Helping struggling seniors and disabled

As the Baby Boom generation grays, about 10,000 Americans turn 65 every day. Although overall inflation rates are low, the costs of many basic necessities from healthcare to housing continue to rise, pushing many seniors into poverty.

According to the latest government figures, 6.4 million Americans over age 65 are living in poverty. In Florida, 11 percent of seniors over 65 live below the poverty line, which is $11,770 a year for a senior living alone. Florida shares the spot for eighth-highest poverty rate among seniors in the nation.
via Miami Herald.

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But they also call for switching COLAs to the Consumer Price Index for the Elderly or CPI-E, designed by the U.S. Bureau of Labor Statistics. The CPI-E would boost Social Security payments without worsening the system’s deficit.

via The Social Security Fix That Could Help the Poorest Retirees.

Related Reading:

Why Seniors Need a CPI-E.

But if the CPI-E determined the Social Security COLA, the expected average COLA would increase about 0.2 percentage points per year.

Source: bit.ly politics cpi-e elderly older americans COLA cost of living adjustment seniors retirement retirees retirement crisis entitlements entitlement reform social security social insurance p2

Fortunately, a better formula exists. It’s called the Consumer Price Index for the Elderly — or CPI-E — based on a ‘basket’ of goods and services that reflects older Americans’ spending patterns.

via Improved Social Security COLA would help seniors stay ahead of inflation.

Source: on.mktw.net politics cpi-e social security COLA cost of living adjustment seniors elderly healthcare health care retirement retirees retirement crisis retirement security entitlements entitlement reform p2

Some in Washington claim the Chained CPI is a better way of calculating the COLA for seniors, well, it’s not. The Chained CPI is a benefit cut to Social Security and will affect seniors, veterans, and the disabled. A better option to calculate the... — Some in Washington claim the Chained CPI is a better way of calculating the COLA for seniors, well, it’s not. The Chained CPI is a benefit cut to Social Security and will affect seniors, veterans, and the disabled. A better option to calculate the COLA would be to use the CPI-E.

Source: ncpssm.org social security chained cpi cpi-e seniors elderly veterans disabled

The ‪Social Security‬ Trustees say you probably won’t get a COLA increase next year because inflation is low. But we know the COLA formula doesn’t work for seniors and that’s why we want a new formula for seniors, the CPI-E.
Read more from our... — The ‪Social Security‬ Trustees say you probably won’t get a COLA increase next year because inflation is low. But we know the COLA formula doesn’t work for seniors and that’s why we want a new formula for seniors, the CPI-E.
Read more from our release by clicking the graphic above or here.

Source: bit.ly social security COLA politics seniors entitlements retirement entitlement reform retirees retirement crisis cpi-e elderly p2

Three pieces of legislation have been introduced in the 116th Congress that would implement the CPI-E for calculating Social Security COLAs: Social Security 2100 Act, Social Security Expansion Act, and CPI-E Act.

via Will Medicare Premiums Eat Up Seniors’ 2020 COLAs?

Source: bit.ly politics 116th congress COLA cost of living adjustment seniors medicare health care healthcare p2 elderly older americans cpi-e congress social security social insurance

A more generous COLA formula is crucial to keeping millions of seniors from slipping into poverty. Fully 40% of America’s seniors depend on Social Security for virtually all their income.

via Improved Social Security COLA would help seniors stay ahead of inflation.

Source: on.mktw.net politics COLA social security social insurance p2 elderly older americans seniors retirement retirees retirement crisis entitlements entitlement reform cost of living adjustment congress cpi-e

ncpssm.org

The CPI-E – A Better Option for Calculating Social Security COLAs

The CPI-E – A Better Option for Calculating Social Security COLAs
President Obama’s 2014 budget proposal includes a plan to change the way Social Security cost-of-living adjustments, or COLAs, are calculated by adopting the “chained” consumer price index (CPI). The National Committee has been vocal in its opposition to the chained CPI because it does not accurately measure the purchasing patterns of our elderly population. We urge the adoption of a CPI for the elderly, or CPI-E, as a more accurate means of calculating Social Security COLAs. An in-depth examination of the CPI-E follows.

Source: ncpssm social security chained cpi cpi-e politics cola seniors elderly

The National Committee believes a fully developed CPI-E represents the best hope for correcting problems with the CPI-W for America’s seniors. Congress and the Administration should provide the BLS with the resources needed to perfect the CPI-E and make it the standard for calculating COLA adjustments for Social Security, Veterans, and Federal Civilian and Military retirement benefits. America’s seniors worked hard for their earned benefits and they deserve to have their standard of living and purchasing power preserved through an accurate COLA calculation.

via NCPSSM.

Source: ncpssm.org cpi-e social security politics seniors retirement entitlements p2 entitlement reform retirees retirement crisis elderly social insurance

Baker proposes that if after a few years of studying this more robust CPI-E, economists find that it typically grows 0.2 or 0.3 percent more than the current price index, then it would be worth adopting the CPI-E or at least adding that increase onto the CPI-W.

via Huffington Post.

Austerity or Accuracy? Why Seniors Need a CPI-E

In 1987, while the Staff Director of the Senate Special Committee on Aging, I helped develop legislation to create a Consumer Price Index for the Elderly (CPI-E). The goal was to more accurately measure the prices and inflation seniors face, ultimately leading to more representative cost of living adjustments (COLAs) for America’s retirees. Never in my wildest dreams could I have predicted that, 26 years later, our nation would still be without an accurate CPI formula for millions of seniors, and that the CPI-E would still be considered “experimental.”

Our President and CEO, Max Richtman, has written a blog post that’s up on the Huffington Post concerning the CPI-E.

Source: The Huffington Post social security cpi-e cola politics seniors elderly entitlements

NCPSSM — Helping struggling seniors and disabled

See, that’s what the app is perfect for.