Friday, October 24th, 2014

Chained CPI Could Change Social Security Payouts

socialsecuritycardOne of the proposals for reducing the federal deficit is something called a chained CPI, which would be used as a new way of calculating cost-of-living adjustments to Social Security.  

But an Arizona senior advocate says it makes assumptions about seniors that do not reflect reality.  Chained CPI supporters say it is a more accurate measure of the cost-of-living.  Steve Jennings of American Association of Retired Persons Arizona says it is not more accurate when it comes to seniors.

Jennings says the chained CPI represents a significant cut that would cost the average senior thousands of dollars in their retirement years. Women would be hit even harder, he says, because they tend to live longer and rely more heavily on Social Security.

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