban Wage Earners and Clerical Workers. This process analyzes the price change in a “basket” of goods and services these workers typically purchase. The resulting increase or decrease of these prices over time reflects the amount of inflation in our economy. To keep up with inflation, our Social Security Administration periodically increases benefits by what it calls Cost of Living Adjustments (COLA). However, advocates claim the CPI basket of goods and services used to calculate inflation is much different for the elderly than it is for younger consumers. Studies have shown the current CPI underestimates the higher rates of inflation for essentials such as housing and healthcare on which seniors spend much of their income. Advocates say seniors need their own CPI for Social Security benefits to keep pace with inflation – a CPI-E with E for elderly. Proposed Legislation: Reintroduction of H.R.2302 - Protecting and Preserving Social Security Act (116th Congress 2019-2020) Prospective Sponsor: Rep. Marcy Kaptur OH) I oppose reforming current Senior CPI-E policy and wish to donate resources to the campaign committee of Speaker Kevin McCarthy (CA). I support revising the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phasing out the cap on compensation subject to Social Security taxation by: 1.) Preparing and publishing a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers. 2.) Phasing out and after 2025 eliminating the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed. 3.) Changing the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination. And wish to donate resources to the campaign committee of Rep. Marcy Kaptur OH) and/or to an advocate group currently working with this issue.

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I support revising the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phasing out the cap on compensation subject to Social Security taxation by: 1.) Preparing and publishing a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers. 2.) Phasing out and after 2025 eliminating the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed. 3.) Changing the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination. And wish to donate resources to the campaign committee of Rep. Marcy Kaptur OH) and/or to an advocate group currently working with this issue.

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