HR-8044 : Still Just a Bill

H.R. 8044, also known as the "Boosting Benefits and COLAs for Seniors Act," proposes changes to how Social Security benefits are adjusted for cost-of-living increases. Here's a summary:

• Cost-of-Living Adjustments (COLAs): The bill mandates that the Social Security Administration use either the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) or the Consumer Price Index for Elderly Consumers (CPI-E), whichever results in a higher adjustment.
• CPI-E Index: Requires the Bureau of Labor Statistics to publish a monthly Consumer Price Index for Elderly Consumers (CPI-E), reflecting the typical spending patterns of individuals aged 62 and older.
• Pre-1979 Law Application: The bill also updates references to the Consumer Price Index in pre-1979 Social Security laws, ensuring the use of either CPI-W or CPI-E, whichever is higher.
• No Effect on Other Laws: Specifies that the changes made by this bill will not affect how cost-of-living adjustments are calculated under other laws that reference Social Security's COLA.
• Transition Rule: Before the official CPI-E is published, the bill directs to use a research price index for Americans 62 years of age and older (R-CPI-E).
• Effective Date: These changes would apply to cost-of-living computation quarters ending on or after September 30, 2024.

In short, H.R. 8044 aims to provide more accurate and potentially larger cost-of-living adjustments for Social Security beneficiaries by considering the spending habits of seniors.