To account for inflation, the Social Security Administration (SSA) uses cost-of-living-adjustment (COLA) to adjust beneficiaries’ benefit amounts. COLA calculations help determine how much of an increase can be expected on monthly benefits.

Here is how they are calculated:

However, there is a problem with these calculations. Currently, COLA does not correctly account for what senior citizens actually spend each year. Specifically, they do not take into account rising healthcare prices that can often take up a majority of an individual’s benefits.

This is why The Senior Citizens Bill of Rights needs to be passed now. Right number 3 of this bill guarantees that COLA calculations must take into account healthcare prices. Please help us call on Congress to protect the financial security of senior citizens. Please sign our petition.