Here at NORA, our core mission is to raise Social Security benefits for all seniors.

We’ve all paid into this program and deserve to be paid back in full. Unfortunately, policymakers have been failing in their responsibility to retirees over the years, resulting in lower payments and broken promises.

A new bill now exists to help right these wrongs. H.R. 5841, which we refer to as The COLA Act, could change the future of Social Security for current and future retirees alike.

Why is The COLA Act Important for Retirees?

This new bill aims to change how the annual Cost-of-Living-Adjustment (COLA) is calculated. If passed, it would require policymakers to use the Consumer Price Index for Elderly Consumers (CPI-E) for purposes of determining increases, so they would align more accurately with the economic needs of seniors.

Readers of our publication will know we’ve discussed this issue at length previously. Seniors have been shorted for years on their adjustments, but it isn’t just a lack of funding that’s to blame. The outdated approach of using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) has been a mistake at best, and an injustice at worst.

Even for those seniors who don’t rely on Social Security to sustain themselves, these benefits are crucial. Remember, these benefits are your own money, not a gift from government. Accurate updates to the formula for calculating adjustments could result in a fairer system. It could result in one that honors the commitments of workers and older Americans.

It could also renew the faith that workers of all ages have in this system, which is nearly a century old. The emergence of this bill proves that advocacy works. We at NORA would like to thank our readers for their efforts to help drive change in Washington.

What do you think about this bill? Share your thoughts. You can also sign our petition to raise benefits and compensate seniors for years skipped. Be sure to follow us on Facebook and Twitter for more updates about The COLA Act and other important topics for seniors.