WASHINGTON — Last month, the Social Security Administration announced the first cost-of-living adjustment for recipients in two years. Wednesday, a pair of federal legislators unveiled a plan aimed at helping senior a little more.
Sen. Sherrod Brown in a teleconference with reporters announced the introduction of the Consumer Price Index for Elderly Consumers Act. The proposal, introduced by Brown, D-Ohio, and Sen. Barbara Mikulski, D-Md., changes the cost-of-living-adjustment formula for Social Security to more accurately reflect the expenses of senior citizens, Brown said.
Because of an outdated and flawed formula, seniors are seeing their energy, food and prescription drugs costs rise, while their Social Security checks remain stagnant, Brown said. With two-thirds of seniors depending on Social Security for the majority of their income, too many seniors are being forced to choose between heating their homes or filling their prescription drugs.
To read the rest of the article, click on the source link above.