Rep. John Garamendi (D-CA) introduced the Fair COLA for Seniors Act of 2023 (H.R. 716) on February 1, aiming to increase Social Security benefits for seniors and people with disabilities. The bill would require Social Security to use the Consumer Price Index for the Elderly (CPI-E) to calculate the cost-of-living-adjustment (COLA) for seniors.

In a press release, Garamendi wrote, “Seniors and disabled citizens rely on Social Security benefits for a large portion of their income, and it's about time for Social Security benefits to reflect their lifestyles. Using a COLA that actually reflects how retirees spend their money – especially in health care – is a no-brainer that will increase benefits and make Social Security work better for the people it serves."

FMA supports this bill, which currently has 19 cosponsors. Calculating the COLA for seniors by using the CPI-E makes sense and more accurately accounts for seniors’ spending habits, which tend to have a larger percentage used toward health care. The bill would change the price index for both CSRS and FERS retirees.

To follow the progress of H.R. 716, click here.