Social Security plays a crucial role in supporting older Americans, yet many face financial strain due to outdated policies. Adjusting the Cost-of-Living Adjustment (COLA) formula and altering taxation on benefits could provide seniors with significantly increased income. The current COLA calculation relies on the Consumer Price Index for Urban Wage Earners, which may not accurately reflect the living costs of retirees, particularly those outside urban areas. These policy changes could enhance the financial security of seniors who often rely on Social Security as their primary income source.
But no matter how much money you're getting from Social Security right now, let's face it - you would probably appreciate getting more.
There are two policy changes that could put more money in seniors' pockets, including a new COLA formula and changing the rules for taxing benefits.
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