A move to change the way Social Security calculates cost-of-living adjustments to reduce deficit is cause for worry among seniors, especially women.
AARP associate state director for advocacy Sarah Waddle said the proposed chained Consumer Price Index (CPI), which lawmakers are currently considering, will result in smaller annual increases for seniors. Although the idea is that seniors will be frugal enough to find cheaper alternatives of what they need, Waddle says this. Hoosier seniors will lose around $2.6 billion over 10 years using the “chained CPI,” AARP calculates. Waddle also stressed that senior women will be greatly affected by “chained CPI” calculation because a majority tend to live longer and receive a lower amount in Social Security benefits.
Waddle also said seniors should not be targeted in deficit reductions because they have contributed to Social Security during their working years, and this program didn’t add to the debt.
Obtaining Social Security benefits is a difficult process, especially if you are disabled and in need of financial support. Thus, when you are in great need of these financial benefits, speak with a lawyer from Hankey Marks & Crider, P.C., by calling 317-634-8565.