WASHINGTON, D.C. – (607NewsNow) – More than 4 million New Yorkers could benefit from legislation by Senator Kirsten Gillibrand.
On November 7, Gillibrand introduced the Social Security Emergency Inflation Relief Act, and the Boosting Benefits and COLAs for Seniors Act.
The first bill is designed to assist older adults keep up with rising costs on a short-term basis. It would increase Social Security checks by $200 until July 2026. It comes after an announcement from the Social Security Administration (SSA) in late October that benefits will increase by 2.8%, equivalent to an average of $56 a month. Three out of four Americans aged 50 and up say the amount is not enough to keep up with rising prices.
The second bill is designed to account for long-term cost-of-living adjustments (COLAs). It would direct the SSA to adjust benefits based on the Consumer Price Index for Americans 62 and up (CPI-E), which more accurately reflects costs incurred by older adults, as opposed to the Consumer Price Index for Urban Wage Earners (CPI-W).
“Americans deserve to retire with dignity, not spend their golden years just trying to get by,” said Senator Gillibrand. “Our seniors have spent a lifetime of hard work paying into Social Security, but the payouts simply aren’t keeping up with rising costs, and this year’s annual cost-of-living adjustment is not enough to keep seniors afloat. These two bills would help make sure that older Americans don’t have to choose between paying for medication and buying groceries, providing both short-term relief and long-term solutions. As the top Democrat on the Senate Aging Committee, I’m determined to pass these critical bills to make sure our seniors can age comfortably.”
The full text of the Social Security and Emergency Inflation Relief Act is available here. Click here to read the full text of the Boosting Benefits and COLAs for Seniors Act.
